Life Sciences BPO Market Contract Research Organizations (Drug Discovery, Pre-Clinical, Clinical Trials, Medical Writing, Pharmacovigilance, Risk-Based Monitoring, Clinical Data Management, Biostatistics)and Contract Manufacturing Organizations - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 07/13/2015 -- Transparency Market Research, a U.S.-based market intelligence company, recently published a report about the global life sciences BPO market to its report offering. According to the data presented in the report, the global life sciences BPO market is expected to be valued at US$596.0 billion by 2019, growing at a stunning CAGR of 21.5% from its value of US$152.5 billion in 2012. The report, titled "Life Sciences BPO Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", is available for sale on the company website.The TMR study report observes that increased pressure from regulatory agencies, stringent rules for clinical trials, rising costs of R&D activities, and technological advancement has forced many pharmaceutical, biotechnology, and life science companies to outsource production and R&D activities. The key players in the life sciences find outsourcing to be a viable alternative that saves cost and time without affecting the competitive advantage in the market.
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This growth in outsourcing is driving the life sciences BPO market globally. Currently, new strategies for outsourcing are developed for almost every stage of the manufacturing and research process, which is boosting the life sciences BPO market. For example, in the research area for drug discovery a cross-functional, completely integrated outsourcing model is employed. Other areas of research driving the life sciences BPO market are gene-silencing, proteomics, and genomics for the identification of targets and validation of targets for complex diseases.Globally, the life sciences BPO market comprises contract research organizations (CROs), contract manufacturing organizations (CMOs), and others that include contract sales organizations (CSO). As per the TMR report, CMOs held the largest share of the life sciences BPO market in 2012, and are projected to exhibit the highest growth rate during the forecast period.
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The CMOs segment of the life sciences BPO market is spurred owing to growing demand for generic drugs and increased budgets for R&D activities set by life sciences companies. Additionally, growing expiry of blockbuster drug patents and higher adoption of new technologies is also boosting the life sciences BPO market.According to geographical segmentation, the global life sciences BPO market is classified as Europe, Rest of the World (RoW), North America, and Asia Pacific. The TMR study report finds North America to constitute the largest regional market for life sciences BPO in 2012. However, Asia Pacific is projected to witness the highest growth rate, more than 21%, in the global life sciences BPO market during the forecast period.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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