Life Sciences BPO Market Is Projected to Be Around US$ 667.3 Bn With Healthy CAGR of 14.7% by 2027
Life Sciences BPO Market report includes historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. Life Sciences BPO Market offers complete, proficient report delivering market research data that is relevant for new market entrants or set up players. Key strategies of the companies operating in the market and their impact analysis have been included in the report.
The Global Life Sciences BPO Market was valued US$ 222.9 Bn in 2019 and is projected to reach US$ 667.3 Bn by 2027. Reducing cost and increasing focus on core strengths is influencing manufacturers of medical devices and pharmaceutical companies to outsource their processes to contract manufacturing organizations (CMO) and contract research organizations (CRO).
Increasing demand for low cost drugs, rising cost pressure from various governments, patent cliffs, and uncertain regulatory conditions are factors contributing to the increasing revenue of the global life sciences BPO market. Globally, pharmaceutical companies and manufacturers of medical devices are entering strategic agreements with contract research organizations to leverage their expertise. This is helping them introduce new products at lesser costs to obtain a competitive edge. In the current market scenario, outsourcing is extended to medical coding, medical transcription, and clinical services. CMO and CROs provide products and services at much lower costs. Moreover, their regional regulatory expertise helps pharmaceutical companies and manufacturers of medical devices to meet regulatory requirements in various countries. Demand for life sciences BPO is high in Asia Pacific and Latin America owing to a large patient pool and cost effective services from CMO and CRO. However, rising concerns over U.S. Food and Drug Administration (FDA) inspections in these regions is expected to hamper the market growth to a certain extent. CMOs and CROs such as Divis Laboratories Ltd., Accenture plc., and PAREXEL International Corporation are focusing on adhering to Good Manufacturing Practices (GMP) requirements.
Key takeaways of the market:
The increasing focus of market players on achieving high-quality results at lesser costs is driving demand for outsourcing in the global healthcare industry. This trend is expected to propel growth of the global life science BPO market. The market is expected to witness a CAGR of 14.7% over the forecast period.
The pharmaceuticals outsourcing segment accounted for a revenue share of US$ 119.6 billion in 2015. Several players are involved in contract manufacturing of pharmaceuticals and biotech products instead of medical devices. Pharmaceutical companies on the other hand, have cost-based contracts with CMO, as shifting to other vendors (CMOs) is easy due to presence of a large number of contract manufacturers worldwide.
In terms of end user, the healthcare providers segment accounted for a significant market share of 89.1% in 2015. Healthcare providers, manufacturers, and research organizations are using these services in order to streamline their processes, and focus on core business.
Major Key Players Include In Life Sciences BPO Market: Accenture, Plc, Boehringer Ingelheim GmbH, Charles River Laboratories International, Inc., Cognizant Technology Solutions, Covance, Inc., DSM, Fareva, ICON, Plc, Infosys, Catalent, Inc., Genpact Limited, Health Decisions, Inc., and ProMab Biotechnologies, Inc.
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Main points in Life Sciences BPO Market Report Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Life Sciences BPO Market Size Analysis from 2021 to 2027
11.6 COVID-19 Outbreak: Life Sciences BPO Industry Impact
Chapter 2 Global Life Sciences BPO Competition by Types, Applications, and Top Regions and Countries
2.1 Global Life Sciences BPO (Volume and Value) by Type
2.3 Global Life Sciences BPO (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Life Sciences BPO Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Life Sciences BPO Market Analysis
Chapter 6 East Asia Life Sciences BPO Market Analysis
Chapter 7 Europe Life Sciences BPO Market Analysis
Chapter 8 South Asia Life Sciences BPO Market Analysis
Chapter 9 Southeast Asia Life Sciences BPO Market Analysis
Chapter 10 Middle East Life Sciences BPO Market Analysis
Chapter 11 Africa Life Sciences BPO Market Analysis
Chapter 12 Oceania Life Sciences BPO Market Analysis
Chapter 13 South America Life Sciences BPO Market Analysis
Chapter 14 Company Profiles and Key Figures in Life Sciences BPO Business
Chapter 15 Global Life Sciences BPO Market Forecast (2021-2027)
Chapter 16 Conclusions
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