Dublin, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The "Life Sciences BPO Market Size, Share & Trends Analysis Report By Services (Pharmaceutical Outsourcing, Medical Devices Outsourcing, Contract Sales And Marketing Outsourcing, Others), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global life sciences BPO market size is expected to reach USD 827.5 billion by 2030, registering a CAGR of 9.3%
The rising costs of drug development; pre-clinical and clinical trials; and post-marketing surveillance; a rise in the patent cliff; a growing product pipeline; and regulatory constraints are some of the major factors driving the market.
The pharmaceutical and biotech industries invest heavily in the R&D sector to continuously introduce new molecules, devices, and treatments. The different stages of drug development, such as drug discovery, pre-clinical studies, and clinical trials, require huge financial, technological, and human resources.
To cater to the growing needs of the industry, the outsourcing vendors are expanding their product and service offerings and they are targeting niche areas for long-term growth and profitability. Altogether, these trends are expected to boost the life sciences outsourcing market over the forecast period.
During the COVID-19 pandemic, a significant number of outsourcing providers expanded their existing manufacturing and research facilities to meet the growing demand for COVID-19 vaccines and diagnostics. Even post-pandemic, CDMOs are practicing similar strategies to support the future demand for pharmaceuticals. For instance, in April 2022, Aenova Group developed a new facility for manufacturing highly potent drugs with an investment of EUR 10 million.
The adoption of such strategies by the market players is expected to be profitable for the market. There has been a rising demand to reduce the cost of manufacturing and development of drugs and medical devices.
Outsourcing manufacturing, research, and marketing services provide pharmaceutical and medical device companies with cost- and time-saving benefits. This is expected to have a positive impact on the market. Over the years, mergers and acquisition deals between CROs and CDMOs have increased. The rising demand for clinical services and the growing need for specialized service providers to improve the focus on their core competencies are some of the factors that are expected to drive the incidence of M&A deals.
Life Sciences BPOMarket Report Highlights
- The increasing number of M&A transactions has broadened the global reach and improved the capabilities of CROs and CDMOs to provide end-to-end services; a continuation of this trend is expected to benefit the market significantly
- COVID-19 incidence has decreased significantly as a result of a growing global vaccination campaign
- Owing to this, the CRO and CDMO are now refocusing on developing drugs for oncology and other diseases owing to their high burden
- For instance, in April 2022, Labcorp collaborated with Xcell Biosciences to support the company in developing cell and gene therapies for treating cancer, Parkinson's, and other rare diseases
- Such initiatives by the CDMOs are likely to profit the market owing to the high effectiveness of gene therapy in treating cancer and other rare diseases
- The medical device segment is expected to register the fastest CAGR from 2023 to 2030 due to the complexities associated with medical device designing
- The strict regulatory framework for medical device approval globally has further contributed to the demand for medical device outsourcing services
- Asia Pacific held the largest revenue share in 2022 due to the presence of a significant number of CROs providing cost-effective BPO services
Company Profiles
- Atos SE
- Boehringer Ingelheim International GmbH
- Catalent, Inc
- Labcorp Drug Development
- Genpact
- ICON plc
- Infosys Limited
- IBM
- Lonza
- Parexel
- IQVIA Inc
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $407.8 Billion |
| Forecasted Market Value (USD) by 2030 | $827.5 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Life Sciences BPO Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.4. Life Sciences BPO Market Analysis Tools
3.4.1. Industry Analysis - Porter's
3.4.2. PESTEL Analysis
Chapter 4. Life Sciences BPO: Service Estimates & Trend Analysis
4.1. Life Sciences BPO Market: Key Takeaways
4.2. Life Sciences BPO Market: Movement & Market Share Analysis, 2022 & 2030
4.3. Pharmaceutical Outsourcing
4.3.1. Pharmaceutical outsourcing market estimates and forecasts, 2018 to 2030 (USD Billion)
4.3.2. Contract manufacturing market
4.3.2.1. Contract manufacturing market estimates and forecasts, 2018 to 2030 (USD Billion)
4.3.2.2. API
4.3.2.3. Finished dose form
4.3.2.4. Packaging
4.3.3. Contract research organizations
4.3.3.1. Contract research Organizations estimates and forecasts, 2018 to 2030 (USD Billion)
4.3.3.2. Drug discovery
4.3.3.3. Preclinical studies
4.3.3.4. Clinical Trial Studies
4.3.3.5. Regulatory services
4.3.3.6. Pharmacovigilance
4.4. Medical Devices Outsourcing
4.4.1. Medical devices outsourcing market estimates and forecasts, 2018 to 2030 (USD Billion)
4.4.2. Contract manufacturing outsourcing
4.4.2.1. Contract manufacturing outsourcing estimates and forecasts, 2018 to 2030 (USD Billion)
4.4.2.2. Electronic manufacturing services
4.4.2.3. Finished goods
4.4.2.4. Raw materials/components
4.4.3. Contract research organizations
4.4.3.1. Contract research Organizations estimates and forecasts, 2018 to 2030 (USD Billion)
4.4.3.2. Regulatory consulting services
4.4.3.3. Product design and development services
4.4.3.4. Product testing services
4.4.3.5. Product implementation services
4.4.3.6. Product upgrade services
4.4.3.7. Product maintenance services
4.5. Contract Sales & Market Outsourcing
Chapter 5. Life Sciences BPO Market: Regional Estimates & Trend Analysis
5.1. Regional Outlook
5.2. Life Sciences BPO Market by Region: Key Takeaways
Chapter 6. Competitive Landscape
6.1. Recent Developments & Impact Analysis, By Key Market Participants
6.2. Market Participant Categorization
For more information about this report visit https://www.researchandmarkets.com/r/b0uy2
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