Life Sciences BPO - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Life Sciences BPO Market is accounted for $214.00 billion in 2018 and is expected to reach $488.32 billion by 2027 growing at a CAGR of 9.6% during the forecast period. Some of the key factors propelling the market growth include increasing prevalence of various diseases, rising geriatric population, rise in demand for new drugs and novel therapies, and increasing cost of research and development (R&D). However, high cost of raw material is restraining the market growth.
Life science business process outsourcing (BPO) is one of the most lucrative industries in the healthcare sector. This has led to an increasing demand for contract manufacturing outsourcing (CMO) and contract research outsourcing (CRO) services. Life science BPO service providers enable companies to optimize their business processes by helping them in manufacturing processes, research processes, and sales processes.
By service, the contract research organizations (CRO) segment is likely to have huge demand during the forecast period, owing to significant increase in the number of clinical trials and rise in the demand for new drugs. Significant increase in research and development costs, technological developments, and product innovation, which accounts for high R&D costs prompt several pharmaceutical and medical device companies to outsource preclinical services to CROs. This in turn augments the segment.
On the basis of geography, North America is the significant-growing market during the forecast period, due to the high healthcare expenditures, the rising drug and device manufacturing costs, marketing expenses, the rising number of reimbursement claims, data processing and data analytics services. The presence of several life sciences, pharmaceuticals, biotech, and medical devices organizations in this region favour the rapid expansion of onshore and offshore outsourcing.
Some of the key players in Life Sciences BPO market include Catalent, Inc., Anthelio Healthcare Solutions, Boehringer Ingelheim GmbH, IQVIA, Accenture plc, Wipro Limited, Cognizant Technology Solutions, Covance, Inc., Genpact Limited, ICON plc, Infosys Limited, Syneos Health, Inc., Quintiles Transnational Corporation, PRA Health Sciences, Inc., International Business Machines Corporation, Lonza Group, PAREXEL International Corporation, Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., and Medpace Holdings, Inc.
• Medical Devices Outsourcing
• Contract Sales and Marketing Outsourcing
• Pharmaceutical Outsourcing
• Water Testing
• In Vitro Diagnostic (IVD) Testing
• Other Services
End Users Covered:
• Hospitals & Clinics
• Diagnostic Laboratories
• Environmental Testing Methods
• Clinical Testing Methods
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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