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| Life Sciences BPO Market |
The global Life Sciences BPO Market is estimated to be valued at US$ 385.8 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The life sciences BPO market facilitates outsourcing of non-core functions
related to drug discovery, clinical trials, manufacturing, sales and marketing
by pharmaceutical, biotechnological and medical device companies. Common
outsourced services include data management, regulatory affairs, sales &
marketing, pharmacovigilance and medical writing. Outsourcing reduces
operational costs and allows core companies to focus on research and
production.
Market key trends:
One of the key trends in the life sciences BPO market is increasing adoption of
artificial intelligence and analytics. Pharmaceutical companies are leveraging
AI tools for research & development, clinical trials and precision
medicine. AI is being used for molecular modeling, compound screening, data
analysis, imaging and gene sequencing. It helps accelerate drug discovery
process and design of personalized treatment plans. AI based algorithms can
scan enormous amount of data to identify patterns and insights that humans may
miss. This is supporting development of new therapies at a faster pace.
Segment Analysis
The global life sciences BPO market is segmented into pharmaceutical
manufacturing BPO, pharmaceutical R&D BPO, and pharmaceutical non-clinical
services. The pharmaceutical manufacturing BPO segment currently dominates the
market and is expected to continue its dominance over the forecast period. This
is owing to the increasing outsourcing of various pharmaceutical manufacturing
processes such as bulk ordering, labeling, packaging, and supply chain
management by pharmaceutical companies to specialized BPO service providers.
These service providers have large scale facilities and offer cost advantages
for outsourcing commodity manufacturing processes.
Key Takeaways
The global Life
Sciences BPO Market Share is
expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing cost
pressures on pharmaceutical companies and a growing need for risk
diversification.
Regional analysis - North America currently dominates the global market and is
expected to continue its dominance over the forecast period. This is owing to
presence of majority of leading global pharmaceutical companies in the region.
Asia Pacific is expected to be the fastest growing region due to availability
of low-cost destinations such as India and China along with increasing
investments by Western pharmaceutical companies in these regions.
Market size - The global life sciences BPO market size was valued at US$ 385.8
Bn in 2023 and is expected to reach over US$ 1 Trn by 2030.
Key players - Key players operating in the life sciences BPO market are
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. These players are focusing on expansion
in fast growing regions and provision of value added services to remain
competitive in the market.
Read More,
https://www.insightprobing.com/life-sciences-bpo-market-trends-size-and-share-analysis/
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