The life sciences BPO market is expected to reach USD
420 billion by 2024, according to a new report by Grand View Research, Inc. The
lucrative growth is attributed to the growing demand for contract manufacturing
of raw materials, Finished Dosage Forms (FDFs), medical devices, drug discovery
services, regulatory services, pre-clinical and clinical trial services, and
pharmacovigilance services.
The pharmaceutical and biotech
industry invests heavily in the R&D sector to continuously introduce new
molecules, devices, and treatments. The different stages of the drug
development such as drug discovery, pre-clinical studies, and clinical trials
require huge financial, technological, and human resources.
In order 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.
Favorable government initiatives such
as the introduction of ICD-10 standards, the increasing adoption of Electronic
Health Record systems (EHR), and digital health platforms are enabling the
rapid growth of the back-end payer and provider BPO services, such as claims
management, claims processing, financial and pay roll management, and other
administrative services.
The rising geriatric population coupled
with the growing prevalence of various chronic diseases is increasing the
burden on the healthcare system and also driving the need for new drugs, and
devices, which in turn is expected to boost the contract manufacturing and
contract research services over the next nine years.
Moreover, the contract sales and
marketing services segments are also expected to witness an increase in demand
due to the growing sales and marketing activities for the new product launches
over the forecast period.
Browse full research report on Life Sciences BPO Market: https://www.grandviewresearch.com/industry-analysis/life-science-bpo-market
Further key findings from the study suggest:
- In 2015, the pharmaceutical outsourcing segment accounted for
the largest revenue share, mainly on account of the growing demand for API
and finished dosage form manufacturing services. Moreover, the increasing demand
for early stage pre-clinical studies, clinical trials, post-marketing
surveillance, and regulatory services are also expected to further drive
the market over the forecast period.
- The services segment including healthcare payer and provider
BPO services is expected to emerge as the fastest growing services type
with a CAGR of 9.3% over the forecast period
- In the medical devices contract research outsourcing segment,
the product design and development category accounted for nearly 29% in
2015. By 2024, the product implementation services are expected to emerge
as the fastest growing category with a CAGR of 13.1% from 2016 to 2024.
- North America was the largest regional market in 2015. The
presence of several major pharmaceuticals, medical device, health
insurance, contract research and contract manufacturing (CRAMS) players in
this region are amongst the key factors responsible for the region’s large
market share. The increasing geriatric population, the growing disease
prevalence rates, the shift from ICD 9 to ICD 10 codes are significantly
driving the healthcare expenditures and the need for efficient data
management, as well as operational costs; therefore, these factors are
expected to positively reinforce the life sciences outsourcing market over
the forecast period.
- Asia Pacific is expected to grow at a CAGR of11% over the
forecast period. The increase in the number of U.S. FDA manufacturing
sites in this region, especially China and India, the growing healthcare
burden, patent expiration of several key drugs are expected to
significantly boost the life sciences outsourcing market in this region.
- Furthermore, favorable government initiatives to encourage
the use of generic drugs, subsidies for the manufacturing of electronic
components and devices, and several tax benefits to promote the export of
life sciences services from this region are anticipated to further propel
the market growth over the forecast period.
- Some key market players include Infosys Limited, Lonza Group,
PAREXEL International Corporation, Covance, Inc., International Business
Machines Corporation. Genpact Limited, Catalent, Inc., ICON plc,
Boehringer Ingelheim GmbH, Accenture plc, Quintiles Transnational
Corporation, and Anthelio Healthcare Solutions
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/life-science-bpo-market/request/rs1
Grand View Research has segmented the life sciences BPO market by
service and region:
Life Sciences BPO Services Outlook (Market revenue in USD Billion,
2013 - 2024)
- 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
Life Sciences BPO Regional Outlook, (Market Revenue in USD
Billion, 2013 - 2024)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- Japan
- China
- India
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment