The Global Life
Sciences BPO Market was valued US$ 180.4 billion in 2015 and is projected to
reach US$ 505.0 billion by 2024, according to a new report published by
Coherent Market Insights. Reducing cost and increasing focus on core strengths
is influencing medical device and pharmaceutical companies to outsource their
processes to contract manufacturing organizations (CMO) and contract research
organizations (CRO).
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Increasing demand for
low cost drugs, rising cost pressure from various governments, patent cliffs,
and uncertain regulatory conditions are factors contributing to increasing
revenue growth of the global life sciences BPO market. Globally,
pharmaceutical, and medical device companies are entering into strategic
agreements with contract research organizations to leverage their expertise.
This is helping them introduce new products at reduced costs and in turn obtain
a competitive advantage.
In the current market
scenario, outsourcing service is extended to medical coding, medical
transcription, and clinical services. CMO and CROs provide products and
services at much lower costs. Moreover, their regional regulatory expertise
helps pharmaceutical and medical device companies to meet regulatory
requirements in various countries.
Demand for life
sciences BPO is high in Asia and Latin America due to large patient pool, easy
availability of patients for clinical studies at a lower cost, and cost
effective CMOs and CRO services. However, rising concerns over U.S. Food and
Drug Administration (FDA) inspections in these regions is adversely impacting
market growth to a certain extent. CMOs and CROs such as Divis Laboratories
Ltd., Accenture pl., and PAREXEL International Corporation are investing to
cater to demand for Good Manufacturing Practices (GMP) requirements and regain
the trust and share for CMO and CRO market.
To know the latest trends and
insights of this market, click the link below:
Key takeaways of the market:
·
Constant endeavor for achieving high-quality
results at low cost is driving demand for outsourcing in the global healthcare
industry. This trend is expected to propel the global life science BPO market
at a compound annual growth rate (CAGR) of 12.2% during the forecast period.
·
Pharmaceuticals outsourcing segment led the
global life sciences BPO market with an estimated value of US$ 119.6 billion in
2015. Larger number of players are involved in contract manufacturing of
pharmaceuticals and biotech products as compared to that of medical devices. In
terms of medical devices, a contract manufacturer turns out to be the long-term
manufacturer for that particular device. Pharmaceutical companies on the other
hand, have cost-based contracts with CMO, as shifting to other vendors (CMOs)
is easy due to presence of large number of contract manufacturers worldwide.
·
In terms of end users, healthcare providers
dominate the market and accounted for a share of 89.1% in 2015. Healthcare
providers which include manufacturers, and research organizations are using
these services in order to streamline their process, and focus on core business.
·
Currently, market players such as Accenture plc.
Cognizant Technology Solutions, Catalent, Inc., Covance, Inc., Boehringer
Ingelheim GmbH and Genpact Limited are offering a plethora of service as a
one-stop solution to healthcare providers to outsource their processes.
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