Life Sciences BPO market in 2019, accounting for 39.9% volume share, followed by North America and Europe respectively
BPO is an important business strategy that allows companies to reduce costs by hiring outside specialists who are familiar with specific industry operations. Business Process Outsourcing (BPO), also known as Business Process Outsourcing, is a common tool used by many companies to save valuable resources by outsourcing less needed tasks. One way to reap the benefits of BPO is to outsource human resources. Human resources duties include recruiting, training, orientation and hiring. Companies that outsource these services also save on recruiting and training costs, as outsourcing allows them to hire qualified candidates who have been recruited through another company. These employees generally have no connection with the company that employs them.
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The major players operating in the global Life Sciences BPO market are focused on adopting partnership strategies to expand their product portfolio. For example, in February 2020, Caribou Biosciences, Inc., a CRISPR genome editing company, signed a sale and transfer agreement with ProMab Biotechnologies, Inc., a biotechnology CRO / CDMO specializing in the engineering of antibody and CAR-T development, whereby Caribou accesses a humanized ProMab (scFv) single-chain variable fragment targeting the B-cell maturation antigen for use in altered allogeneic cell therapies. Likewise, in March 2020, Charles River Laboratories International, Inc. partnered with Deciphex, a software provider as a preclinical digital pathology service, to enhance drug discovery and development with digital pathology.
Key points to remember
The global life sciences BPO market was valued at US $ 222.9 billion in 2019 and is expected to reach a value of US $ 667.3 billion by 2027 at a CAGR of 14.7% between 2020 and 2027. The market is estimated at 667.3 US dollars. Bn in terms of value by end of 2027. Market growth is driven by increasing adoption of BPO services. For example, in April 2020, Accenture Federal Services, a subsidiary of Accenture, Plc, received an order for US $ 96 million to help the US Department of Veterans Affairs deliver high quality IT and mission service experiences. public.
Asia-Pacific held a dominant position in the global life sciences BPO market in 2019, accounting for 39.9% of the volume share, followed by North America and North America, respectively. Europe.
Global Life Sciences BPO Market: Drivers
The increase in cancer prevalence is expected to propel the growth of the global BPO market in the field of life sciences during the forecast period. It is estimated that in the United States, in 2021, approximately 281,550 new cases of invasive breast cancer are expected to be diagnosed in women, along with 49,290 new cases of non-invasive (in situ) breast cancer.
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Moreover, increasing drug development cost is also expected to help the market growth. For example, according to a 2020 study by the London School of Economics and Political Science, the London School of Hygiene and Tropical Medicine, and the Leuven Institute for Healthcare Policy, the median capitalized investment in research and development to put a new drug on the market was estimated at US $ 985.3 million, and the average investment was estimated at US $ 1335.9 million in the base case analysis.
Global Life Sciences BPO Market: Opportunities
The increased investments in the pharmaceutical sector are expected to provide lucrative growth opportunities for players in the global life science BPO market. For example, according to 2019 key data from the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical sector in Europe invested US $ 19,509 million in 2000, which rose to US $ 39,895 million (est.) In 2018. .
The major players in the global life sciences BPO market are focusing on R&D to expand their product portfolio. For example, in May 2020, Boehringer Ingelheim signed a license agreement with CDR-Life for the R&D of antibody fragment-based therapies for geographic atrophy.
The Global life sciences BPO market witnesses many M&A activity. For example, in May 2020, Catalent, Inc. announced an agreement to acquire a clinical packaging facility in Minakuchi, Japan from Teva-Takeda Pharmaceuticals to establish a new manufacturing and GMP clinical distribution to support clinical studies.
Global Life Sciences BPO Market: Constraints
Data security concerns along with varying and strict regulatory processes in different countries are expected to limit the growth of the global life science BPO market.
Global Life Sciences BPO Market: Competitive Landscape
The major players operating in the global Life Sciences BPO market are Accenture, Plc, Boehringer Ingelheim GmbH, Cognizant Technology Solutions, Catalent, Inc., Covance, Inc., Charles River Laboratories International, Inc., DSM , Fareva, Genpact Limited, Health Decisions, Inc., ICON, Plc, Infosys and ProMab Biotechnologies, Inc.
Global Life Sciences BPO Market: Segmentation
Global Life Sciences BPO Market, By Service Type:
- Marketing director
- API Manufacturing
- Manufacture of the final dosage form
- Drug discovery
- Preclinical studies
- First phase I – IIa
- Phase IIa – III
- Phase IIIb – IV
- Medical writing
- Clinical data management
- Regulatory services
- Site administration
- Protocol development
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