The life sciences companies are undergoing massive work and employing skilled labor that will help the global market to grow during the ongoing forecast period of 2021-2028. During the period, the life sciences BPO market is expecting to grow at a CAGR of 13.60% and by the end of the period in 2027, the market is expected to reach a final market value worth USD 427.78 billion.
COVID 19 Analysis of Life Sciences BPO Market
Since the pandemic has been forcefully included in the lives of people, they are still not able to understand the way to opt for adjustments and living with the new changes. The same is the issue with the businesses and enterprises as they are unable to cope up with the changing lifestyle preferences that will impact the functioning of the life sciences BPO market during the ongoing forecast period that ends in 2028.
To help the market overcome the distress introduced by the pandemic, and help the market grow at a good rate during the period, the market is supported by the government regulations and schemes alongside the research and development activities that will result in better and qualitative production worldwide during the period that will be ending in 2027.
The growth of the global life sciences BPO market trends during the ongoing forecast period that ends in 2028 is the growing and recognized need of biotechnological and pharmaceutical companies that are opting for research and development initiatives that will help in speeding up the time to the new and prevalent treatments followed by the reduction in the research cost regarding the developmental activities of the market during the forecast period.
One of the most important factors that will challenge the global growth of the market based on the predictions laid down by the industry experts and market leaders for the period is that the lack of knowledge and awareness poses various issues for the market during growth. Also, the target audience that belongs to the global regions that are a part of the market belongs to different income sources, and hence, their spending capacity differs. Hence, their investment in the market and the products and services offered is a major matter of concern especially when the life sciences BPO market aims to grow during the forecast period that will be ending in 2028.
The market players are on the lookout for the availability of employable and reliable technology that promises increased productivity that complies well with the regulations that have been rolled by the global governments during the forecast period that will be ending in 2028. The pharmaceutical companies and firms favor outsourcing the business processes to preserve the price tag along with the products and company viability. The intensifying propensity of the method of subcontracting retained by the medical and pharmaceutical device businesses is likely to play a great role in helping the market to progress during the ongoing forecast period that ends in 2028.
The life sciences BPO market has been divided all across the globe based on the service type, application, and region.
Based on the Service Type
The life sciences BPO market has been divided all across the globe based on the service type into contract research service type, contract manufacturing service type, and contract sales and marketing service type. The contract research service type is further sub-divided into site management, protocol development, clinical monitoring, regulatory services, clinical data management, pharmacovigilance, medical writing, clinical trials, pre-clinical trials, and drug discovery.
Based on the Application
The market has been divided all across the globe life sciences BPO market based on the application into medical device applications, pharmaceuticals, and biopharmaceuticals.
Based on the Region
The market has been divided in the global life sciences BPO market based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The life sciences BPO market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the global life sciences BPO market is held by the North American region owing to increasing reimbursement policies coupled with increasing manufacturing costs of medical treatment and drugs. Moreover, the presence of major pharmaceutical companies like Catalent, Inc., Covance, Inc., and Charles River Laboratories also drives the market demand.
The second-largest market share in the global life sciences BPO market is held by the European region owing to the presence of countries like Sweden, the UK, and Germany that drives the market demand in this region. Moreover, the presence of a well-established technologically advanced healthcare infrastructure coupled with increasing initiatives taken by the government to improve health creates more market demand.
Being the fastest-emerging economy, the third-largest market share in the global life sciences BPO market is held by the Asia-Pacific region owing to the presence of countries like India and China as these countries are the main hub of BPO’s that drives the market demand in this region. The increasing initiative taken by the government to improve healthcare coupled with increasing expenditure on healthcare creates more market demand in this region.
The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.
The most prominent major key players in the life sciences BPO market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the life sciences BPO market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the life sciences BPO market all across the globe.
This global life sciences BPO market research report contains the following components mentioned below:
|Market Size||2027: USD 427.78 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Service Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Accenture plc (Ireland), Boehringer Ingelheim GmbH (Germany), Charles River Laboratories International, Inc. (US), Covance, Inc. (US), Genpact Limited (US), Catalent, Inc. (US), Infosys (India), Health Decisions, Inc. (US), Anthelio Healthcare Solutions (India), Cognizant Technology Solutions (US), ProMab Biotechnologies, Inc. (US), Quintiles Transnational Corporation (US), Paraxel International Corporation (US), Lonza Group (Switzerland).|
|Key Market Opportunities||
|Key Market Drivers||
The market can expect to cross a valuation of USD 427.78 Billion in the years ahead.
The market advancement rate outlined in the report is 13.60%.
The surge in strategic initiatives, product launches and mergers & acquisitions by life sciences BPO firms has enhanced the global market size in recent years. The increasing cost of drug development, clinical trials, and post-marketing surveillance by biopharma and pharmaceutical drug manufacturers also boosts market growth.
The medical device BPO application-dependent segment can procure the fastest growth rate in the years to come.
The American market is in the lead on account of rising drug and medical device manufacturing costs, increasing reimbursement policies, the presence of several pharmaceutical companies such as Charles River Laboratories, Covance, Inc., and Catalent, Inc. and their growing focus on core outsourcing activities by these companies.