The growing demand for life sciences BPO services is driven by several factors, including cost optimization, the need for specialized expertise, and the increasing complexity of drug development and clinical trials. As the life sciences industry continues to evolve, companies are increasingly turning to BPO providers to help them meet their business objectives and stay competitive in a rapidly changing market. One of the key drivers of the life sciences BPO market is the growing demand for clinical trial outsourcing. With the increasing complexity of clinical trials, companies are turning to BPO providers to help them manage the process more efficiently and effectively. Additionally, the rise of personalized medicine is also driving demand for BPO services, as companies seek to develop targeted therapies for specific patient populations.
Other factors driving demand for Life Sciences BPO Market services include the increasing prevalence of chronic diseases, the need for regulatory compliance, and the growing demand for real-world evidence. As a result, companies that offer specialized services such as data management, pharmacovigilance, and regulatory affairs are seeing significant growth opportunities. Overall, the life sciences BPO market is expected to continue to grow in the coming years, driven by the increasing demand for cost-effective and specialized services. Companies that are able to offer innovative solutions and expertise in key areas such as clinical trials, data management, and regulatory affairs will be well-positioned to take advantage of this growing market.Market Overview:
Life sciences BPO (business process outsourcing) consists of contracting of non-primary business functions and activities to a third-party provider. Demand for life sciences outsourcing has increased in the recent past, due to increasing cost of research and development (R&D) and increasing investments by pharma and medical devices companies in emerging economies. Life sciences offers various services in discovery, research, drug registration, development, and product launch.
Competitive Landscape:
Key players involved in the growth of global life science BPO market are Boehringer Ingelheim GmbH, Accenture plc., PAREXEL International Corp., Atos SE, Infosys Ltd., Covance, Inc. (Labcorp), International Business Machines Corp., Lonza Group, ICON plc, IQVIA and Genpact Ltd.
Market Key Drivers:
The rising collaborations and partnerships is expected to augment the growth of the global Life Sciences BPO Market . For instance, in January 2022, Lonza entered into a collaboration with HaemaLogiX, to produce myeloma drug candidate KappaMab.
Increasing mergers and acquisitions is projected to propel the growth of global life science BPO market. For instance, in December 2021, Thermo Fisher Scientific, Inc. acquired PPD, to enhance its service assortment to inculcate clinical survey, analytical testing, and lab services, amidst others.
Covid-19 Impact Analysis:
The Covid-19 outbreak has significantly affected the growth of global life science BPO market owing to the decline in pandemic cases due to the rising vaccination campaign. The rising focus of CDMOs on developing cancer drugs and drugs for infections.
Key Takeaways:
The global Life Sciences BPO Market is anticipated to exhibit a CAGR of 9.1 % during the forecast period due to rising R&D investment for product expansion. For instance, the rising R&D investment by the pharmaceutical organizations was around US$ 212 billion in 2021.
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Life Sciences BPO Market: IntroductionTransparency Market Research has published a new report titled, ‘Global Life Sciences BPO Market’.
According to the report, the global life sciences BPO market was valued at ~US$ 214 Bn in 2018 and is projected to expand at a CAGR of ~8% from 2019 to 2027.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1782Broad and Growing Product Pipeline to Drive Adoption of Advanced Life Sciences BPORise in demand for new drugs and novel therapies for treatment of diseases such as cancer and immunological disorders coupled with the evolving research & development process has increased the number of compounds in pipeline in the last decade.
This in turn drives the global life sciences BPO market.Efforts to Optimize Costs and Development TimeEscalating costs of conducting clinical trials, requirement of data quality, enrollment targets, financial demands regarding setting up of a clinical research practice, and other management related activities drive the outsourcing services.
According to the Tufts Center for the Study of Drug Development, outsourcing to CROs has supported companies in keeping R head counts stable, even though the number of active clinical trials across the world has increased by 80%.
Moreover, trials outsourced to CROs are, on average, completed 30% sooner than in-house clinical trials, providing an average timesaving of four to five months.Request COVID Analysis on Life Sciences BPO Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1782Contract Manufacturing Organizations to Lead Global MarketBased on service type, the contract manufacturing organizations segment dominated the global market in 2018.
Significant increase in research and development costs, technological developments, and product innovation, which accounts for high R costs prompt several pharmaceutical and medical device companies to outsource preclinical services to CROs.
