Life Sciences BPO Market Latest Innovations, Drivers and Industry Key Events

Posted by vinit sawant on February 9th, 2021

Global Life Sciences BPO Market is driven by several factors, such as rising need for drug research, clinical data management trials, increasing cost of drug development, new product launches, and government initiatives, increased pressure from regulatory agencies to adopt various techniques to minimize the costs involved for the successful introduction of a drug in the market.

According to MRFR analysis, the Global Life Sciences BPO Market is expected to register a CAGR of 8.0% from 2020 to 2027 and hold a value of USD 427.78 Million till 2027.

The prominent players are involved in strategic agreements, product launches, and joint ventures to sustain their market positions. For instance, in June 2018, Laboratory Corporation of America Holdings (US) acquired Sciformix Corporation, a Covance company (US), to offer pharmacovigilance and regulatory solutions to biopharmaceutical and medical device companies.

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.