Increasing Technological Advancements in Life Sciences BPO Market is Driving the Growth of Life Sciences BPO Market"
Life Sciences BPO Market size in 2020 is estimated at $229.7 Billion, growing at a CAGR of 15.3% during the forecast period 2021-2026. Business Process Outsourcing (BPO) is the contracting of non-primary business activities and functions to a third-party provider for Pharmaceutical Outsourcing, Medical Devices Outsourcing, Active Pharmaceutical Ingredient (API). Life sciences BPO Market offers a variety of services in research, discovery, development, drug registration, and product launch. Moreover, key factors such as the growing need for pharmaceutical Outsourcing, Medical Devices Outsourcing, and biotechnology companies to accelerate time to market new treatments, reduce research and development (R&D) costs, increase productivity, and comply with regulations. Besides, strategic initiatives, mergers and acquisitions, and product launches for the sciences BPO market enhances the overall market demand for Life Sciences BPO Market during the aforesaid period.
Life Sciences BPO Market Segment Analysis - By Service
Based on the Service Type, Life Sciences BPO Market is segmented into Pharmaceutical outsourcing, Contract Manufacturing, Contract Research Organizations, Medical Devices Outsourcing, and Contract Sales Organizations (CSO). The Contract Research Organizations segment is estimated to dominate the market during the period 2021-2026. This is owing to the increasing number of clinical trials, R&D activities, and the increasing demand for new drug therapy in the Life Sciences BPO market. The Contract Manufacturing segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 15.6% during the period 2021-2026. This is attributed as Industry-standard are offering a range of services ranging from screening and toxicology, pre-clinical studies, clinical trials, manufacturing processes, and marketing. Contract Manufacturers (CMOs), which operates in the life sciences industry, has evolved over the last few years in the pharmaceutical outsourcing and active pharmaceutical ingredients (API) industries.
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Life Sciences BPO Market Segment Analysis - By Application
Based on the Application, Life Sciences BPO Market is segmented into Artificial Intelligence, Machine Learning, and Others. The Artificial Intelligence segment is estimated to dominate the market during the period 2021-2026. This is attributed to AI is becoming increasingly popular in drug discovery, personalized medicine, biotechnology, and clinical trials. With healthcare spending increasing in almost all parts of the world, the pharmaceutical Outsourcing industry has been engaged in extreme R&D activities over the last few years. The Machine Learning segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 15.9% during the period 2021-2026. This is mainly owing to the increased awareness of business productivity, complemented by competently designed machine learning solutions offered by global vendors.
Life Sciences BPO Market Segment Analysis - By Geography
North America dominated the Life Sciences BPO Market share accounting for 43% of the market in 2020. This is mainly owing to Increased drug and medical device manufacturing costs, reduced reimbursement policies, the presence of several pharmaceutical Outsourcing companies such as Charles River Laboratories, Covance, Inc., and Catalent, Inc., and their growing focus on core outsourcing activities by these companies. However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to the Emerging countries such as India and China are key hubs for the outsourcing market for life sciences business processes. Asian countries operate on a globally accountable active pharmaceutical ingredient (API) and finished product export activities.
Life Sciences BPO Market Drivers
Increasing Technological Advancements in Life Sciences BPO Market
Increasing Next-gen advancement technologies such as AI and ML are the leading drivers for the BPO life sciences market. Data-driven technologies provide biopharma and MedTech organizations with actionable insights and help them to automate worldly tasks. The recent outbreak of COVID-19 is another key driver of value-added opportunities for CROs. However, robotic process automation (RPA) technology is sweeping the life sciences BPO market. Outsourcing repetitive tasks and manual processes using the RPA technology is anticipated to become increasingly mainstream in developing economies of Asia Pacific for Pharmaceutical Outsourcing, Medical Devices Outsourcing industries.
The increasing cost of drug development, clinical trials, and post-marketing surveillance by biopharma and pharmaceutical drug manufacturers
The increasing cost of drug development, clinical trials, and post-marketing surveillance by biopharma and pharmaceutical drug manufacturers. companies spend tens to hundreds of millions of U.S. dollars on drug development. Moreover, several studies point to increased out-of-pocket clinical costs owing to large clinical trial sizes, high input costs of Pharmaceutical Outsourcing, Medical Devices Outsourcing, Active Pharmaceutical Ingredient (API), With increasing drug development costs and clinical trials, there is a need for efficient BPO services that drive Life Sciences BPO market growth.
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Life Sciences BPO Market Challenges
The coronavirus outbreak continues, the life sciences BPO industry life sciences are challenged to continue to advance the treatment pipeline and to ensure adequate supply, business continuity, and rapid innovation. The coronavirus pandemic also affected the supply chain and significantly affected the BPO life sciences industry as well as Pharmaceutical Outsourcing, Medical Devices Outsourcing, Active Pharmaceutical Ingredient (API) Industry. However, the life sciences industry BPO is in a phase of rapid R&D in response to COVID-19. This is major a challenge for Life Sciences BPO Market.
Life Sciences BPO Market Industry Outlook
Product launches, Mergers & Acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Life Sciences BPO Market. Life Sciences BPO Market top 10 companies are Anthelio Healthcare Solutions, Boehringer Ingelheim GmbH, Catalent, Inc, Covance, Inc, Genpact Limited, Infosys Limited, International Business Machines Corporation, Lonza Group, PAREXEL International Corporation, Wipro Limited and, among others.
Developments:
In November 2020, Parexel Announces Strategic Collaboration with Synexa Life Sciences and Drawbridge Health for COVID-19 Clinical Serology Testing Solution. The tripartite collaboration will provide a more streamlined solution for a blood sample collection and serology testing for accurate clinical decision-making and improved patient outcomes.
In February 2020, Catalent Pharma Solutions has announced that it would acquire the subsidiary of Orgenesis, MaSTherCell Global, a contract development manufacturing organization (CDMO). By this acquisition, The Orgenesis expects the net proceeds from the sale of MaSTherCell to continue to grow its cell therapy business and to further develop advanced therapy medicinal products.
Key Takeaways
In 2020, North America dominated the Life Sciences BPO Market owing to increasing reimbursement policies, the presence of several pharmaceutical Outsourcing companies such as Charles River Laboratories, Covance, Inc., and Catalent, Inc. and their growing focus on core outsourcing activities by these companies.
Increasing productivity and comply with the rules and growing strategic initiatives, mergers and acquisitions and product launches for the life sciences BPO Market across the globe is driving the growth of Life Sciences BPO Market.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Life Sciences BPO Market report.
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B. Biopharma Outsourcing Market
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