Contract Research Organizations Market trends of life sciences BPO industry in globally 2023

In current market scenario, strategic outsourcing services play an important role in addressing various challenges faced by pharmaceutical companies such as stagnant productivity volume, regulatory changes, pricing pressures and thinner profit margins. Strategic outsourcing has become an industry norm and offers a wide range of services from screening and lead identification to toxicology, pre-clinical studies, clinical trials, manufacturing and marketing. Pharmaceutical outsourcing market, particularly contract manufacturing organizations (CMO), contract research organizations (CRO) and insurance/payer based services market has evolved over the recent years and expected foresee a healthy growth in the coming decade.

Nowadays, outsourcing has become a feasible and a beneficial business strategy for pharmaceutical, biotechnology and life sciences industries that enables them to transfer non-core activities to outsourcing partners in order to focus on their distribution networks, competitive advantage, future growth, marketing strategies and issues imperative to survival. Earlier, outsourcing was considered as a cost saving business strategy by most of the pharmaceutical companies, but now it has evolved as a strategic competitive requirement to meet growing demands, offer flexibility in production and enhance company’s competitive advantage.

The global life sciences BPO market has been studied from two broad perspectives: by Services and by Geography. The services market is further segmented into pharmaceutical outsourcing and others. The pharmaceutical outsourcing market encompasses CRO, CSO, and CMO; whereas the Others segment provides a cumulative market for payers and provider based services that are primarily outsourced. This market holds immense growth owing to the rise in demand for generic drugs, increase in R&D investment by life sciences companies. In addition, a rise in the number of block buster drugs going off-patent and increased adoption of novel technologies are further boosting the growth of this market.

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The CMO market comprises contract API (Active Pharmaceutical Ingredients) manufacturing, contract FDF (Finished Dosage Formulations) manufacturing and packaging. Among these, contract FDF manufacturing segment is expected to have a healthy growth rate during the forecast period. The CRO market is also expected to display a healthy growth rate after CMO market. The CRO market comprises of various segments such as drug discovery, pre-clinical studies, clinical trial phases, medical writing, clinical data management, pharmacovigilance, regulatory services, site management, protocol development, monitoring and bio-statistics. Among these, clinical data management segment is expected to have a strong growth rate in coming years. This growth has been attributed to its high data complexities, high cost involvement and requirement of skilled & trained professionals.

Geographically, the North American region constituted the largest market for global life sciences BPO market in 2014; however, Asia-Pacific is predicted to foresee the highest growth rate of over 14.6% from 2015 to 2023. This growth has been attributed to favorable government regulations, improved intellectual property protection rights and increased adoption of novel technologies. In addition, tax benefits, low labor costs and other overheads and availability of skilled professionals at a very low cost compared to developed nations would trigger the growth of this market in Asia-Pacific region.

Key players in the life sciences BPO market include: Accenture plc, Anthelio Healthcare Solutions, Boehringer Ingelheim GmbH, Catalent, Inc., Cognizant Technology Solutions, Covance, Inc. Genpact Limited, ICON plc, Infosys Limited, International Business Machines Corporation, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, and Wipro Limited.

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