Life Sciences BPO Market size, share and market intelligence forecast to 2027
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.
A lot of market players are dominating the global life sciences BPO market. 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
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 rising prevalence rate of COVID-19 is projected to influence market growth over the forecast period. As the coronavirus outbreak continues, life sciences BPO industry is challenged to continue to advance treatment pipeline and ensure adequate supply, business continuity, and rapid innovation. The pandemic has also affected the supply chain and has significantly impacted the life science BPO industry. However, the life sciences BPO industry is in a phase of rapid R&D in response to COVID-19.
On the other hand, Europe is expected to hold the second-largest position in the global life sciences BPO market, due to the favorable regulatory scenario to support the outsourcing process in the life sciences industry. For instance, in 2020, UK Medicines and Healthcare products Regulatory Agency (MHRA) and the European Medicines Agency (EMA) issued guidance on how investigators and sponsors should manage clinical trials during the outbreak. Such moves are set to increase the European life science industry.
Asia-Pacific is anticipated to be the fastest-growing region over the assessment period due to the rising demand for outsourcing in the life science industry, and the rising importance of safety & security of products. Initiatives by the government such as the introduction of ICD-10 standards that capture the inpatient procedures has supported the rising adoption of electronic health records (EHR), electronic laboratory notebook (ELN) in the life sciences industry. These digital platforms enable the rapid growth of the back-end payer and provider BPO services, such as claims processing, claims management, financial and payroll management, and other administrative services.
Furthermore, the growth of the Middle East & Africa is attributed to the technological development in the field of medical and healthcare industry, high penetration of advanced healthcare technologies in research organizations such as Saudi Arabia and UAE.
Some of the Key Players in the Global Life Sciences BPO Market are Accenture plc (Ireland), Boehringer Ingelheim GmbH (Germany), Charles River Laboratories International, Inc. (US), Covance, Inc. (US), Genpact Limited (US), Catalent, Inc. (US), Infosys (India), Health Decisions, Inc. (US), Anthelio Healthcare Solutions (India), Cognizant Technology Solutions (US), ProMab Biotechnologies, Inc. (US), Quintiles Transnational Corporation (US), Paraxel International Corporation (US), Lonza Group (Switzerland).