Life Sciences BPO Market: Rise in Demand for Low Cost Drugs and Patent Expirations Boost the Market Growth
Wilmington, Delaware, United States, Transparency Market Research Inc.: According to Transparency Market Research’s latest research report on the global life sciences BPO market for the historical period from 2017 to 2018 and the forecast period from 2019 to 2027, rise in demand for low cost drugs, patent expirations, and uncertain economic conditions have compelled the pharmaceutical players to take support of various outsourcing services. This is projected to drive the global life sciences BPO market during the forecast period.
According to the report, the global life sciences BPO market was valued at ~US$ 214 Bn in 2018 and is anticipated to expand at a CAGR of 7.9% from 2019 to 2027
Technological Advancements in Life Sciences BPO: A Key Driver
In the current market scenario, strategic outsourcing services play an important role in addressing various challenges faced by pharmaceutical companies such as stagnant productivity volume, regulatory changes, pricing pressures, and thinner profit margins
Strategic outsourcing has become an industry norm and offers a range of services from screening and lead identification to toxicology, pre-clinical studies, clinical trials, manufacturing, and marketing. The pharmaceutical outsourcing market, particularly CMOs and CROs, has evolved in the past few years and expected to witness strong growth in the next decade.
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Outsourcing has become a feasible and beneficial business strategy for pharmaceutical, biotechnology, and life sciences industries, enabling transfer of non-core activities to outsourcing partners in order to focus on distribution networks, competitive advantage, future growth, marketing strategies, and issues imperative for survival. Rise in cost of R&D, decline in productivity, and patent expirations boost the growth of the global life sciences BPO market.
Globalization of Drug Development with Shift of Manufacturing Units from High Cost to Low Cost Regions
The continuous changing market dynamics have compelled the pharmaceutical companies to remodel their existing operations. The focus has shifted toward globalization of the drug development process. The global competitive environment has led to streamlining of manufacturing operations, R&D, medical writing, clinical data management, and other processes.
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Outsourcing the clinical trial process to contract research units facilitates evaluation of drugs in multiple locations in parallel, thereby producing data, which originates from a large and varied patient pool. This is considered one of the major advantages of research outsourcing.
Hence, globalization coupled with budget restraints has compelled the drug manufacturers to opt for low cost regions for outsourcing their R&D, clinical trials, and data management services. This in turn is anticipated to boost the global life sciences BPO market during the forecast period.
Stringent Regulatory Approval Processes in Different Countries to Hamper Life Sciences BPO Market
Majority of the clinical trials and other research processes are outsourced to various countries simultaneously. These destination countries have different guidelines and regulatory processes related to drugs, filing, and clinical trials.
The conduction of multi-location trials of a single drug in different procedures in different countries poses a challenge to pharmaceutical companies, as these have to follow a completely different procedure in each country. This is considered one of the major challenges for research outsourcing in different countries. Therefore, a company prefers to restrict outsourcing to one destination country.
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Life Sciences BPO Market: Competition Landscape
This report profiles major players operating in the global life sciences BPO market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global life sciences BPO market is highly fragmented, with large number of players in the global market and small-scale players in regional markets. The top four to five players hold major share of the global life sciences BPO market.
Prominent players operating in the global life sciences BPO market are
- Laboratory Corporation of America Holdings
- Syneos Health, Inc.
- Parexel International Corporation
- PRA Health Sciences, Inc.
- Charles River Laboratories International, Inc.
- WuXi AppTec Co., Ltd.
- ICON plc
- Medpace Holdings, Inc.
- Pharmaceutical Product Development, LLC.
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