Albany, NY -- (SBWIRE) -- 12/17/2018 -- The global Life Sciences BPO Market features a largely competitive vendor landscape with a large number of contract manufacturing organizations (CMOs) and contract research organizations (CROs) competing for business from life science companies, observes Transparency Market Research in a recent report. In order to survive the stiff competition, leading companies such as Cognizant Technology Solutions, Accenture plc, and Infosys Limited are resorting to offering bundled end-to-end business solutions and services to clients.
Companies in the market could gain growth opportunities from pharmaceutical companies that are increasingly outsourcing their non-core activities and processes to solutions providers as a way of revising business strategies. In the past few years, leading pharmaceutical companies such as Novartis, GSK, and Pfizer have outsourced their non-core business activities to CROs and CMOs to focus more on their core competencies. This trend is expected to remain strong in the near future as well, driving the market for life sciences BPO services.
Transparency Market Research estimates that the global market for life sciences BPO will exhibit a CAGR of 8.9% from 2015 to 2023, rising from a valuation of US$127.4 bn in 2014 to an opportunity of US$286.3 bn by 2023.
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In terms of services, the pharmaceutical outsourcing segment holds a massive share in the overall revenue of the global life sciences BPO market. The contract manufacturing outsourcing arm of the pharmaceutical outsourcing segment presently holds a lion's share in the revenue of the global market and is expected to remain the chief contributor of revenue to the market over the forecast period as well.
From a geographical perspective, the market in North America held the dominant 38.6% of the global market in 2014, with vast growth opportunities continuing to crop up in the U.S. and Canada, making the region one of the key hubs of operation for life sciences BPO companies. The region will continue to amount for a large contributor to the global market in the year to come, with the thriving pharmaceutical industry fueling the demand for a variety of life sciences BPO services.
The global pharmaceutical industry is presently going through a rough patch in terms of productive outcome from research and development activities, withering product pipelines, and the healthcare budget cuts from governments. Moreover, a number of blockbuster drugs across numerous profitable categories are facing patent expiries, allowing cheap and effective generic drugs to take over the larger marketplace. These concerns have turned the focus of pharmaceutical companies on their core competencies, requiring them to outsource a variety of non-core activities.
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Moreover, the increased attention on the development of orphan drugs as a way to acquire opportunities in uninvaded market areas is also compelling companies to outsource services to CMOs. The rising number of companies pursuing growth opportunities in the field of orphan diseases has raised the amount of work available for service providers, hence fueling the market for life sciences BPO services.
Despite the mostly promising growth opportunities ahead of the global life sciences BPO market, certain concerns surrounding the threat of breach of critical data related to new drugs or formulations and issues surrounding product quality could hinder the proliferation of the market to a certain extent. These concerns are heightened owing to the increased digitization of pharmaceutical organizations, making them connected via digital channels for improved performance but making them more exposed to possibilities of data breach and theft. Such issues could discourage pharmaceutical companies to obtain services from CROs and CMOs.