Life Sciences BPO Market will Going to be Worth US6.3 bn by the End of 2023

Posted by Pragya Tripathi on May 15th, 2019

Life Sciences BPO Market: Key Trends

Due to the looming patent expiry, healthcare spending cuts, and decline in productive outcome of research and development, pharmaceutical giants are seeking services from contract manufacturing organizations (CMOs) and contract research organizations (CROs) solutions. As per Transparency Market Research (TMR), outsourcing noncore business activities will allow pharma companies to focus on their core competencies. Besides this, life sciences BPO services also enable companies to optimally utilize their available resources.

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Developed countries have currently emerged as major contributors to the global life sciences BPO market. The technological advancements witnessed in these countries have helped the pharmaceutical outsourcing to significantly evolve in the last few years. Furthermore, the rising opportunities in emerging economies such as India and China will further boost the global life sciences BPO market at 8.9% CAGR between 2015 and 2023.

TMR pegs the global life sciences market to reach US6.3 bn by the end of 2023. The market was valued at US7.4 bn in 2014.

Rising Clinical Trials to Boost Demand for Services from CROs

Based on services, the life sciences BPO market can be segmented into CMO, CRO, and contract sales and marketing organizations (CSO). Of these, CMOs held the lion’s share in the market in 2014. The increasing demand for generic products across developing markets and year-on-year rise in R&D investments by leading companies have been fuelling demand for services from CMOs for the past few years. TMR forecasts the CMO segment to exhibit a CAGR of 7.3% from 2015 and 2023.

However, during the forecast period, the CRO segment is poised to witness stronger growth. As per TMR, rising demand for outsourcing services related to drug discovery, clinical data management, pharmacovigilance, clinical trials, and regulatory consulting will boost the CRO segment at a CAGR of 9.3% during the forecast period.

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Pragya Tripathi

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Pragya Tripathi
Joined: May 15th, 2019
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