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.
View summary of this report @ http://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
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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
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/healthcare
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