Life Sciences BPO Industry Getting High Rise in Terms of Revenue in Upcoming Years

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.

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).

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Life Sciences BPO Market – Top Key Players of Global Market

Key companies covered as a part of this study include Anthelio Healthcare Solutions, Accenture plc, Cognizant Technology Solutions, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH, Genpact Limited, Lonza Group, PAREXEL International Corporation and Quintiles Transnational Corporation.

Market Dynamics:

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.

Market Taxonomy:
This report segments the life sciences BPO market on the basis of service type and end user. On the basis of service type, the global life sciences BPO market is analyzed for medical device outsourcing, pharmaceuticals outsourcing and regulatory information. The end users covered in the report are healthcare providers and healthcare payers.

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Key features of the study:

This report provides in-depth analysis of the life sciences BPO industry and provides market size (US$ Billion) and Cumulative Annual Growth Rate (CAGR) (%) for the forecast period (2016 – 2024), considering 2015 as the base year

It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market

This study also provides vital insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players

It profiles leading players in the global life sciences BPO market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans

Insights from this report would allow marketers and the management authorities of the companies to make informed decision with respect to manufacturing or research outsourcing, cost reduction opportunities, and operational strategies

The global life sciences BPO market report caters to various stakeholders in this industry including investors, pharmaceutical and medical device companies, contract manufacturers, contract research organizations, medical writing companies, pharmacovigilance companies, new entrants, and financial analysts

Stakeholders would greatly benefit from various strategy matrices used in analyzing the life sciences BPO market, which would aid in effective decision making

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This release was published on openPR.