Life Sciences BPO Market- Snapshot

The pharmaceutical industry across the globe is under considerable pressure to reduce cost as several leading patents face expiry. Generic drugs are extremely prevalent and easy to obtain in the developing regions of the world. In addition to that, there exists considerable potential for the development of various drugs that could be used in the treatment of many illnesses such as AIDS, cancer. Further, government in some of the developed countries are cutting down on subsidies and budget to make way for the growth of the global life sciences BPO market.

The trends prevalent in the market have compelled pharmaceutical companies to focus on increased research and development activities and reduce the cost through outsourcing of the process. The increasing proficiency of contract manufacturing organizations (CMO) together with the rising need to cut down cost in the developing parts of the world is estimated to fuel growth of the global life sciences BPO market in the years to come.

The global life sciences BPO market is projected to clock a growth rate of 8.9% CAGR over the period of review, 2015 to 2023. Rising at such a high growth rate, the global life sciences BPO market is likely to reach prominence acquiring a value of US$ 286.3 billion through 2023.

The leading companies in the global life sciences BPO market are Boehringer Ingelheim GmbH, Cognizant Technology Solutions, International Business Machines Corporation, Quintiles Transnational Corporation, Anthelio Healthcare Solutions, and Parexel International Corporation. It is estimated that the presence of several companies in the market is likely to make the market highly competitive.

High Prevalence of Diseases Worldwide Escalates Demand in the Market

The global life sciences BPO market is estimated to be driven by the rise in the prevalence of different diseases. Use of medical devices and drugs is likely to be impacted by the expanding pool of geriatric population and high prevalence of many diseases in the near future. It takes a huge amount of money and time to introduce a new drug in the market. Hence, several pharmaceutical companies opt for outsourcing their strategic as well as non-strategic processes to third parties. Such moves by the pharmaceutical companies are being made to ensure improved quality of product, more profitability, and optimize return on investment.

The promising growth of the global life sciences BPO market is ascribed to the increased demand for contract manufacturing medical devices, pre-clinical and clinical trial services, raw materials, pharmocovigilance services, drug discovery services, finished dosage forms (FDFs), and regulatory services.

The expanding pool of geriatric population together with increased prevalence of different chronic diseases is forecasted to augment the burden of healthcare system. These factors are also fuelling the requirement for new devices and drugs. This is, in turn, expected to boost the global life sciences BPO market over the period of review.

Rapid Adoption of Advanced Technologies to Drive North America Market

North America is prophesized to account for a sizeable share of the global life sciences BPO market due to increased marketing expenses, utilization of data analytics and data processing services, and augmented healthcare-related expenses. Furthermore, increased cost of device and drug manufacturing is another growth promoting factor for the market. Besides, presence of several medical device manufacturing, pharmaceuticals, life sciences, and biotech organizations in North America is likely to support growth of the global life sciences BPO market in the years to come.

Asia Pacific is another region that is likely to rise to prominence registering a double digit growth over the timeframe of assessment. Driven by the presence of most of the active pharmaceutical ingredient (API) and increased export of finished products worldwide from China and India, the region is likely to thrive over the period of review.

The life sciences BPO market comprises services offered by CMOs (Contract Manufacturing Organizations) and CROs (Contract Research Organizations) to the biotech pharmaceutical companies. A rise in demand for low cost drugs, patent expirations and uncertain economic conditions have compelled the pharmaceutical players to take support of various outsourcing services. This support has facilitated pharma players to streamline their value chain and focus more on its core strategies.

Each of the segments has been analyzed in detail for market trends, recent developments, outlook, and opportunities. The market overview section of the report explores market dynamics such as drivers, restraints, and opportunities that currently have strong impact on the global life sciences BPO market and could influence the market in the future as well. Market attractiveness analysis has been provided in the market overview section in order to explain the intensity of competition between leading market players operating across the globe. Porter’s five forces analysis is also explained in this section to understand the market considering different parameters that have an impact on the sustainability of the companies operating in the market. Additionally, a detailed value chain analysis for different components of the CRO and CMO have been covered to provide a comprehensive view of the industry. The report also mentioned about leading players for each of the sub-segments such as clinical trial, API manufacturing, vaccines, injectable among others.

All these factors would help market players to take strategic decisions in order to strengthen their positions and expand their respective market shares. The recommendations section included in the report would assist existing market players in targeting all major stake holders of this industry such as companies, payers, providers, patients, government agencies and also to those aiming to seek an entry. The report also profiles major players in the global life sciences BPO market based on various attributes such as company overview, financial overview, business strategies, product portfolio, and recent developments.

Key players in the life sciences BPO market include: Accenture plc, Anthelio Healthcare Solutions, Boehringer Ingelheim GmbH, Catalent, Inc., Cognizant Technology Solutions, Covance, Inc. Genpact Limited, ICON plc, Infosys Limited, International Business Machines Corporation, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, and Wipro Limited.

The Global Life Sciences BPO market has been segmented as follows:

  • Global Life Sciences BPO Market, by Services
    • Pharmaceutical outsourcing
      • Contract Research Organizations
        • Drug Discovery
        • Preclinical Studies
        • Clinical Trials
        • Medical Writing
        • Pharmacovigilance
        • Clinical Data Management
        • Regulatory Services
        • Clinical Monitoring
        • Biostatistics
        • Protocol Development
        • Site Management
      • Contract Manufacturing Organizations
        • Active Pharmaceutical Ingredients
        • Finished Dose Form Manufacturing
        • Packaging
      • Contract Sales and Marketing Organizations
    • Others (Payers and Providers)
       
  • Global Life Sciences BPO Market, by Geography
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • Rest of the Europe
    • Asia Pacific
      • China
      • India
    • Rest of the World
      • Latin America
      • Middle East and Africa

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