Life Sciences BPO Market 2021-2028 | Booming Globally with Catalent, Boehringer Ingelheim GmbH, Covance, Cognizant Technology Solutions
The global life sciences BPO market is projected to account for US$ 667.3 Bn in terms of value by the end of 2027.
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Key Players in This Report Include Catalent, Boehringer Ingelheim GmbH, Charles River Laboratories International, Inc., Cognizant Technology Solutions, Covance, Inc., DSM, Fareva, ICON, Plc, Infosys, Catalent, Inc., Genpact Limited, Health Decisions, Inc., and ProMab Biotechnologies, Inc.
Growing cases of COVID-19 coupled with rapidly increasing R&D activities is expected to boost the global life sciences BPO market growth over the forecast period. For instance, as of May 2020, there have been 5,939,234 confirmed cases of COVID-19, including 367,255 deaths worldwide, as reported to the World Health Organization.
Key companies are involved in partnerships with CROs, which can offer prominent opportunities in the market. For instance, in May 2020, Daré Bioscience, Inc., a developer of women’s health solutions partnered with Health Decisions, Inc., a full-service contract research organization (CRO) specializing in women’s health clinical research and diagnostic development, under which Health Decisions will exclusively provide CRO services within the U.S. to support R&D of Daré’s pipeline of contraception, fertility, and gynecological disorders products.
Unforeseen cost is expected to restrain growth of the global life sciences BPO market during the forecast period. The pricing models of CROs vary as per the research process, risk, location, and several other factors. This model sometimes exceeds the budget limitation of pharmaceutical companies, which in turn, can hinder the market growth in the near future.
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May 2020: Catalent, Inc. presented proactive strategies to avoid supply delays at the ‘Outsourcing in Clinical Trials 2020 – A Virtual Experience’ conference
January 2020: Charles River Laboratories International, Inc. partnered with Fios Genomics, a provider of bioinformatics data analysis services, to offer bioinformatics-driven drug discovery and safety assessment
In 2019, the global life sciences BPO market was valued at US$ 255.6 Bn in 2019 and is expected to reach a value of US$ 667.3 Bn by 2027, registering at a CAGR of 14.7% during the forecast period (2020-2027). This is owing to increasing partnership of major pharmaceutical companies with CROs.
On the basis of service type, CMO segment accounted for the largest share of 65.8% in the global life sciences BPO market in 2019. This is owing to growing demand for novel drugs for treatment of chronic diseases.
Key companies are adopting inorganic strategies such as partnerships, collaborations, mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in December 2019, Catalent, acquired Apis Group, a privately held consultancy based in Australia, to expand its services to government and health clients in Australia. Moreover, in August 2019, Boehringer Ingelheim partnered with The University of Texas MD Anderson Cancer Center to conduct collaborative research to rapidly advance therapies for various types of cancers.
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