Global Life Sciences BPO Market Key Trends & Industry Forecast 2016 – 2023
Transparency Market Research (TMR) has revealed some of the vital recommendations to thrive in the global life sciences BPO market in a recently published report. TMR studies the significance of considering business expansion in developing economies, collaboration with pharmaceutical and biotechnology companies, and investment in clinical data management (CDM) services. The elaborative analysis of the competitive scenario in the market is interpreted with a detailed profiling of top 14 companies, which include Accenture plc, Boehringer Ingelheim GmbH, Cognizant Technology Solutions, ICON plc, PAREXEL International Corporation, Infosys Limited, and Covance, Inc.
Technological innovation and a new offering of bundled services by giant companies are envisioned to ignite a high level of rivalry in the international life sciences BPO market. The contract manufacturing organizations (CMO) and contract research organizations (CRO) markets are foretold to be highly fragmented and capital-intensive. New entrants will find it challenging to make a mark in the global market with FDA’s strict regulatory guidelines and mammoth investment required for conducting research and development and manufacturing activities.
The report foresees the international market to rise at a CAGR of 8.9% during the forecast period 2015–2023 to register a revenue value of US$ 286.3 bn in 2023 from US$ 127.4 bn in 2014.
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Focus on Core Business Impels the Need to Outsource
The analysts have identified the inclination of pharmaceutical and biotechnology firms towards core business competency to be a key driver for the worldwide life sciences BPO market. Outsourcing non-core and manufacturing business operations has been the pick of this market driver. The desperate need of large pharmaceutical companies for acquisitions and mergers with CMOs could also stimulate the market for growth. This need has taken birth in the event of patent expirations, augmented FDA scrutiny, and dwindling research and development budgets. Despite government aids to manufacture orphan drugs, even the prominent companies find it challenging to keep the manufacturing cost at an acceptable low. Therefore, they are finding it best to partner with a CMO.
Out of the three broad categories of the market based on pharmaceutical outsourcing, the CMO segment are anticipated to secure a lion’s share of US$98.8 bn by 2023. With a low demand and adoption rate, the contract sales and marketing organizations (CSO) segment will see a sluggish growth. One of the key reasons being most companies prefer performing sales and marketing activities in-house. However, the CRO segment is expected to exhibit a robust growth, owing to the demand mainly in drug discovery and clinical trial management.
Asia Pacific to Emerge as Stallion Market
By geography, North America is the current leader of the life sciences BPO market in terms of market share. However, Asia Pacific is predicted to overtake this market with a whopping CAGR of 14.6% by the end of the forecast period.
While Asia Pacific is poised to provide growth a faster rate, owing to affordability and other advantages, quality issues could curtail the progress in a less stringent regulatory environment. Likewise, risk of information breach and sensitive data being compromised has compelled most companies to look for high level data security services, causing a slight cutback in the market growth.
The information presented in this review is based on a Transparency Market Research report, titled “Life Sciences BPO Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023”
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