Life Sciences BPO Market is Expected to Reach USD 596.0 Billion Globally in 2019
Albany, NY -- (SBWIRE) -- 06/23/2014 -- Global Life Sciences BPO market was valued at USD 152.5 billion in 2012 and is estimated to reach a market value worth USD 596.0 billion in 2019, growing at a CAGR of 21.5% from 2013 to 2019.
Rising cost, growing complexities of conducting clinical trials and increased pressure from regulatory agencies to adopt various techniques to minimize the costs involved for successful introduction of a drug in the market has compelled pharmaceutical players to adopt new outsourcing models. All these factors have helped fuel market growth of the Life Sciences BPO industry in the past decade. In addition, 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 aids the biotechand pharmaceutical industry to focus on their core strategies and utilize their internal resources for more critical in-house projects.
The Contract Manufacturing Organizations (CMOs) outsourcing services accounts for the largest segment of the overall 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. Moreover, manufacturers do not have all the technologies and expertise available in-house required for manufacturing different APIs and hence, outsourcing serves as a more cost effective solution for pharmaceutical companies. Also, the growing importance of biological drugs calls for distinctive manufacturing technology.
The Contract Research Organizations (CROs) outsourcing services market has also witnessed significant growth in the past decade. This growth has been attributed to the rising costs involved in conducting various phases of clinical trials ranging from drug discovery up to post marketing approvals. Pharmaceutical companies are now opting to outsource their clinical trial activities to vendor scapable of providing bundled services such as regulatory services, clinical data management, medical writing, site management, pharma covigilance, risk based monitoring, biostatics, protocol development and others. The drug discovery services segment accounted for the largest market share in 2012.Since a large number of molecules fail during the drug discovery process, through outsourcing the pharmaceutical companies are mitigating their financial risks and avoiding sunken costs through partnership with CROs. However, clinical data management outsourcing services market is expected to foresee the highest growth rate of 17.3% from 2013 to 2019. This high growth has been attributed to the growing adoption of advanced IT services such cloud applications and enhanced software services provided by Information Technology Outsourcing (ITO). Data security and Intellectual Property Rights (IPR)still persist to be major hindrance for growth of this industry.
Geographically, North America accounted for the largest share of the global pharmaceutical outsourcing services market in 2012 and was valued at USD 28.4 billion in 2012 followed by Asia-Pacific. The Asian-Pacific region is expected to represent the highest growth rate of 21.2% during the forecast period owing to availability of trained resources, low cost labor, favorable regulatory policies and huge patient pool suffering from varies chronic diseases. Moreover, the companies from this region are now meeting the required manufacturing and quality standards of the USFDA and EMEA to further boost market growth.
The major players in this market include Catalent Pharma Solutions, Lonza Group, Parexel International, PRA International, Piramal Healthcare, Charles River Laboratories, PPD (Pharmaceutical Product Development), Cognizant, Accenture, IBM, Quintiles, Covance and others.
Global Life Sciences BPO Market, by Segments
- Pharmaceutical Outsourcing Market
- Contract Manufacturing Organizations (CMOs)
- Active Pharmaceutical Ingredients (APIs) Manufacturing
- Finished Dosage Formulation (FDF) Development and Manufacturing
- Contract Research Organizations (CROs)
- Drug Discovery
- Pre-Clinical Studies
- Clinical Studies
- Medical Writing
- Clinical Data Management (CDM)
- Risk Based Monitoring
- Site Management
- Regulatory Services
- Protocol Development
- Contract Sales Organizations (CSOs)
Global Life Sciences BPO Market, by Geography
- North America
- Rest of the World
Browse Life Sciences BPO Market Report with Full TOC at http://www.transparencymarketresearch.com/life-sciences-bpo-market.html
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We are privileged with highly experienced team of Analysts, Researchers, and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
90 Sate Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453