Life Sciences BPO Market Size, Growth Factors, Competitive Landscape and Forecast to 2030
Life Sciences BPO Market Size was prized at USD 178.5 billion in 2021. The life sciences BPO market industry is projected to grow from USD 202.7 Billion in 2022 to USD 495.06 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.6% during the forecast period (2022 – 2030). Global Life Sciences BPO Market is driven by several factors, such as rising need for drug research, clinical data management trials, increasing cost of drug development, new product launches and government initiatives, increased pressure from regulatory agencies to adopt various techniques to minimize the costs involved for the successful introduction of a drug in the market.
A lot of market players are dominating the global life sciences BPO market. The prominent players are involved in strategic agreements, product launches, and joint ventures to sustain their market positions. For instance, in June 2018, Laboratory Corporation of America Holdings (US) acquired Sciformix Corporation, a Covance company (US), to offer pharmacovigilance and regulatory solutions to biopharmaceutical and medical device companies.
On a regional basis, the Americas is anticipated to dominate the global life sciences BPO market, owing to the factors such as well-established healthcare sector, presence of ample biotechnology and pharmaceutical companies, new technological advancements in life sciences industry, major giants in the market involved in merger & acquisition, and new product innovation. Technologies such as Artificial Intelligence (AI), Machine Learning (ML) are playing a significant role in the life science BPO industry, while significantly reducing costs involved with mapping highly complex studies. Companies are adopting these technologies for drug discovery. For instance, in June 2019, Navitas Life Sciences (US) in partnership with ThoughtSphere (US) Company adopted AI and ML technologies to deliver unparalleled data collection.
On the other hand, Europe is expected to hold the second-largest position in the global life sciences BPO market, due to the favorable regulatory scenario to support the outsourcing process in the life sciences industry. For instance, in 2020, UK Medicines and Healthcare products Regulatory Agency (MHRA) and the European Medicines Agency (EMA) issued guidance on how investigators and sponsors should manage clinical trials during the outbreak. Such moves are set to increase the European life science industry.
Asia-Pacific is anticipated to be the fastest-growing region over the assessment period due to the rising demand for outsourcing in the life science industry, and the rising importance of safety & security of products. Initiatives by the government such as the introduction of ICD-10 standards that capture the inpatient procedures has supported the rising adoption of electronic health records (EHR), electronic laboratory notebook (ELN) in the life sciences industry. These digital platforms enable the rapid growth of the back-end payer and provider BPO services, such as claims processing, claims management, financial and payroll management, and other administrative services.
Furthermore, the growth of the Middle East & Africa is attributed to the technological development in the field of medical and healthcare industry, high penetration of advanced healthcare technologies in research organizations such as Saudi Arabia and UAE.
Global Life Sciences BPO Market insights has been segmented into Service Type, and Application.
By Service Type, the market has been segregated into contract research, contract manufacturing, contract sales, and marketing. Growing focus on core activities by pharmaceutical companies, increasing the cost of drug development, clinical trial activities, regulatory constraints are primarily driving the market growth.
Based on the Application, the global life sciences BPO market has been classified into medical devices and biopharma and pharmaceuticals. The medical devices segment is expected to be the fastest growth owing to the increasing number of medical companies opting to outsource their strategic and non-strategic processes to vendors to improve their return on investment (ROI), maintain profitability, product quality, and cost, and to meet capacity constraints. Pharmaceuticals and biopharmaceuticals segment held the largest segment in the life sciences BPO market owing to the increased clinical trial of drugs.
Some of the Key Players in the Global Life Sciences BPO Market are 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).
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