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Market Highlights
According to MRFR analysis, the Global Life
Sciences BPO Market share, is expecting to grow at a CAGR of 13.60% and by
the end of the period in 2027, the market is expected to reach a final market
value worth USD 427.78 billion.
Global Life Sciences BPO Market is driven by several
factors, such as rising need for drug research, clinical data management
trials, increasing cost of drug development, new product launches and
government initiatives, increased pressure from regulatory agencies to adopt
various techniques to minimize the costs involved for the successful
introduction of a drug in the market.
A lot of market players are dominating the global life
sciences BPO market. The prominent players are involved in strategic
agreements, product launches, and joint ventures to sustain their market
positions. For instance, in June 2018, Laboratory Corporation of America
Holdings (US) acquired Sciformix Corporation, a Covance company (US), to offer
pharmacovigilance and regulatory solutions to biopharmaceutical and medical
device companies.
Regional Analysis
On a regional basis, the Americas is anticipated to dominate
the global life sciences BPO market, owing to the factors such as
well-established healthcare sector, presence of ample biotechnology and
pharmaceutical companies, new technological advancements in life sciences
industry, major giants in the market involved in merger & acquisition, and
new product innovation. Technologies such as Artificial Intelligence (AI),
Machine Learning (ML) are playing a significant role in the life science BPO
industry, while significantly reducing costs involved with mapping highly
complex studies. Companies are adopting these technologies for drug discovery.
For instance, in June 2019, Navitas Life Sciences (US) in partnership with
ThoughtSphere (US) Company adopted AI and ML technologies to deliver
unparalleled data collection.
On the other hand, Europe is expected to hold the
second-largest position in the global life sciences BPO market, due to the
favorable regulatory scenario to support the outsourcing process in the life
sciences industry. For instance, in 2020, UK Medicines and Healthcare products Regulatory
Agency (MHRA) and the European Medicines Agency (EMA) issued guidance on how
investigators and sponsors should manage clinical trials during the outbreak.
Such moves are set to increase the European life science industry.
Asia-Pacific is anticipated to be the fastest-growing region
over the assessment period due to the rising demand for outsourcing in the life
science industry, and the rising importance of safety & security of
products. Initiatives by the government such as the introduction of ICD-10
standards that capture the inpatient procedures has supported the rising
adoption of electronic health records (EHR), electronic laboratory notebook
(ELN) in the life sciences industry. These digital platforms enable the rapid
growth of the back-end payer and provider BPO services, such as claims
processing, claims management, financial and payroll management, and other
administrative services.
Furthermore, the growth of the Middle East & Africa is
attributed to the technological development in the field of medical and
healthcare industry, high penetration of advanced healthcare technologies in
research organizations such as Saudi Arabia and UAE.
Segmentation
Global Life
Sciences BPO Market outlook has been segmented into Service Type, and
Application.
By Service Type, the market has been segregated into
contract research, contract manufacturing, contract sales, and marketing. Growing
focus on core activities by pharmaceutical companies, increasing the cost of
drug development, clinical trial activities, regulatory constraints are
primarily driving the market growth.
Based on the Application, the global life sciences BPO
market has been classified into medical devices and biopharma and
pharmaceuticals. The medical devices segment is expected to be the fastest
growth owing to the increasing number of medical companies opting to outsource
their strategic and non-strategic processes to vendors to improve their return
on investment (ROI), maintain profitability, product quality, and cost, and to
meet capacity constraints. Pharmaceuticals and biopharmaceuticals segment held
the largest segment in the life sciences BPO market owing to the increased
clinical trial of drugs.
Key Players
Some of the Key Players in the Global Life Sciences BPO
Market are Accenture plc (Ireland), Boehringer Ingelheim GmbH (Germany),
Charles River Laboratories International, Inc. (US), Covance, Inc. (US),
Genpact Limited (US), Catalent, Inc. (US), Infosys (India), Health Decisions,
Inc. (US), Anthelio Healthcare Solutions (India), Cognizant Technology
Solutions (US), ProMab Biotechnologies, Inc. (US), Quintiles Transnational
Corporation (US), Paraxel International Corporation (US), Lonza Group
(Switzerland).
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