About Life Sciences BPO
Favorable government initiatives to inspire the use of generic drugs, several tax benefits to promote the export of life sciences services from this region, and subsidies for the manufacturing of electronic components and devices, are anticipated to further propel the market growth over the forecast period. Growing demand for outsourcing services related to drug discovery, clinical trials, clinical data management, pharmacovigilance, and regulatory consulting will boost the demand for life science BPO market globally.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
The global life science BPO market is very fragmented and the key players have used many strategies including new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their market share in this market. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Life Sciences BPO market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Accenture plc (Ireland), Anthelio Healthcare Solutions (United States), Covance, Inc. (United States), Genpact Ltd. (United States), Boehringer Ingelheim GmbH (Germany), Catalent, Inc. (United States), ICON plc (Ireland), Infosys Limited (India), Lonza Group (Switzerland) and PAREXEL International Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Quintiles Transnational Corporation (United States) and International Business Machines Corporation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Life Sciences BPO market by Type (Pharmaceutical Outsourcing [Contract Research Organizations, Contract Manufacturing Organizations, Contract Sales and Marketing Organizations] and Others (Payers and Providers)) and Region.
On the basis of geography, the market of Life Sciences BPO has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Contract Research Organizations, the sub-segment i.e. Drug Discovery will boost the Life Sciences BPO market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Contract Manufacturing Organizations, the sub-segment i.e. Active Pharmaceutical Ingredients will boost the Life Sciences BPO market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Favorable Government Initiatives Such As the Introduction of ICD-10 Standards, The Increasing Adoption of Electronic Health Record Systems (EHR) and The Rising Demand for Biosimilar Drugs
Market Growth Drivers:
The Increasing Pool of Geriatric Patients and The High Prevalence of Chronic Ailments
Challenges:
Rising Data Security Threats and Strict Government Regulations
Restraints:
High Cost of Raw Material and Quality of Service
Opportunities:
Growing Sales and Marketing Activities for the New Product Launches and Rising Demand of BPO in Emerging Countries
In November 2019, Syneos Health, Inc collaborated with Aicure and AI to gain the position in the market with developments like advance data analytics company for success trials.
In the United States, The Health Insurance Portability and Accountability Act (HIPAA) was settled to protect the confidentiality of a patient’s medical evidence and to safeguard persons' medical records and private health-related data. It sets a boundary on the use and the release of health records.
Key Target Audience
Healthcare Service Providers, Teaching Hospitals and Academic Medical Centers (AMCs), Health Insurance Players, Investment Research Firms, Government and Private Research Organization, Government Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.