Life Sciences BPO Market: By Service Type (Contract Research (Drug Discovery, Pre-Clinical Trials, Clinical Trials, Medical Writing, Pharmacovigilance, Clinical Data Management, Regulatory Services, Clinical Monitoring, Protocol Development and Site Management), Contract Manufacturing, Contract Sales and Marketing), Application (Medical Devices, Pharmaceutical and Biopharmaceuticals) - Forecast to 2027
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Market Highlights
According to MRFR analysis, the Global Life Sciences BPO Market is expected to register a CAGR of 8.0% from 2020 to 2027 and hold a value of USD 427.78 Million till 2027.
Regional Analysis
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.
Key Players
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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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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