Global Bio-services Market: Overview
The highly salient and high interest bio-services sector has almost lived up to its initial potential substantially when its progress is tracked over the last couple of years. The revenue and volume figures from bio-service include contract manufacturing, contract research, and clinical research. Many industry analysts and leaders are confident about the potential and prospects of the bio-services sector. For instance, a few years ago, there were approximately 120 clinical trials subcontracted to India and about 11 were enumerated officially with the Clinical Trial Registry of India (CTRI). At present, as many as 600 trials of new drugs, medical devices, treatments, and surgical procedures are ongoing in India. With the inherent cost advantages and the high investments and consolidation, it is expected that new set-ups and subsidiaries of bio-pharma manufacturers and research labs, in new sites along with clinical data management is anticipated to bode well for the growth of this sector across the globe.
Over the coming years, chief pharmaceutical and biotech companies across the world are expected to slant their selections in the favor of complete value service providers of bio-services instead of playing on the incurring costs alone. This is fundamental to choices that affect the strategic benefits and not the cost-led or short-term goals. IT services essential for clinical data management and validation skills are expected to add incentive to the progress of the global bio-services market, past the bioequivalence and bioavailability studies that dominate the industry at present day. Possibly the utmost inspiring aspect for this sector is that it rides on an optimistic macro-environment and development outlook of the complete biotech industry.
The research publication is a broad examination of the growth trajectory in terms of the historical, current, and future opportunities of the global bio-services market. It provides an assessment of the dynamics that are expected to affect the growth of the market and the predominant trends have also been stated in the study. The report also presents a diverse outlook of the competitive picture of the market through the value chain and Porter’s five forces analysis. The report mentions the research and development projects, mergers and acquisitions, details on collaborations and licensing. The study provides insights into the marketing strategies, products, and shares of the key players operating in the global bio-services market.
Global Bio-services Market: Trends and Prospects
The outsourcing of clinical trials, drug discovery, and contract manufacturing has recently emerged as a trend in several developed economies. As a result of this, the bio-services market is also growing robustly in developing countries such as China, Thailand, Malaysia, and India as these countries are investing in the research and development projects for the development of innovative bio-services. The bio-services also has potential opportunities in emerging economies owing to the regulatory support by governments, easy raw material availability, and cheap labor. The global bio-service industry is likely to surge ahead of other bio-technology applications due to its low operating costs. Various institutions and organizations are investing in the research and development projects to reduce the lengthy process time span in clinical trials. This is one of the primary driving factors of the global bio-services industry. The market growth is further expected to be propelled by the rising awareness among consumers regarding bio-services and government initiatives in the emerging economies.
The primary inhibiting factor for the growth of the market is the requirement of a large amount of capital investment which is required for the purpose of employing skilled manpower for the clinical drug trials, which may take a time of seven years to reach a resolution. However, the adoption of bio-services is likely to be stimulated by the progress of the pharmaceutical industry across the globe and the growth in the number of health-conscious consumers.
Global Bio-services Market: Regional Outlook
The Asia Pacific market for bio-services is expected to exhibit strong growth in the near future owing to the input from emerging economies. It is expected to be trailed by North America owing to a large amount of investment by the government in advanced research projects.
Companies mentioned in the Report
Some of the leading companies operating in the market are Midwest Bio Services LLC., Quintiles, Blue Sky BioServices, BeijingWits, Specialty Ranbaxy, Benten BioServices, Novartis, Fisher BioServices, Pfizer, Novo Nordisk, and Siro ClinPharmn.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.