Life sciences BPO Market predicted to reach USD 645.99 billion by 2030 with a CAGR of 8.1%

The Global Life sciences BPO Market size is estimated to be USD 274.25 billion in 2019 and is predicted to reach USD 645.99 billion by 2030 with a CAGR of 8.1% from 2020-2030.

Life science business process outsourcing (BPO) is a nascent industry in the healthcare sector. Continuously increasing pricing pressure and elevating competition is pharmaceutical and medical device sector to reduce the operational cost and increase the gross profit margin on the products has increased the demand for the life science BPO services.

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Top Companies: Anthelio Healthcare Solutions, Quintiles Transnational Corporation, Boehringer Ingelheim GmbH, Infosys Limited,Covance, Inc., ICON plc, Lonza Group, Catalent, Inc., PAREXEL International Corporation, Genpact Ltd., and International Business Machines Corporation dominates the life science BPO and others.

Market Dynamics and Trends:

The global life sciences BPO market is majorly driven by rising research and development cost, increasing pricing pressure, and increasing investment by medical devices and pharmaceutical companies in emerging economies. Being a booming sector and continuously increasing demand for the better diagnostic and medical process has led to the rising demand for the outsourcing services. The healthcare industry already possess a huge local and international players, thus many players in the continuously involved in the reducing the operational cost of the products. Pharmaceutical, biotech, and medical device players are outsourcing processes related to product research, manufacturing, and regulatory process services. Outsourcing this helps the companies to focus on their core strengths and increase the productivity and quality of the products which help the company to improve their brand identity.

Continuously increasing number of product launch and increasing prevalence of the various chronic diseases have boosted the market growth. According to the UBM India Pharma Publication, in 2017, over 40 billion USD worth of drug are expected to be off-patent in the U.S. This will surely increase the competition in the market as many players will enter in the race of competition. This factor coupled with the advent of biosimilars is also supported the growth of the global life sciences BPO market during the forecast period 2019-2030.

Demand for outsourcing services in Asia has increased during the last few years owing to large number of FDA approved drug manufacturing plants in this region. As per the report published by the UBM India Pharma Publication in 2015, Over 22% of the total U.S. FDA approved drug manufacturing facilities are present in India. Additionally, dynamics such as huge availability of highly trained professionals, low labor cost, and huge patient pool have boosted the Asia Pacific life sciences BPO market.

Trade of the drug or medical devices in many countries like America and Europe is regulated by strict laws which is efficiently managed by life science BPO companies. This helps the companies to focus on their core activities such as research, marketing, and sales.

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Market Segmentations and Scope of the Study:

The global Life sciences BPO market share is analyzed on the basis of service types, and end user. On the basis of service types the global life sciences BPO is segmented into Water Testing, IVD Testing. On the basis of application the market is divided into Clinical Testing Methods, Environmental Testing Methods, and Others. On the basis of end users the market is segmented into Hospitals & Clinics, Diagnostic Laboratories, Others.

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