The life sciences industry relies heavily on business process outsourcing to streamline non-core functions like clinical data management, medical writing, regulatory affairs, and pharmacovigilance. Life sciences BPO services help reduce operational costs and improve efficiencies. Outsourcing such functions provides more focus on core research and development activities. Additionally, life sciences BPO vendors leverage advanced technologies to offer cost-effective solutions and ensure compliance with stringent regulations.
The global Life Sciences BPO Market is estimated to be valued at US$ 222.9 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of advanced technologies like artificial intelligence, machine learning, robotic process automation by life sciences BPO service providers is one of the key trends driving market growth. These technologies help streamline operations, improve productivity and optimize costs for pharmaceutical and biotech companies. For instance, AI and ML are used for data mining of clinical trial reports to extract insights, automate regulatory document preparation, and speed up clinical trials. RPA facilitates automation of repetitive manual tasks related to data entry and processing. This improves efficiency and allows life sciences companies to redeploy resources to more strategic tasks. Widespread use of these next-gen digital technologies by BPO vendors is anticipated to boost the life sciences BPO market substantially over the forecast period.
Segment Analysis
The global life sciences BPO market is divided into various segments based on services such as contract manufacturing (API manufacturing and final drug manufacturing), contract research (preclinical research, clinical research and post marketing research), and contract sales and marketing. The contract manufacturing segment dominates the market as most pharmaceutical and biotechnology companies outsource their manufacturing processes to specialized contract manufacturing organizations in order to focus on their core competencies. This segment witnesses high demand due to advantages like reduced capital and operational costs, easy access to advanced technologies, and improved expertise in manufacturing processes.
Key Takeaways
The global life sciences BPO market is expected to witness high growth. The market size is projected to grow from US$ 222.9 Bn in 2024 to US$ 825.7 Bn by 2030, at a CAGR of 14%.
Regional analysis
North America currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to presence of many pharmaceutical companies in the US and high outsourcing of research activities in this region. Asia Pacific is expected to witness fastest growth rate owing to increasing investments by pharmaceutical giants in emerging Asian countries like India and China to take advantage of lower costs and skilled workforce.
Key players
Key players operating in the life sciences BPO market are Accenture, Plc., Boehringer Ingelheim GmbH, Charles River Laboratories International, Inc., Cognizant Technology Solutions, Covance, Inc., DSM, Fareva, ICON, Plc, Infosys, Catalent, Inc., Genpact Limited, Health Decisions, Inc., and ProMab Biotechnologies, Inc. Accenture is a global leader in providing various BPO services to pharmaceutical and biotechnology companies.
No comments:
Post a Comment