Global life sciences BPO market
TheGlobal life sciences BPO market was valued US$ 180.4 billion in 2015 and is projected to reach US$ 505.0 billion by 2024, according to a new report published by Coherent Market Insights.Reducing cost and increasing focus on core strengths is influencing medical device and pharmaceutical companies to outsource their processes to contract manufacturing organizations (CMO) and contract researchorganizations (CRO).
Request Sample Copy of Research @
https://www.coherentmarketinsights.com/insight/request-sample/24
Increasing demand for low cost drugs, rising cost pressure from various governments, patent cliffs, and uncertain regulatory conditions are factors contributing to increasing revenue growth of the global life sciences BPO market. Globally, pharmaceutical, and medical device companies are entering into strategic agreements with contract research organizations to leverage their expertise. This is helping them introduce new products at reduced costs and in turn obtain a competitive advantage.
In the current market scenario, outsourcing service is extended to medical coding, medical transcription, and clinical services. CMO and CROs provide products and services at much lower costs. Moreover, their regional regulatory expertise helps pharmaceutical and medical device companies to meet regulatory requirements in various countries.
Demand for life sciences BPO is high in Asia and Latin America due to large patient pool, easy availability of patients for clinical studies at a lower cost, and cost effective CMOs and CRO services. However, rising concerns over U.S. Food and Drug Administration (FDA) inspections in these regions is adversely impacting market growth to a certain extent. CMOs and CROs such as Divis Laboratories Ltd., Accenture pl., and PAREXEL International Corporation are investing to cater to demand for Good Manufacturing Practices (GMP) requirements and regain the trust and share for CMO and CRO market.
Key takeaways of the market:
Constant endeavor for achieving high-quality results at low cost is driving demand for outsourcing in the global healthcare industry. This trend is expected to propel the global life science BPO market at a compound annual growth rate (CAGR) of 12.2% during the forecast period.
Pharmaceuticals outsourcing segment led the global life sciences BPO market with an estimated value of US$ 119.6 billion in 2015. Larger number of players are involved in contract manufacturing of pharmaceuticals and biotech products as compared to that of medical devices. In terms of medical devices, a contract manufacturer turns out to be the long-term manufacturer for that particular device. Pharmaceutical companies on the other hand, have cost-based contracts with CMO, as shifting to other vendors (CMOs) is easy due to presence of large number of contract manufacturers worldwide.
In terms of end users, healthcare providers dominate the market and accounted for a share of 89.1% in 2015. Healthcare providers which include manufacturers, and research organizations are using these services in order to streamline their process, and focus on core business.
Currently, market players such as Accenture plc. Cognizant Technology Solutions, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH and Genpact Limited are offering a plethora of service as a one-stop solution to healthcare providers to outsource their processes.
Browse Global Strategic Business Report:
https://www.coherentmarketinsights.com/market-insight/life-sciences-bpo-market-24
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
Visit Coherent Market Insights Blog @ https://blog.coherentmarketinsights.com
Connect with us on LinkedIn @ https://www.linkedin.com/company/coherent-market-insights
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global life sciences BPO market here
News-ID: 581117 • Views: …
More Releases from Medical Devices Report By CMI
Increasing demand for minimally invasive surgeries to treat various medical cond …
According to a study published in the New England Journal of Medicine, 2016, the number of patients opting for endovascular aneurysm repair has increased significantly during 2005–2012. For instance, in 2005, the percentage of patients in the U.S. suffering from aneurysm opting for EVAR was around 50%, which increased to 75.4% in 2012. A similar pattern was observed in England. Increasing consumer inclination towards this revolutionary procedure is attributed to…
Insulin Delivery Devices Market to Surpass US$ 17.83 Billion by 2025
Insulin is vital for people suffering from type 1 diabetes and type 2 diabetes. In the past, patients with diabetes had to inject insulin using large glass syringes and reusable needles, both of which needed sterilization by boiling after each use. Improvements and innovations has led to development of insulin delivery devices such as pens and insulin pumps. Furthermore, insulin analogs have become available that enable both continuous subcutaneous insulin…
U.S. Hospital Beds Market to Surpass US$ 1.4 Billion Threshold by 2025 Initiativ …
U.S. Hospital Beds Market Driven By Increasing Chronic Diseases Needs Longer Hospital Stay
Hospitals beds are used for proper patient care in various settings, such as elderly care facilities, home care settings, ambulatory surgical centers, and hospitals. Hospital beds are comfortable than household beds as they are versatile in terms of inclination and reclined as per the patient condition. Household beds are difficult to clean and maintain hygiene for longer period…
Protein Assays Market to Surge to US$ 3.65 Billion by 2025
Protein Assays Market: Insights
Protein assays are used to determine the concentration of solubilized protein. Various biochemical methods are available for quantification, isolation, and analysis of proteins. The selection among available protein assays is based on factors such as its chemical compatibility with buffer components of the samples to be assayed. The recent past has witnessed an increasing inclination of end users towards high quality and safety for drugs and its…
More Releases for CMO
Healthcare CMO Market
Healthcare CMO Market to 2027 - Global Analysis and Forecasts By Service (Pharmaceutical Contract Manufacturing Services and Medical Device Contract Manufacturing Services), and Geography
The global healthcare CMO market is expected to witness substantial growth. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable…
PharmSource - CMO Scorecard: Outsourcing of NDA Approvals and CMO Performance - …
PharmSource - CMO Scorecard: Outsourcing of NDA Approvals and CMO Performance - 2017 Edition
Where's your place in the CMO hierarchy?
Find out in the CMO industry's authoritative analysis of manufacturing of NDA approvals. This CMO scorecard was compiled through hundreds of professional hours of research and analysis, and is presented in a 40-page report with over 30 graphs and tables. Only CMO Scorecard enables the CMO industry to benchmark its performance…
PharmSource-CMO Scorecard: Outsourcing of NDA Approvals and CMO Performance-2018
This report is the 8th edition of our long running analysis of the CMO Industry, using NDA approvals as the primary indicator of performance. CMO Scorecard is critical for benchmarking the performance of the CMO industry and the relative performance of major CMOs.
Reasons to buy:
This 43-page report gives important, expert insight you won’t find in any other source. 28 tables and figures throughout the report illustrate major points and trends.…
CMO Scorecard Market: Outsourcing of NDA Approvals and CMO Performance
Latest industry research report on: CMO Scorecard Market : Industry Size, Share, Research, Reviews, Analysis, Strategies, Demand, Growth, Segmentation, Parameters, Forecasts
Find out in the CMO industrys authoritative analysis of manufacturing of NDA approvals. This CMO scorecard was compiled through hundreds of professional hours of research and analysis, and is presented in a 40-page report with over 30 graphs and tables. Only CMO Scorecard enables the CMO industry to benchmark its…
CMO Scorecard Review: CMO Performance & Outsourcing of NDA Approvals 2017
Recently, Market Research Hub (MRH) has added a fresh report which focuses on the CMO industry’s authoritative analysis of manufacturing of NDA approvals. The research report focusing on the CMO Scorecard and is titled as, “PharmSource - CMO Scorecard: Outsourcing of NDA Approvals and CMO Performance - 2017 Edition”. This CMO scorecard was assembled through hundreds of professional hours of research and analysis, and is comprised in a 40-page report.
Request…
CMO Scorecard Review: CMO Performance & Outsourcing of NDA Approvals 2017
Recently, Market Research Hub (MRH) has added a fresh report which focuses on the CMO industry’s authoritative analysis of manufacturing of NDA approvals. The research report focusing on the CMO Scorecard and is titled as, “PharmSource - CMO Scorecard: Outsourcing of NDA Approvals and CMO Performance - 2017 Edition”. This CMO scorecard was assembled through hundreds of professional hours of research and analysis, and is comprised in a 40-page report.
Request…