Global Life Sciences BPO Market to be Boosted by Diverse Study Populations to US$286.3 bn by 2023
The global life sciences BPO market is expected to be valued at US$286.3 bn by the end of 2023. It was recorded at US$127.4 bn in 2014 and, according to a research report released by Transparency Market Research, is likely to expand at a CAGR of 8.90% during the forecast period of 2015 to 2023. The report, titled “Life Sciences BPO Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023,” highlights the key factors that can influence this market in the near future.
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According to the report, the global life sciences BPO market is being driven by the growing access to a more diverse study population. Other drivers include the ones offered by the BPO market in general, such as increased work efficiency and lower costs of operation.
The report also sheds light on the steady increase of clinical trials due to globalization. Outsourcing is increasingly being used in clinical trials thanks to the ongoing globalization and the economic slowdown experienced by developed economies over the past decade. This fact is further amplified by the increasing regulatory pressure on clinical trials and studies within the U.S. – a key user of outsourcing strategies – and the relatively relaxed regulations in developing economies.
The global life sciences BPO market is also expanding at a faster pace due to the increased rate of outsourcing practices in the pharmaceutical industries, a factor attributed to the growing number of drug patent expirations and the increasing number of failed clinical trials.
Another major driver of the global life sciences BPO market is the increasing preference of biotech and pharma key players in core business segments. The market is, however, expected to be hindered by the breach of trade and other information lapses for pipeline drugs and the overall issues created by outsourcing, such as the lack of credibility of product quality and test results.
The global life sciences BPO market is segmented on the basis of services into pharmaceutical outsourcing and others. Within the segment of pharmaceutical outsourcing, the market was dominated by CROs. This sub-segment is growing due to the increasing costs of healthcare, which in turn, have increased the demand for generic drugs. The sub-segment of CMOs is expected to exhibit a significant growth rate owing to the high rate of internal research and development efforts as a part of client support services. API manufacturing forms the largest segment of the global CMO market, with its growth attributed to rapidly increasing outsourcing activities.
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Key players in the global life sciences BPO market are Wipro Limited, Quintiles Transnational Corporation, PAREXEL International Corporation, Lonza Group, Infosys Limited, Covance, Inc., Cognizant Technology Solutions, and Accenture plc.