R&D life sciences BPO services include, competitive intelligence, R&D portfolio management, pipeline research, and epidemiology. Drug development services include, clinical data management, biometrics, pharmacovigilance, and regulatory services.
The global life sciences BPO market is estimated to account for US$ 667.3 Bn in terms of value by the end of 2027.
Global Life Sciences BPO Market: Drivers
Increasing prevalence of Covid-19 and subsequent R&D activities are expected to propel growth of the global life sciences BPO market over the forecast period. For instance, as of May 2020, there have been 5,939,234 confirmed cases of COVID-19, including 367,255 deaths worldwide, as reported to the World Health Organization.
Global Life Sciences BPO Market: Opportunities
Partnership of major pharmaceutical companies with CROs is expected to offer lucrative growth opportunities for players in the global life sciences BPO market over the forecast period. For instance, in May 2020, Daré Bioscience, Inc., a developer of women’s health solutions partnered with Health Decisions, Inc., a full-service contract research organization (CRO) specializing in women’s health clinical research and diagnostic development, under which Health Decisions will exclusively provide CRO services within the U.S. to support R&D of Daré’s pipeline of contraception, fertility, and gynecological disorders products.
Global Life Sciences BPO Market: Restraints
Unforeseen costs are expected to hinder growth of the global life sciences BPO market. Depending on the research process, location, risk, and other factors, the pricing models of CROs vary and this sometimes exceeds the budget limitation of pharmaceutical companies. Such unstable costs and pricing models of CROs are considered as one of the major challenges to the market.
The global life sciences BPO market was valued at US$ 255.6 Bn in 2019 and is forecast to reach a value of US$ 667.3 Bn by 2027 at a CAGR of 14.7% between 2020 and 2027. Increasing partnership of major pharmaceutical companies with CROs is expected drive the market during the forecast period.
CMO segment held dominant position in the global life sciences BPO market in 2019, accounting for 65.8% share in terms of value. Increasing demand for novel drug products for treatment of chronic diseases is anticipated to propel the market growth.
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in December 2019, Accenture, plc acquired Apis Group, a privately held consultancy based in Australia, to expand its services to government and health clients in Australia.
Major players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in August 2019, Boehringer Ingelheim partnered with The University of Texas MD Anderson Cancer Center to conduct collaborative research to rapidly advance therapies for various types of cancers.
Global Life Sciences BPO Market: Competitive Landscape
Major players operating in the global Life Sciences BPO market include, Accenture, Plc, Boehringer Ingelheim GmbH, Charles River Laboratories International, Inc., Cognizant Technology Solutions, Covance, Inc., DSM, Fareva, ICON, Plc, Infosys, Catalent, Inc., Genpact Limited, Health Decisions, Inc., and ProMab Biotechnologies, Inc.
Global Life Sciences BPO Market: Key Developments
May 2020: Catalent, Inc. presented proactive strategies to avoid supply delays at the ‘Outsourcing in Clinical Trials 2020 – A Virtual Experience’ conference
January 2020: Charles River Laboratories International, Inc. partnered with Fios Genomics, a provider of bioinformatics data analysis services, to offer bioinformatics-driven drug discovery and safety assessment
“*” marked represents similar segmentation in other categories in the respective section.