Albany, NY, Jan. 15, 2016 (GLOBE NEWSWIRE) -- The life sciences BPO market comprises services offered by CMOs (Contract Manufacturing Organizations) and CROs (Contract Research Organizations) to the biotech pharmaceutical companies. A rise in demand for low cost drugs, patent expirations and uncertain economic conditions have compelled the pharmaceutical players to take support of various outsourcing services. This support has facilitated pharma players to streamline their value chain and focus more on its core strategies.
Over the years, there has been a notable shift toward globalization of clinical trials and other forms of outsourcing facilities in health care industry owing to economic downturn, tighter control in the U.S. and less stringent regulations abroad. In addition to a quest to increase efficiency, cost savings, and greater access to diverse study populations demand for life sciences BPO market in expected to grow at a rampant pace in forthcoming years. Additionally, rise in the number of patent expirations and failure of drugs during the clinical trials process has triggered the overall growth of pharmaceutical outsourcing industry. Moreover, outsourcing aid the biotech and pharmaceutical industry to focus on their core strategies and utilize their internal resources for more critical in-house projects.
Recent Market Trends & Overview of Global Life Sciences BPO Market
The global life sciences BPO market was valued at US$127.4 bn in 2014 and is projected to expand at a CAGR of 8.9% from 2015 to 2023 to reach US$286.3 bn in 2023. Overall, the global life sciences market by services is studied for two broad categories: Pharmaceutical Outsourcing and Others. The pharmaceutical outsourcing market is further sub-segmented into Contract Research Organizations (CRO), Contract Manufacturing Organizations (CMO) and Contract Sales and Marketing Organizations (CSO). Whereas the others segment illustrates a cumulative market for payers and providers service that are primarily outsourced. The global CRO market accounts for lion’s share in the global life sciences BPO market. Growing healthcare costs has led to a rise in the demand for generic drugs and this has consequently led to growth in demand for active pharmaceutical outsourcing services. Moreover, CMOs conduct internal R&D to come up with novel technologies to further support their clients. The API manufacturing market accounts to be largest segment of the total CMO market. This growth has been attributed to increase in outsourcing activities for pharmaceutical manufacturing outsourcing, owing to increasing regulatory compliance such cGMP and other approvals. Additionally increasing demand and inclination towards biological drugs and biologics which requires a distinct production capability and infrastructure compared to the traditional forms have further exaggerated the demand for CSO based services in last few years.
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The CRO services market also witnessed significant growth in the past decade. This growth has been attributed owing to rising costs involved in conducting various phases of clinical trials ranging from drug discovery to post marketing approvals. Pharmaceutical companies are now opting to outsource their clinical trial activities to vendors capable of providing bundled services such as regulatory services, clinical data management, medical writing, site management, pharmacovigilance, risk based monitoring, biostatics, protocol development and others. In near future demand for clinical data management services is expected to poise the fastest growing market.
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Major Companies in Global Life Sciences BPO Market
Key players in the life sciences BPO market include: Accenture plc, Anthelio Healthcare Solutions, Boehringer Ingelheim GmbH, Catalent, Inc., Cognizant Technology Solutions, Covance, Inc. Genpact Limited, ICON plc, Infosys Limited, International Business Machines Corporation, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, and Wipro Limited.
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Source:Transparency Market Research