Transparency Market Research Report Added "Life Sciences BPO Market" to its database.
Albany, NY -- (SBWIRE) -- 08/27/2015 -- Outsourcing is a commonly observed trend in the field of life sciences. Factors responsible for such a development are technological developments, greater financial crisis, and rising economic burden on companies dealing in life sciences, biotechnology, and pharmaceuticals. The key advantages of outsourcing are that they prove to be time saving and are cost beneficial.
In recent times, most companies dealing in life sciences have taken to outsourcing in their manufacturing operations, with high focus on research and development activities. Outsourcing strategies are implemented in almost every stage of research and manufacturing these days.
Expanding at a remarkable CAGR of 21.5% from 2013 to 2019, the global life sciences BPO market is anticipated to reach US$596 billion by 2020, from US$152.5 billion in 2012. The other factors that are expected to drive the global life sciences BPO market are, patent expirations which will give a major boost to the CMO industry, restructuring of pharmaceutical production, and the surging costs of research and development.
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Expanding Contract Manufacturing Organizations Market to Fuel Market Growth
The global life sciences BPO market is segmented on the basis of pharmaceutical outsourcing and geography. On the basis of pharmaceutical outsourcing, this market is segmented into two broad categories namely, contract manufacturing outsourcing and contract research outsourcing. The segment for contract manufacturing outsourcing is subdivided into active pharmaceutical ingredients manufacturing, final dosage form (FDF) manufacturing, and packaging.
The contract research outsourcing segment is further categorized into the following: drug discovery, pre-clinical studies, early phase clinical research services (Phase I/IIa), Phase IIb/IIIa, Phase IIIb/IV, medical writing, pharmacovigilance, clinical data management, regulatory services, clinical monitoring, biostatistics, protocol development, and site management. The global market for contract manufacturing organizations is expanding rapidly, which in turn will stimulate the demand for generic drugs and will also lead to greater investments in R&D by life sciences enterprises.
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Asia Pacific Life Sciences BPO Market to Record Highest Growth Rate
Geographically, the global life sciences BPO market is segmented into Europe, Asia Pacific, North America, and Rest of the World. North America is the largest regional player in the global life sciences BPO market, however it is the Asia Pacific region that will record the highest rate of growth during 2013-2019. Ongoing trends indicate that the Asia Pacific life sciences BPO market will develop at a CAGR of more than 21% from 2013 to 2019.
The factors that will propel the Asia Pacific life sciences BPO market are widespread adoption of newer technologies, improvements in intellectual property protection rights, and favorable government regulations. The other additional factors that will fuel the growth of the Asia Pacific market are availability of skilled professionals, low labor costs and miscellaneous overheads, and tax benefits.
Unforeseen costs that have hampered the growth of the CRO market have in turn hampered the growth of the global life sciences BPO market. Other restraints in the overall life sciences BPO market are stringent and differing regulatory approval systems in every country and data safety concerns.
The key companies in the global life sciences BPO market are Wipro Ltd., Quintiles Transnational Corporation, Piramal Healthcare, PRA International Inc., Parexel International Corporation, Patheon Inc., International Business Machines Corporation, Infosys, Fareva, ICON plc, DSM, Cognizant Technology Solutions, and Accenture plc amongst others.
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About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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