Global Life Sciences BPO Market 2024: Emergence by Key Opinion Leaders, Current Industry Scenario, Future Merchandise Size, Macro Economical and Governing Factors

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).

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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.

Patent expirations to boost the prospects for life sciences BPO market:

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.

India home to second-highest number of U.S. FDA approved manufacturing facilities, an attractive proposition for India’s life sciences BPO market:

Demand for contract manufacturing and contract research services in Asia is high, mainly due to large number of FDA approved drug manufacturing plants in this region. According to the UBM India Pharma Publication report of 2015, Indian accounts for 22% of the overall U.S. FDA approved drug manufacturing facilities globally. Moreover, dynamics such as wide availability of highly trained professionals, cheap labor, large patient pool, and easy availability of subjects for clinical trials are positioning Asia Pacific as a major life sciences BPO market. The life sciences BPO market in this region is expected to expand at a CAGR of 16.6% during the forecast period.

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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.

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This release was published on openPR.