Life Sciences BPO Market Overview
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.
Report Coverage
The report: “Life Sciences BPO Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Life Sciences BPO Market:By Service: Pharmaceutical Outsourcing, Contract Manufacturing, Contract Research Organizations, Medical Devices Outsourcing, and Contract Sales Organizations (CSO).
By Application: Artificial Intelligence, Machine Learning, and Others.
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia and Others), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand and Others), South America (Brazil, Argentina and others), and Rest of the World (Middle East and Africa).
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.
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.
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 Science BPO Market Revenue Share, By Regions, 2020(%)
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.
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.
Relevant Reports:
Report Code: HCR 0496
Biopharma Outsourcing Market - Forecast (2021 - 2026)
Report Code: HCR 0253
For more Lifesciences and Healthcare Market reports, please click here
LIST OF TABLES
1.Global Competitive Landscape Market 2019-2024 ($M)1.1 Market Participation Categorization Market 2019-2024 ($M) - Global Industry Research
2.Global Competitive Landscape Market 2019-2024 (Volume/Units)
2.1 Market Participation Categorization Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Competitive Landscape Market 2019-2024 ($M)
3.1 Market Participation Categorization Market 2019-2024 ($M) - Regional Industry Research
4.South America Competitive Landscape Market 2019-2024 ($M)
4.1 Market Participation Categorization Market 2019-2024 ($M) - Regional Industry Research
5.Europe Competitive Landscape Market 2019-2024 ($M)
5.1 Market Participation Categorization Market 2019-2024 ($M) - Regional Industry Research
6.APAC Competitive Landscape Market 2019-2024 ($M)
6.1 Market Participation Categorization Market 2019-2024 ($M) - Regional Industry Research
7.MENA Competitive Landscape Market 2019-2024 ($M)
7.1 Market Participation Categorization Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Life Sciences BPO Market Revenue, 2019-2024 ($M)2.Canada Life Sciences BPO Market Revenue, 2019-2024 ($M)
3.Mexico Life Sciences BPO Market Revenue, 2019-2024 ($M)
4.Brazil Life Sciences BPO Market Revenue, 2019-2024 ($M)
5.Argentina Life Sciences BPO Market Revenue, 2019-2024 ($M)
6.Peru Life Sciences BPO Market Revenue, 2019-2024 ($M)
7.Colombia Life Sciences BPO Market Revenue, 2019-2024 ($M)
8.Chile Life Sciences BPO Market Revenue, 2019-2024 ($M)
9.Rest of South America Life Sciences BPO Market Revenue, 2019-2024 ($M)
10.UK Life Sciences BPO Market Revenue, 2019-2024 ($M)
11.Germany Life Sciences BPO Market Revenue, 2019-2024 ($M)
12.France Life Sciences BPO Market Revenue, 2019-2024 ($M)
13.Italy Life Sciences BPO Market Revenue, 2019-2024 ($M)
14.Spain Life Sciences BPO Market Revenue, 2019-2024 ($M)
15.Rest of Europe Life Sciences BPO Market Revenue, 2019-2024 ($M)
16.China Life Sciences BPO Market Revenue, 2019-2024 ($M)
17.India Life Sciences BPO Market Revenue, 2019-2024 ($M)
18.Japan Life Sciences BPO Market Revenue, 2019-2024 ($M)
19.South Korea Life Sciences BPO Market Revenue, 2019-2024 ($M)
20.South Africa Life Sciences BPO Market Revenue, 2019-2024 ($M)
21.North America Life Sciences BPO By Application
22.South America Life Sciences BPO By Application
23.Europe Life Sciences BPO By Application
24.APAC Life Sciences BPO By Application
25.MENA Life Sciences BPO By Application