Press release
Life Sciences BPO Market Key Players | Lonza Group, Paraxel International Corporation, Quintiles Transactional Corporation
• The global Life Sciences BPO Market size was valued at USD 178.5 billion in 2022 growing at a CAGR of 13.6% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Life Sciences BPO Market size accounted for USD 178.5 Billion in 2022, growing at a CAGR of 13.6% from 2023 to 2033. Life Sciences BPO refers to Business Process Outsourcing services specifically tailored for the life sciences industry. Business Process Outsourcing involves contracting out certain business functions and processes to third-party service providers. In the context of life sciences, which encompasses pharmaceuticals, biotechnology, medical devices, and related sectors, Life Sciences BPO providers offer specialized services to streamline and enhance various business processes.
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The Life Sciences BPO Market is primarily driven by the increasing need for Expertise in Specific Areas. Life sciences companies often need access to specialized expertise in areas such as clinical research, regulatory affairs, and pharmacovigilance. BPO providers can provide this expertise, allowing companies to focus on their core competencies.
Key Players
Some of the major Life Sciences BPO Market players holding high market shares include Lonza Group, Paraxel International Corporation, Quintiles Transactional Corporation, ProMab Biotechnologies Inc. and Cognizant Technology Solutions. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Health Decisions Inc., Infosys, Catalent Inc. and Genpact Limited.
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Segmental Analysis
Based on Type, the Life Sciences BPO Market is segmented into contract research, drug discovery, pre-clinical trials, pharmacovigilance, clinical data management, regulatory services, and clinical monitoring. The pharmacovigilance sector dominated the life sciences BPO market. Growing demand for therapeutic drugs for managing ailments, including oncological disease, diabetes, and others, boosts the sector's revenue ly. Another important element boosting market revenue growth is the rise in the frequency of adverse medication responses.
Based on Protocol, the Life Sciences BPO Market is segmented into protocol into development and site management. The development segment dominated the life sciences BPO market. Due to the increasing use of analytical solutions in clinical trial management systems and drug discovery and development, the development segment is predicted to grow at the quickest rate throughout the projected period.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortune's global 2000 companies.
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