Life Sciences BPO Market Industry Analysis, Drivers, Challenges, Future Trends With Top Players Anthelio Healthcare, Accenture, Cognizant Technology, Catalent, Covance, Boehringer Ingelheim GmbH, Genpact, Lonza

Coherent Market Insights has announced the addition of the “Life Sciences BPO Market Size Status and Forecast 2026”, The report classifies the global Life Sciences BPO Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.

This report studies the global Life Sciences BPO Speaker market, analyzes and researches the Life Sciences BPO Speaker development status and forecast in North America, Europe, Asia Pacific, Latin America and Rest of the World. This report focuses on the top players in global market, like Anthelio Healthcare, Accenture, Cognizant Technology, Catalent, Covance, Boehringer Ingelheim GmbH, Genpact, Lonza

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The global life sciences BPO market is driven by factors such as increasing cost of research and development (R&D), growing price pressures, and increase in investments by pharmaceutical and medical devices companies in emerging economies such as India, China, Brazil, and South Africa. Pharmaceutical and medical device companies are adopting inorganic growth strategies to expand their business and reduce their Capital Expenditure (CAPEX) and Operation Costs (OPEX). However, outsourcing certain services to different CMO and CRO companies located in other countries is a challenge for the outsourcing company to monitor and follow a particular set of guideline for product approval pertaining to regulatory filings, clinical trials and medical writing. Collaborative efforts among various stakeholders of the ecosystem is analyzed to benefit the life science BPO industry in the long run.

Life science business process outsourcing (BPO) is one of the most lucrative industries in the healthcare sector. Constantly rising pricing pressure and increasing competition is compelling pharmaceutical and medical device companies to strategically reduce their operational costs and in turn benefit from higher profits. This has led to an increasing demand for contract manufacturing outsourcing (CMO) and contract research outsourcing (CRO) services. Asia and Latin America are the most attractive markets for CMO and CRO, owing to low costs of production and research activities performed here.

According to UBM India Pharma Publication, over US$ 40 billion worth of drug are expected to be off-patent in the U.S. by 2017. Also, in 2014, utilization of generic drugs resulted in savings of around US$ 254 billion in the U.S. This trend is anticipated to increase further with more patent expirations in the near future. This factor coupled with the advent of biosimilars is projected to favor the growth of life sciences BPO market over the forecast period.

Global Life Sciences BPO Market, By Service Type:

Medical Device Outsourcing
Pharmaceutical Outsourcing
CMO
API Manufacturing
Final dosage form manufacturing
Packaging
CRO
Drug Discovery
Preclinical studies
Early Phase I - IIa
Phase IIa - III
Phase IIIb - IV
Medical coding and writing
Monitoring
Clinical Data Management
Bio-statistics
Site management
Protocol development
Regulatory Information

Global Life Sciences BPO Market, By End User:

Healthcare Providers
Healthcare Payers

Global Life Sciences BPO Market, By Geography:

North America
Latin America
Europe
Asia Pacific
Middle East
Africa

The healthcare industry is characterized by high competition, increased cost pressure, and decreasing research and development (R&D) productivity, which is compelling pharmaceutical and biotech companies to make strategic collaborations and outsource their non-core activities. Pharmaceutical, biotech, and medical device players alike are outsourcing processes related to manufacturing, product research, and regulatory process services, among others to contract manufacturing and contract research organizations. This helps them to focus on their core strengths and in turn improve productivity. The global life sciences BPO market is analyzed for various service types such as medical device outsourcing, pharmaceutical outsourcing, and regulatory information. The global life sciences BPO market was valued at US$ 180.4 billion in 2015 and is expected to expand at a CAGR of 12.2% during the forecast period considered (2016 – 2024).

Import and distribution of drug or medical devices in several countries require regulatory clearance that is efficiently managed by life science BPO companies. This enables pharmaceutical, biotech and medical device companies to focus on their core activities such as research, marketing, distribution agreements, and increasing product availability. The regulatory information segment is expected to grow swiftly to reach US$ 35 billion by 2024, on account of increasing abbreviated new drug application (ANDA) filings and growing interest in biosimilars.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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This release was published on openPR.