Life Sciences BPO Market is Expected to Touch US$286.3 Billion by 2023, Says TMR
ALBANY, New York, March 15, 2019 /PRNewswire/ -- According to the new TMR report, the global life sciences BPO market will register a robust growth driven by a CAGR of 8.9% during 2015-2023. The market was valued at US$127.4 bn in 2014. It is expected to touch US$286.3 bn by 2023 end. The rising demand for contract manufacturing organizations (CMOs) is expected to fuel this growth. North America is foretold to lead the global revenue share in the life sciences BPO market in the near future. Growing focus on core activities by pharmaceutical companies is anticipated to fuel demand in the North America region.
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Pharma Sector to Open Considerable Opportunities for BPO Organizations
The global pharmaceutical industry is under considerable pressure to cut down on costs as major patents face expiry, and generic drugs continue to run amok in developing regions. Additionally, there is an immense potential for developing drugs for critical illnesses such as cancers, AIDS, and many others. Growing cuts in government budgets and subsidies across developed markets are expected to create new opportunities for the global life sciences BPO market.
The growing trends have made pharmaceutical companies keen on focusing on core competencies of research and development while simultaneously reducing costs through outsourcing. The growing competency of CMOs in developing world and cost cutting pressures in the developing regions are expected to complement each other in the near future. This is expected to open up ample opportunities for growth in the global life sciences BPO market in the near future.
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Growing Medical Trials to Drive Demand for CROs
The global life sciences BPO market offers various services such as CMO, Contract Research Organizations (CROs), and services in marketing sectors as well. Among these, the CROs services are expected to grow in demand as rising need for drug research, clinical data management, trials, and consulting are expected to drive growth for the global life sciences BPO market in the near future. The revenue share of CROs is expected to grow at a CAGR of 9.3% during 2015-2023. The CMOs are also registering a significant demand its revenue share is expected to grow at 7.3% during the forecast period.
Due to continuously growing pricing pressures and better business synergy globally, mergers and acquisitions will come into sharper focus than ever before. Recently, Take Solutions Ltd., a global domain service provider in life sciences announced the acquisition of DataCeutics in North America. These acquisitions will become the order of the day as collaborations and partnerships emerge as the vehicle of growth in the life sciences BPO market. Additionally, increasing mobility across enterprises is driving data to become the currency of the life sciences BPO market.
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The global life sciences BPO market depicts a competitive and consolidated landscape. The consolidated nature is increasingly defined by rising pricing pressures driven by need for innovation, reports Transparency Market Research (TMR). Uncertain trade policies and a strategic digital mindset are expected to play a key role in shaping the dynamics of the global life sciences BPO market in the near future, adds TMR. Key players in the global life sciences BPO market include Cognizant Technology Solutions, Accenture plc, and Infosys Limited. These companies are focusing on end-to-end business solution offerings to expand their global footprint in the life sciences BPO market.
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This review of the global life sciences BPO market is based on a recent market research report by Transparency Market Research, titled "Life Sciences BPO Market (Services - Pharmaceutical Outsourcing (Contract Research Organizations, Contract Manufacturing Organizations, and Contract Sales and Marketing Organizations), Payers, and Providers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."
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