ALBANY, New York, March 15, 2019 /PRNewswire/ -- According to the
new TMR report, the global life sciences BPO market will
register a robust growth driven by a CAGR of 8.9% during 2015-2023.
The market was valued at US$127.4 bn
in 2014. It is expected to touch US$286.3
bn by 2023 end. The rising demand for contract manufacturing
organizations (CMOs) is expected to fuel this growth. North America is foretold to lead the global
revenue share in the life sciences BPO market in the near future.
Growing focus on core activities by pharmaceutical companies is
anticipated to fuel demand in the North
America region.
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Pharma Sector to Open Considerable Opportunities for BPO
Organizations
The global pharmaceutical industry is under considerable
pressure to cut down on costs as major patents face expiry, and
generic drugs continue to run amok in developing regions.
Additionally, there is an immense potential for developing drugs
for critical illnesses such as cancers, AIDS, and many others.
Growing cuts in government budgets and subsidies across developed
markets are expected to create new opportunities for the global
life sciences BPO market.
The growing trends have made pharmaceutical companies keen on
focusing on core competencies of research and development while
simultaneously reducing costs through outsourcing. The growing
competency of CMOs in developing world and cost cutting pressures
in the developing regions are expected to complement each other in
the near future. This is expected to open up ample opportunities
for growth in the global life sciences BPO market in the near
future.
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Growing Medical Trials to Drive Demand for CROs
The global life sciences BPO market offers various services such
as CMO, Contract Research Organizations (CROs), and services in
marketing sectors as well. Among these, the CROs services are
expected to grow in demand as rising need for drug research,
clinical data management, trials, and consulting are expected to
drive growth for the global life sciences BPO market in the near
future. The revenue share of CROs is expected to grow at a CAGR of
9.3% during 2015-2023. The CMOs are also registering a significant
demand its revenue share is expected to grow at 7.3% during the
forecast period.
Due to continuously growing pricing pressures and better
business synergy globally, mergers and acquisitions will come into
sharper focus than ever before. Recently, Take Solutions Ltd., a
global domain service provider in life sciences announced the
acquisition of DataCeutics in North America. These
acquisitions will become the order of the day as collaborations and
partnerships emerge as the vehicle of growth in the life sciences
BPO market. Additionally, increasing mobility across enterprises is
driving data to become the currency of the life sciences BPO
market.
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The global life sciences BPO market depicts a competitive and
consolidated landscape. The consolidated nature is increasingly
defined by rising pricing pressures driven by need for innovation,
reports Transparency Market Research (TMR). Uncertain trade
policies and a strategic digital mindset are expected to play a key
role in shaping the dynamics of the global life sciences BPO market
in the near future, adds TMR. Key players in the global life
sciences BPO market include Cognizant Technology Solutions,
Accenture plc, and Infosys Limited. These companies are focusing on
end-to-end business solution offerings to expand their global
footprint in the life sciences BPO market.
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This review of the global life sciences BPO market is based on a
recent market research report by Transparency Market Research,
titled "Life Sciences BPO Market (Services - Pharmaceutical
Outsourcing (Contract Research Organizations, Contract
Manufacturing Organizations, and Contract Sales and Marketing
Organizations), Payers, and Providers) - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2015 -
2023."
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SOURCE Transparency Market Research