Life Sciences BPO Market Size To Hold USD 978.48 Billion By 2032

According to the latest research by Nova one advisor, the global life sciences BPO market size was exhibited at USD 402.11 billion in 2022 and it is expected to hold around USD 978.48 billion by 2032, growing at a CAGR of 9.3% from 2023 to 2032.

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Key Pointers:

• In 2022, the pharmaceutical outsourcing segment dominated the overall market and accounted for the largest revenue share of more than 55.9%. 
• Asia Pacific dominated the overall market in 2022 and accounted for more than 36.19% of the overall revenue share.
• 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 2023 to 2032 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

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Pharmaceutical and medical device companies are increasingly directing their attention towards their core competencies. By outsourcing manufacturing, research, and marketing functions, these companies are able to streamline their operations, leading to significant time and cost savings. This strategic approach emerges as a key driving factor in the market, allowing companies to optimize their resources and enhance efficiency.

During the COVID-19 pandemic, pharmaceutical and medical device companies were heavily dependent on contract manufacturing organizations (CMO) and contract research organizations (CRO) for the development and manufacturing of test kits and vaccines. This significantly boosted the market to a great extent. Owing to the decline in the cases of COVID-19 due to the growing vaccination drive, contract development & manufacturing organizations (CDMO) are focusing on developing drugs for cancer and other chronic and infectious diseases due to the high disease prevalence. For instance, in January 2022, Lonza partnered with HaemaLogiX, a developer of monoclonal antibodies, to manufacture myeloma drug candidate KappaMab, a monoclonal antibody. This is expected to improve the demand for the development and manufacturing of these drugs in the coming years.

In recent years, there has been a rise in mergers and acquisitions between CROs and CDMOs to strengthen their capabilities. For instance, in December 2021, Thermo Fisher Scientific, Inc. completed the acquisition of PPD, a clinical research services provider, to expand its service portfolio to include clinical research, analytical testing, and laboratory services, among others. Additionally, in February 2021, Charles River CRO completed the acquisition of Cognate BioServices, to strengthen its research capabilities in cell and gene therapy. Market players have adopted these strategies to expand their value chain in research and offer end-to-contract research organization (CRO) services. This approach has proven effective in enhancing the customer reach of companies, thereby generating positive implications for market growth. By broadening their range of services and establishing comprehensive solutions, these companies have been able to strengthen their market presence and foster favorable outcomes.

Pharmaceutical organizations are increasingly focusing on their R&D activities to stay competitive & flexible. According to a report by Evaluate Pharma, pharmaceutical R&D spending accounted for USD 182 billion, in 2018, whereas in 2021 it increased by 16.5% and accounted for USD 212 billion. The growing R&D spending is expected to improve the demand for life sciences BPO services. Growing demand for outsourcing drug development and manufacturing activities, particularly in emerging countries, such as China, India, and South Korea, where outsourcing is more cost-effective than in developed countries, is expected to boost the market growth in developing economies.

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Service Insights

In 2022, the pharmaceutical outsourcing segment dominated the overall market and accounted for the largest revenue share of more than 55.9%. 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. 

Regional Insights

Asia Pacific dominated the overall market in 2022 and accounted for more than 36.19% 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.

Recent developments

• In the year 2017 September, Laboratory Corporation of America acquired children which is the part of company’s CDD segment. This acquisition strengthens its hold in the CRO services market.
• In the year 2018 June, Laboratory corporation of North America acquired Sciformix Corporation an outsourcing company engaged with offering pharmacovigilance and regulatory solutions in biopharmaceutical and medical device companies. This adapted acquisition holds the company’s position high in development of drug and devices and marketing of pharmacovigilance and market access solutions.
• In the year 2019 November, Syneos Health, Inc collaborated with Aicure and AI to gain the position in the market with developments like advance data analytics company for success trials.

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Some of the prominent players in the Life Sciences BPO 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 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Life Sciences BPO 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

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

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