Global 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 Forecast
Global Life Sciences BPO Market is expected to cross USD 427.78 Billion by 2027 at a CAGR of 13.60%.
Segmentation
Global Life Sciences BPO Market 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.
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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