Demand for Life Sciences BPO is Expected to Progress at a CAGR of 7.9% to Reach US$ 419.6 Billion by 2027: Transparency Market Research Report

Next-gen technologies such as AI and ML are the most prominent drivers for the 𝐥𝐢𝐟𝐞 𝐬𝐜𝐢𝐞𝐧𝐜𝐞𝐬 𝐁𝐏𝐎 𝐦𝐚𝐫𝐤𝐞𝐭. Data-driven technologies are offering biopharma and medtech organizations with actionable insights and helping them to automate mundane tasks. The recent outbreak of COVID-19 is another key driver generating value-grab opportunities for CROs.

Companies are developing platforms with workflow-enabled issue management that helps clients to lower risks of associated with clinical trials. However, challenges such as the need to rethink customer experience and compliance with industry standards poses as a barrier for market growth. Hence, companies should aim toward blockchain-powered applications to enhance compliance and improve consumer experience.

According to the report, the global life sciences BPO market was valued at ~US$ 214 Bn in 2018 and is anticipated to expand at a CAGR of 7.9% from 2019 to 2027. Market to reach a value of US$ 419.6 Bn by the end of 2027.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1782&utm_source=OpenPR&utm_medium=OpenPR&utm_campaign=MansiR

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

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.,Pharmaceutical Product Development, LLC.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

Service Type

Contract Manufacturing Organizations
Active Pharmaceutical Ingredients (API)
Final Dosage Form
Packaging
Contract Research Organizations
Drug Discovery
PreClinical Trials
Clinical Trials (I, II, III, IV)
Medical Writing
Pharmacovigilance
Clinical Data Management
Regulatory Services
Clinical Monitoring
Biostatistics
Protocol Development
Site Management
Contract Sales Organizations
Others

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

In June 2018, Laboratory Corporation of America Holdings acquired Sciformix Corporation, a scientific process outsourcing company engaged in offering pharmacovigilance and regulatory solutions to biopharmaceutical and medical device companies. The acquisition strengthened the company's position in the later phases of drug and device development, primarily for post-marketing pharmacovigilance and market access solutions.

In September 2017, Laboratory Corporation of America Holdings acquired Chiltern, which became a part of the company's CDD segment. This acquisition enabled the former to strengthen its position in the global CRO services market.
Syneos Health, Inc. entered into several partnerships to consolidate its position in the market and expand its customer base. For instance, in November 2019, the company entered into a partnership with AiCure, an AI and advanced data analytics company, to optimize patient engagement and trial success.

𝐏𝐥𝐚𝐜𝐞 𝐚𝐧 𝐎𝐫𝐝𝐞𝐫 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.transparencymarketresearch.com/checkout.php?rep_id=1782<ype=S&utm_source=OpenPR&utm_medium=OpenPR&utm_campaign=MansiR

𝐑𝐞𝐠𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬:

Key drivers include the need for cost reduction, increasing outsourcing of non-core activities, evolving regulatory landscape, and advancements in technology. However, challenges such as data security concerns, regulatory compliance issues, and the complexity of managing outsourcing relationships may hinder market growth.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Emerging trends in the Life Sciences BPO market include the adoption of advanced technologies such as artificial intelligence (AI) and blockchain, the rise of virtual clinical trials, increasing collaborations between pharmaceutical companies and BPO service providers, and the growing emphasis on personalized medicine.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The future outlook for the Life Sciences BPO market appears promising, with continued growth expected driven by technological advancements, increasing outsourcing of specialized services, and the globalization of clinical trials.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐃𝐢𝐞𝐬𝐞𝐥 𝐄𝐧𝐠𝐢𝐧𝐞 𝐅𝐢𝐥𝐭𝐞𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/05/11/2667231/0/en/Automotive-Diesel-Engine-Filters-Revenue-is-Expected-to-Grow-at-a-Valuation-US-620-0-Million-in-2031-Transparency-Market-Research.html

𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐋𝐨𝐮𝐩𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭-https://www.globenewswire.com/news-release/2023/05/11/2667221/0/en/Demand-for-Medical-Loupes-is-Expected-to-Progress-at-a-CAGR-of-5-4-to-Reach-US-570-6-Million-by-2031-Transparency-Market-Research-Report.html

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

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