Life Sciences BPO Market to Expand at a CAGR of 7.9% from 2019 to 2027

Life Sciences BPO Market: Introduction

Transparency Market Research has published a new report titled, 'Global Life Sciences BPO Market'. According to the report, the global life sciences BPO market was valued at ~US$ 214 Bn in 2018 and is projected to expand at a CAGR of 7.9% from 2019 to 2027.

Read Report Overview: https://www.transparencymarketresearch.com/life-sciences-bpo-market.html

Broad and Growing Product Pipeline to Drive Adoption of Advanced Life Sciences BPO
Rise in demand for new drugs and novel therapies for treatment of diseases such as cancer and immunological disorders coupled with the evolving research & development process has increased the number of compounds in pipeline in the last decade.

The development of biosimilar products, cellular therapy, and immune biological products has also contributed toward the advancing pipeline and need of stringent clinical trials in the past few years. This in turn drives the global life sciences BPO market.

Request A Sample: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1782

Efforts to Optimize Costs and Development Time
Escalating costs of conducting clinical trials, requirement of data quality, enrollment targets, financial demands regarding setting up of a clinical research practice, and other management related activities drive the outsourcing services.

Outsourcing also improves the global reach with respect to drug development with minimum maintenance cost, as CROs are well-versed with regulatory requirements of various regions.
According to the Tufts Center for the Study of Drug Development, outsourcing to CROs has supported companies in keeping R&D head counts stable, even though the number of active clinical trials across the world has increased by 80%. Moreover, trials outsourced to CROs are, on average, completed 30% sooner than in-house clinical trials, providing an average timesaving of four to five months.

Contract Manufacturing Organizations to Lead Global Market

Based on service type, the contract manufacturing organizations segment dominated the global market in 2018. Growth of the segment can be attributed to the low cost associated with the production of active pharmaceutical ingredients, as the companies do not have to buy equipment for manufacturing.

Moreover, quick turnaround time contributes to the growth of the segment. The contract research organizations (CRO) segment is likely to expand at a high CAGR during the forecast period, owing to significant increase in the number of clinical trials and rise in the demand for new drugs. Significant increase in research and development costs, technological developments, and product innovation, which accounts for high R&D costs prompt several pharmaceutical and medical device companies to outsource preclinical services to CROs. This in turn augments the segment.

Request Report Methodology: https://www.transparencymarketresearch.com/sample/sample.php?flag=RRM&rep_id=1782

Life Sciences BPO Market: Prominent Regions
North America held major share of the global life sciences BPO market in 2018.

Growth of the market in the region can be attributed to increase in the number of clinical trials and rise in demand for biosimilars owing to patent expiry, which fuels the demand for rapid conduction of trials and regulatory approvals. Moreover, well-established health care infrastructure, rise in prevalence of chronic diseases in the region, presence of leading players, and surge in penetration of life sciences BPO across the paradigm of clinical trials from early-phase to late-phase studies propel the market in the region. Europe held the second largest share of the global life sciences BPO market in 2018.

The region is considered a lucrative market for pharmaceutical manufacturers to conduct phase 1 clinical trials rather than the emerging countries due to the availability of highly qualified staff, quality of services & infrastructure, fluency in foreign language, and ability to handle multiple-country clinical trials.

Asia Pacific accounted for significant share of the global life sciences BPO market in 2018.

The region comprises major countries such as India, China, Australia, and Japan. Japan accounted for the largest share of the life sciences BPO market in Asia Pacific in 2018. Increase in pricing pressure, high prices of raw ingredients, and the need to reduce cost of marketing have induced several pharmaceutical and nutritional manufacturers to outsource some of their business elements to developing countries.

Request For Custom Research: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1782

Life Sciences BPO Market: Key Players

Manufacturers are adopting strategies such as acquisition, collaboration, and distribution to increase share in the global life sciences BPO market. In February 2020, Charles River Laboratories International, Inc. signed an agreement to acquire Citoxlab for US$ 510 Mn.
Citoxlab is a non-clinical CRO specialized in regulated safety assessment services, non-regulated discovery services, and medical device testing.

In January 2018, Charles River Laboratories International, Inc. completed the acquisition of KWS BioTest Limited for US$ 20.3 Mn. The latter is specialized in in-vitro and in-vivo discovery testing services for immuno-oncology and inflammatory & infectious diseases.

Leading players operating in the global life sciences BPO market are IQVIA, Laboratory Corporation of America Holdings, Syneos Health, Inc., Parexel International Corporation, PRA Health Sciences, Inc., Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., ICON plc, Medpace Holdings, Inc., and Pharmaceutical Product Development, LLC.

More Trending Reports by Transparency Market Research:

Clinical Decision Support System Market: https://www.transparencymarketresearch.com/clinical-decision-support-system-market.html

Bone Growth Stimulators Market: https://www.transparencymarketresearch.com/bone-growth-stimulator-market.html

Behavioral Health Market: https://www.transparencymarketresearch.com/behavioral-health-market.html

Egg Donation Market: https://www.transparencymarketresearch.com/us-egg-donation-market.html
Surgical Procedures Volume Market: https://www.transparencymarketresearch.com/surgical-procedures-volumes-market.html

Healthcare Automation Market: https://www.transparencymarketresearch.com/healthcare-automation-market.html

Biologics Contract Manufacturing Marke: https://www.transparencymarketresearch.com/biologics-contract-manufacturing-market.html

Mobile Hospitals Market: https://www.transparencymarketresearch.com/mobile-hospitals-market.html

About Us

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

For More Research Insights on Leading Industries, Visit Our YouTube Channel and hit subscribe for Future Update - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com

This release was published on openPR.