Life Sciences BPO Market 2022 Industry Growth, Top Key Players, Segmentation and Forecast till 2030

The global Life Sciences BPO Market market size was estimated at USD 376.3 billion in 2021 and is expected to surpass around USD 835.2 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 9.26% during the forecast period 2022 to 2030.

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Key Takeaways:

• By Service, the U.S. Life Sciences BPO Market market was valued at USD 90 million in 2021 and expected to witness growth at a CAGR of 4.9% from 2022 to 2030.
• 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 2022 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
• AsiaPacific held the largest revenue share in 2021 due to the presence of a significant number of CROs providing cost-effective BPO services

Pharmaceutical and medical device companies are now trying to focus on their core competencies; Outsourcing manufacturing, research, and marketing help them save time and money, which is one of the key factors driving the market. During the COVID-19 pandemic, pharmaceutical and medical device companies were heavily dependent on the CMOs and CROs for the development and manufacturing of test kits and vaccines.

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.

Report Scope of the Life Sciences BPO Market

Service Insights

In 2021, the pharmaceutical outsourcing segment dominated the overall market and accounted for the largest revenue share of more than 54.5%. Growing demand for low-cost drugs, increasing numbers of patent expirations, and rising awareness among the huge pharma companies to manage the overall company’s supply chain to maximize their profits are some of the factors that are responsible for the majority of market share. Moreover, increasing demand for reducing fixed costs among pharmaceutical companies, increasing pressure from regulatory bodies, and growing complexity in clinical trials are among a few factors that are expected to drive the segment’s growth during the forecast period. The pharmaceutical contract research segment has held a significant share in the market.

This is because there is a growing interest by various public companies to focus on their core competencies rather than research. Apart from this, the surge in the geriatric population and the growing prevalence of various diseases, such as diabetes, cancer, and genetic disorders, are among a few factors that are expected to boost the demand for drugs over the forecast period, thus contributing to the demand for research. The medical device outsourcing segment is expected to grow at the fastest CAGR over the forecast. The complexities associated with medical device manufacturing and the strict regulatory landscape for medical device approval globally are the key factors responsible for the segment’s growth. Moreover, the increasing demand for medical devices combined with the rising price competition and the requirement to reduce costs is expected to drive the market during the forecast period.

Application Insights

Segmentation of life sciences BPO on the basis of application wide utilization of life sciences in various sectors in pharmaceutical development of various drugs which is the most widely adapted in the current world due to increasing chronic disorders and utilization of medical devices in health care center and utilization in biopharmaceuticals. Hospitals and clinics are the major role players for development of the life science market with increased research and developments have enhanced the market of life sciences to a greater extent. 

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Regional Insights

Asia Pacific dominated the overall market in 2021 and accounted for more than 35.9% of the overall revenue share. The region is also anticipated to register the fastest growth rate over the forecast period. The presence of untapped opportunities, constantly improving healthcare infrastructure, economic development, and an increasing number of skilled professionals are some of the factors driving the market growth. In addition, the presence of a significant number of CDMOs providing cost-effective research and manufacturing services is also contributing to Asia Pacific market growth. India and China are the key hubs for the life sciences outsourcing market. India and China account for the majority of the Active Pharmaceutical Ingredients (APIs) and finished product exports across the globe.

The presence of a strong scientific community, the maximum number of U.S. FDA authorized manufacturing sites (outside the U.S.), and favorable government initiatives, such as “Make in India” are among the key factors expected to drive the market over the forecast period. North America also held a significant share of more than in 2021. An increasing geriatric population, growing demand for technologically advanced drugs, and a rising need for improved streamlining of the overall supply chain model of the pharmaceutical and medical device industry to reduce costs are among a few factors that are expected to drive the segment growth during the forecast period. Moreover, growing R&D cycle time and the rising need for speed-to-market drugs, clinical trials, and other services are some of the factors that are expected to boost the adaptation rate of BPO services in North America.

Some of the prominent players in the Life Sciences BPO Market Market include:

• International Business Machines Corp
• IOVIA
• PAREXEL International Corp
• Lonza Group
• Infosys.Ltd
• ICON plc
• Genpact LTD
• Covance, Inc. (Labcorp)
• Catalent, Inc
• Boehringer Ingelheim Gmbh
• Atos SE
• Accenture plc
• Syneos Health, Inc
• Charkes River Laboratories International, Inc
• Wuxi AppTec Co, Ltd
• Medpace Holdings, Inc
• PRA Health Sciences, Inc
• Cognizant Technology Solutions
• Quintiles Transactional Corporation
• ProMab Biotechnologies, Inc
• Boehringer Ingelheim Gmbh 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Life Sciences BPO Market market

By Services 

• Pharmaceutical Outsourcing
  • Contract Manufacturing Market
    • API
    • Finished Dose Form
    • Packaging
  • Contract Research Organizations
    • Drug Discovery
    • Pre-clinical Studies
    • Clinical Trial Studies
    • Regulatory Services
    • Pharmacovigilance
• Medical devices outsourcing
  • Contract Manufacturing Market
    • Electronic Manufacturing Services
    • Finished Goods
    • Raw Materials/ Components
  • Contract Research Organizations
    • Regulatory Consulting Services
    • Product Design and Development Services
    • Product Testing Services
    • Product Implementation Services
    • Product Upgrade Services
    • Product Maintenance Services
• Contract sales and marketing outsourcing
• Others

By Application

• Pharmaceuticals
• Medical Device applications
• Biopharmaceuticals
• Research and development
• others

By Protocol

• Development
• Site Management

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Life Sciences BPO industry analysis from 2022 to 2030 to identify the prevailing Life Sciences BPO industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Life Sciences BPO industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Life Sciences BPO industry trends, key players, market segments, application areas, and market growth strategies.

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