Global Life Sciences BPO Market is expected to reach US$ 470.75 Bn. at a CAGR of 7.4 during the forecast period 2029.Global Life Sciences BPO Market Overview:
The contracting of non-primary business operations and services to a third-party supplier are known as business process outsourcing (BPO). Research, discovery, development, drug registration, and product launch are all services provided by the life sciences industry.To know about the Research Methodology :- Request Free Sample Report
Global Life Sciences BPO Market Dynamics:
Rising costs of drug development is the major factor driving the market growth.
Over the forecast period, the global life sciences BPO market is likely to rise due to rising drug development costs. According to a Tufts Centre for the Report of Drug Development study published in the Journal of Health Economics in May 2019, the cost of drug development was US$ 2.6 billion, with average out-of-pocket costs of US$ 1.4 billion and time expenses of US$ 1.2 billion. The rising costs of drug development, clinical trials, and post-market surveillance by biopharmaceutical and pharmaceutical companies. Drug development costs tens to hundreds of millions of dollars in the United States. Furthermore, large clinical trial sizes, high input costs of Pharmaceutical Outsourcing, Medical Devices Outsourcing, and Active Pharmaceutical Ingredient Outsourcing have all been linked to increasing out-of-pocket clinical costs in various studies (API), with rising drug development expenses and clinical trials, efficient BPO services are in high demand, propelling the Life Sciences BPO market forward. An increase in the BPO life sciences market is being driven by next-generation innovation technologies such as AI and ML. Biopharma and MedTech companies can use data-driven solutions to gain meaningful insights and automate mundane processes. Another important driver of value-added potential for CROs is the recent outbreak of COVID-19. Furthermore, due to the rising sales and marketing segments for the new product launch, contract sales and marketing services are expected to see an increase in demand throughout the projection period. Stringent regulatory approval processes in certain nations, on the other hand, may stifle overall market growth. Along with the slowing of global economic growth, the Life Sciences BPO industry has also been impacted. The coronavirus outbreak is still going strong, and the life sciences BPO industry is scrambling to keep the treatment pipeline moving forward while also ensuring appropriate supply, business continuity, and quick innovation. Companies are employing new technologies such as machine learning and artificial intelligence (AI), which creates an opportunity in the Life Sciences BPO market. More lucrative prospects can be found in the pharmaceutical industry, expanding government budget cuts, and subsidies across developed countries. The report has profiled seventeen key players in the market from different regions. However, report has considered all market leaders, followers and new entrants with investors while analyzing the market and estimation the size of the same. Increasing R&D activities in each region are different and focus is given on the regional impact on the cost, availability of advanced technology are analyzed and report has come up with recommendations for future hot spot in APAC region.Global Life Sciences BPO Market Segment Analysis:
The Global Life Sciences BPO Market is segmented on the basis of Service and Application.
Based on Service, The Pharmaceutical Outsourcing segment is expected to dominate the global market during the forecast period. It is further sub-divided into contract manufacturing services and contract research services. Contract manufacturing services include API production, final dose manufacturing, and packaging outsourcing; contract research services include drug discovery, pre-clinical studies, clinical trials, regulatory, and pharmacovigilance. The medical devices segment can be segmented into contract manufacturing services and contract research services. Outsourcing of services such as product design, product integration, pre-clinical and clinical investigations, and regulatory services is gaining pace in the medical device industry; these developments are projected to grow the life sciences BPO market significantly during the forecast period. Based on Application, the Artificial Intelligence segment is expected to dominate the global market during forecast years. AI is growing increasingly popular in drug development, personalized medicine, biotechnology, and clinical trials, according to the MMR report. With healthcare expenditures rising in practically every country, the pharmaceutical outsourcing business has been putting in a lot of R&D effort in recent years. The Machine Learning segment is expected to grow at the quickest rate, with a CAGR of 15% throughout forecast years. This is attributed to a greater understanding of company productivity, as well as professionally built machine learning solutions provided by worldwide suppliers.Global Life Sciences BPO Market Regional Insights:
North America accounted for dominant market share in 2019.
Rising drug and medical device manufacturing costs, increasing reimbursement policies, the presence of several pharmaceutical companies such as Charles River Laboratories, Covance, Inc., and Catalent, Inc. and their growing focus on core outsourcing activities are all contributing to market growth in this region. The high healthcare expenditures, rising medication, and device manufacturing prices, marketing expenses, the rising number of reimbursement claims, data processing, and data analytics services are all contributing to this significant share of the North American market. The presence of various life sciences, pharmaceuticals, biotech and medical device companies in this region encourages onshore and offshore growing quickly. The report also helps in understanding Global Life Sciences BPO Market dynamics, structure by analyzing the market segments and project the Global Life Sciences BPO Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Life Sciences BPO Market make the report investor’s guide.Global Life Sciences BPO Market, Key Developments:
Parexel Announces COVID-19 Clinical Serology Testing Solution Strategic Collaboration with Synexa Life Sciences and Drawbridge Health in November 2020. The three-way partnership will result in a more simplified blood sample collection and serology testing process, allowing for more accurate clinical decision-making and better patient outcomes.Global Life Sciences BPO Market Scope: Inquire before buying
Life Sciences BPO Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 285.60 Bn. Forecast Period 2023 to 2029 CAGR: 7.4% Market Size in 2029: US $ 470.75 Bn. Segments Covered: by Service Pharmaceutical Outsourcing Medical Devices Outsourcing Contract Sales Marketing Outsourcing by Application Artificial Intelligence Machine Learning Others Global Life Sciences BPO Market, By Region:
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)Global Life Sciences BPO Market, Key players:
1.Accenture plc 2.Anthelio Healthcare Solutions 3.Boehringer Ingelheim GmbH 4.Catalent, Inc. 5.Covance, Inc. 6.Genpact Ltd. 7.ICON plc 8.Infosys Limited 9.Lonza Group 10.PAREXEL International Corporation 11.Quintiles Transnational Corporation 12.International Business Machines Corporation 13.Wipro Limited 14.WuXi AppTec Co. Ltd. 15.Medpace Holdings Inc. 16.IQVIA 17.Syneos Health Inc. Frequently Asked Questions: 1. Which region has the largest share in Global Life Sciences BPO Market? Ans: Asia Pacific region held the highest share in 2022. 2. What is the growth rate of Global Life Sciences BPO Market? Ans: The Global market is growing at a CAGR of 7.4% during forecasting period 2023-2029. 3. What is scope of the Global Life Sciences BPO Market report? Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. What was the Global Life Sciences BPO Market size in 2022? Ans: The Global market was valued at US$ 285.60 Bn. In 2022. 5. What is the study period of this Market? Ans: The Global market is studied from 2022 to 2029.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Life Sciences BPO Market Size, by Market Value (US$ Mn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2022 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Life Sciences BPO Market 3.4. Geographical Snapshot of the Life Sciences BPO Market, By Manufacturer share 4. Global Life Sciences BPO Market Overview, 2022-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Life Sciences BPO Market 5. Supply Side and Demand Side Indicators 6. Global Life Sciences BPO Market Analysis and Forecast, 2022-2029 6.1. Global Life Sciences BPO Market Size & Y-o-Y Growth Analysis. 7. Global Life Sciences BPO Market Analysis and Forecasts, 2022-2029 7.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 7.1.1. Pharmaceutical Outsourcing 7.1.2. Medical Devices Outsourcing 7.1.3. Contract Sales 7.1.4. Marketing Outsourcing 7.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 7.2.1. Artificial Intelligence 7.2.2. Machine Learning 7.2.3. Others 8. Global Life Sciences BPO Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2022-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Life Sciences BPO Market Analysis and Forecasts, 2022-2029 9.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 9.1.1. Pharmaceutical Outsourcing 9.1.2. Medical Devices Outsourcing 9.1.3. Contract Sales 9.1.4. Marketing Outsourcing 9.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 9.2.1. Artificial Intelligence 9.2.2. Machine Learning 9.2.3. Others 10. North America Life Sciences BPO Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Life Sciences BPO Market Analysis and Forecasts, 2022-2029 11.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 11.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 12. Canada Life Sciences BPO Market Analysis and Forecasts, 2022-2029 12.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 12.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 13. Mexico Life Sciences BPO Market Analysis and Forecasts, 2022-2029 13.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 13.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 14. Europe Life Sciences BPO Market Analysis and Forecasts, 2022-2029 14.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 14.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 15. Europe Life Sciences BPO Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Life Sciences BPO Market Analysis and Forecasts, 2022-2029 16.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 16.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 17. France Life Sciences BPO Market Analysis and Forecasts, 2022-2029 17.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 17.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 18. Germany Life Sciences BPO Market Analysis and Forecasts, 2022-2029 18.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 18.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 19. Italy Life Sciences BPO Market Analysis and Forecasts, 2022-2029 19.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 19.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 20. Spain Life Sciences BPO Market Analysis and Forecasts, 2022-2029 20.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 20.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 21. Sweden Life Sciences BPO Market Analysis and Forecasts, 2022-2029 21.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 21.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 22. CIS Countries Life Sciences BPO Market Analysis and Forecasts, 2022-2029 22.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 22.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 23. Rest of Europe Life Sciences BPO Market Analysis and Forecasts, 2022-2029 23.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 23.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 24. Asia Pacific Life Sciences BPO Market Analysis and Forecasts, 2022-2029 24.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 24.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 25. Asia Pacific Life Sciences BPO Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Life Sciences BPO Market Analysis and Forecasts, 2022-2029 26.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 26.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 27. India Life Sciences BPO Market Analysis and Forecasts, 2022-2029 27.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 27.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 28. Japan Life Sciences BPO Market Analysis and Forecasts, 2022-2029 28.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 28.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 29. South Korea Life Sciences BPO Market Analysis and Forecasts, 2022-2029 29.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 29.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 30. Australia Life Sciences BPO Market Analysis and Forecasts, 2022-2029 30.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 30.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 31. ASEAN Life Sciences BPO Market Analysis and Forecasts, 2022-2029 31.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 31.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 32. Rest of Asia Pacific Life Sciences BPO Market Analysis and Forecasts, 2022-2029 32.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 32.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 33. Middle East Africa Life Sciences BPO Market Analysis and Forecasts, 2022-2029 33.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 33.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 34. Middle East Africa Life Sciences BPO Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Life Sciences BPO Market Analysis and Forecasts, 2022-2029 35.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 35.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 36. GCC Countries Life Sciences BPO Market Analysis and Forecasts, 2022-2029 36.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 36.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 37. Egypt Life Sciences BPO Market Analysis and Forecasts, 2022-2029 37.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 37.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 38. Nigeria Life Sciences BPO Market Analysis and Forecasts, 2022-2029 38.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 38.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 39. Rest of ME&A Life Sciences BPO Market Analysis and Forecasts, 2022-2029 39.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 39.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 40. South America Life Sciences BPO Market Analysis and Forecasts, 2022-2029 40.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 40.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 41. South America Life Sciences BPO Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Life Sciences BPO Market Analysis and Forecasts, 2022-2029 42.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 42.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 43. Argentina Life Sciences BPO Market Analysis and Forecasts, 2022-2029 43.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 43.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 44. Rest of South America Life Sciences BPO Market Analysis and Forecasts, 2022-2029 44.1. Market Size (Value) Estimates & Forecast By Service, 2022-2029 44.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Life Sciences BPO Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Applications and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. Accenture plc 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. Anthelio Healthcare Solutions 45.3.3. Boehringer Ingelheim GmbH 45.3.4. Catalent, Inc. 45.3.5. Covance, Inc. 45.3.6. Genpact Ltd. 45.3.7. ICON plc 45.3.8. Infosys Limited 45.3.9. Lonza Group 45.3.10. PAREXEL International Corporation 45.3.11. Quintiles Transnational Corporation 45.3.12. International Business Machines Corporation 45.3.13. Wipro Limited 45.3.14. WuXi AppTec Co. Ltd. 45.3.15. Medpace Holdings Inc. 45.3.16. IQVIA 45.3.17. Syneos Health Inc. 46. Primary Key Insights