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.
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