Transparency Market Research (TMR) has revealed some of the vital recommendations to thrive in the global life sciences BPO market in a recently published report. TMR studies the significance of considering business expansion in developing economies, collaboration with pharmaceutical and biotechnology companies, and investment in clinical data management (CDM) services. The elaborative analysis of the competitive scenario in the market is interpreted with a detailed profiling of top 14 companies, which include Accenture plc, Boehringer Ingelheim GmbH, Cognizant Technology Solutions, ICON plc, PAREXEL International Corporation, Infosys Limited, and Covance, Inc.
Technological innovation and a new offering of bundled services by giant companies are envisioned to ignite a high level of rivalry in the international life sciences BPO market. The contract manufacturing organizations (CMO) and contract research organizations (CRO) markets are foretold to be highly fragmented and capital-intensive. New entrants will find it challenging to make a mark in the global market with FDA’s strict regulatory guidelines and mammoth investment required for conducting research and development and manufacturing activities.
The report foresees the international market to rise at a CAGR of 8.9% during the forecast period 2015–2023 to register a revenue value of US$ 286.3 bn in 2023 from US$ 127.4 bn in 2014.
Focus on Core Business Impels the Need to Outsource
The analysts have identified the inclination of pharmaceutical and biotechnology firms towards core business competency to be a key driver for the worldwide life sciences BPO market. Outsourcing non-core and manufacturing business operations has been the pick of this market driver. The desperate need of large pharmaceutical companies for acquisitions and mergers with CMOs could also stimulate the market for growth. This need has taken birth in the event of patent expirations, augmented FDA scrutiny, and dwindling research and development budgets. Despite government aids to manufacture orphan drugs, even the prominent companies find it challenging to keep the manufacturing cost at an acceptable low. Therefore, they are finding it best to partner with a CMO.
Out of the three broad categories of the market based on pharmaceutical outsourcing, the CMO segment are anticipated to secure a lion’s share of US$98.8 bn by 2023. With a low demand and adoption rate, the contract sales and marketing organizations (CSO) segment will see a sluggish growth. One of the key reasons being most companies prefer performing sales and marketing activities in-house. However, the CRO segment is expected to exhibit a robust growth, owing to the demand mainly in drug discovery and clinical trial management.
Asia Pacific to Emerge as Stallion Market
By geography, North America is the current leader of the life sciences BPO market in terms of market share. However, Asia Pacific is predicted to overtake this market with a whopping CAGR of 14.6% by the end of the forecast period.
While Asia Pacific is poised to provide growth a faster rate, owing to affordability and other advantages, quality issues could curtail the progress in a less stringent regulatory environment. Likewise, risk of information breach and sensitive data being compromised has compelled most companies to look for high level data security services, causing a slight cutback in the market growth.
The information presented in this review is based on a Transparency Market Research report, titled
The key segments of the global life sciences BPO market discussed in the report are:
Global Life Sciences BPO Market, by Services
- Pharmaceutical Outsourcing
- Contract Research Organizations
- Drug Discovery
- Preclinical Studies
- Clinical Trials
- Medical Writing
- Clinical Data Management
- Regulatory Services
- Clinical Monitoring
- Protocol Development
- Site Management
- Contract Manufacturing Organizations
- Active Pharmaceutical Ingredients
- Finished Dose Form Manufacturing
- Contract Sales and Marketing Organizations
- Contract Research Organizations
- Others (Payers and Providers)
Global Life Sciences BPO Market, by Geography
- North America
- United States
- United Kingdom
- Rest of the Europe
- Asia Pacific
- Rest of the World
- Latin America
- Middle East and Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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