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Life Sciences BPO Market Report 2024: Global Size, Share, Growth, Trends, Forecast, Outlook to 2033
Life Sciences BPO Market Report
According to The Business Research Company's, The life sciences bpo market size has grown rapidly in recent years. It will grow from $239.74 billion in 2023 to $266.44 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to focus on patient-centric healthcare solutions, increasing data management challenges, market competition and time-to-market pressure, globalization and expansion, complexity in clinical trials..
The life sciences bpo market size is expected to see rapid growth in the next few years. It will grow to $390.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to increasing demand for drug development support, focus on real-world evidence and data analytics, globalization and expansion strategies, increased emphasis on precision medicine, rise in outsourcing clinical trial management.. Major trends in the forecast period include ai and advanced analytics integration, virtual trials and remote monitoring, focus on regulatory compliance solutions, precision medicine and personalized healthcare, blockchain and data security solutions..
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Market Drivers and Trends:
The increasing healthcare expenditure is expected to propel the growth of the life sciences BPO market going forward. Healthcare expenditure refers to the total amount of money spent on healthcare-related goods and services, encompassing various categories such as medical treatments, medications, hospital stays, doctor visits, medical devices, health insurance, and related healthcare expenses. Life sciences BPO solutions aid healthcare companies in delivering crucial drugs, devices, and services to patients, with the growing healthcare investments further enhancing their ability to optimize costs, expedite development, hasten new treatment market entry, and reduce research and development expenses. For instance, in November 2022, according to the Canadian Institute for Health Information (CIHI), a Canada-based government organization that is dedicated to providing essential information on Canada's health systems, the total healthcare expenditure in Canada was $305 billion in 2020, which was estimated to increase to $328 billion in 2021 and $331 billion, or $8,563 per Canadian, in 2022. Therefore, increasing healthcare expenditure is driving the growth of the life sciences BPO market.
Major companies operating in the life sciences BPO market are increasing their focus on introducing SaaS-based life sciences solutions such as PRECIZON to maximize their profits in the market. PRECIZON is a SaaS-based life sciences analytics solution that enables companies to reliably run analytics in the cloud and centrally manage analytics. For instance, in August 2021, WNS Limited, an India-based business process management company, launched PRECIZON, a sophisticated SaaS-based Pharma Competitive Intelligence (CI) solution to deliver cloud-based competitive intelligence for the life sciences industry. PRECIZON streamlines information collection from public and commercial data sources, curation inside the platform, and dissemination to end users through preferred channels to offer a 360° solution for CI needs. This tool is committed to providing insightful information that may be used to make more informed decisions and, over time, speed up the go-to-market process.
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Major Key Players of the Market:
Atos SE, Catalent Inc., Covance Inc., Genpact Ltd., ICON plc, Infosys Ltd., Lonza Group, PAREXEL International Corp., IQVIA Holdings Inc., International Business Machines Corp., ProMab Biotechnologies Inc., Cognizant Technology Solutions, Syneos Health Inc., R1 RCM Inc., Charles River Laboratories International Inc., Sartorius AG, WuXi AppTec Co. Ltd., Medpace Holdings Inc., Pharmaceutical Product Development LLC, Medidata Solutions, Health Decisions Inc., FAREVA Unterach GmbH, Bioclinica Inc., Navitas Life Sciences Private Limited, SGS SA, PRA Health Sciences Inc., Clinipace Worldwide, ClinTec International Ltd., Cromsource Ltd.
life sciences bpo Market 2024 Key Insights:
• The life sciences bpo market is expected to grow to$390.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Rising Healthcare Expenditure Boosting Growth Of Life Sciences Bpo Market
• Advancing Software-As-A-Service (SAAS) Solutions In Life Sciences For Profit Maximization
• Asia-Pacific was the largest region in the life sciences BPO market in 2023.
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