The Life Sciences BPO Market is estimated to be valued at US$ 385.8 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global life sciences BPO market comprises services aimed at outsourcing non-core activities in drug discovery, preclinical development, clinical trials management, medical writing, data management, regulatory services, and other services. Outsourcing these processes to experienced providers helps life sciences companies focus on their core competencies and gain access to advanced technologies. Advantages include reduced costs, enhanced productivity, and accelerated time to market for new drugs and therapies.
Market key trends:
The growing use of AI and machine learning technologies is expected to drive significant growth in the global life sciences BPO market over the forecast period. Pharmaceutical and biotech companies are increasingly adopting AI to improve drug discovery success rates and streamline clinical trials. AI helps analyze vast sets of chemical, genetic, and patient data to uncover new insights and accelerate the development of new therapies. It also helps automate basic tasks involved in drug discovery like compound screening and data profiling. This allows researchers to focus on more complex problems and speeds up the entire R&D process. Leading BPO firms are making large investments in AI capabilities to better support their pharmaceutical clients, which is expected to further boost the adoption of outsourcing in the life sciences industry.
Porter’s Analysis
Threat of new entrants: The global life sciences BPO market provides high barriers to entry for new players due to heavy investments required for infrastructure.
Bargaining power of buyers: Global pharma and biotech firms have significant influence on suppliers due to the size of operations and ability to choose multiple suppliers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes in the market for various services. However, barriers to switching also provide some power to existing suppliers.
Threat of new substitutes: Growth of alternative business models like insourcing by pharma companies pose threat to the existing substitutes.
Competitive rivalry: Intense amongst key players to gain market share.
SWOT Analysis
Strength: Presence of diversified service portfolio and domain expertise. Ability to scale operations globally.
Weakness: High attrition rates and dependency on limited number of clients. Vulnerability to pricing pressures.
Opportunity: Expanding outsourcing of clinical trials and commercialization activities. Growth in regional markets especially Asia-Pacific.
Threats: Stringent regulations affecting operations. Economic slowdowns impacting R&D investments.
Key Takeaways
The global Life Sciences BPO Market Share is expected to witness high growth, exhibiting CAGR of 14. over the forecast period, due to increasing R&D investments by pharma companies and growing complexities in drug development.
Regional analysis: North America dominates the market currently due to presence of majority global pharma players and favorable government policies. Asia-Pacific is poised to grow at fastest pace due to low-cost operations and improving infrastructure.
Key players operating in the life sciences BPO market are 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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https://www.newsstatix.com/life-sciences-bpo-market-trends-size-and-share-analysis/
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.
