Transparency Market Research Report Added "Life Sciences BPO Market" to its database.
Albany, NY -- (SBWIRE) -- 12/07/2015 -- Transparency Market Research has published a new market report titled, "Life Sciences BPO Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023." According to the report, 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.
Browse the full Life Sciences BPO Market (Contract Research Organizations (Drug Discovery, Pre-Clinical, Clinical Trials, Medical Writing, Pharmacovigilance, Clinical Data Management, Regulatory Services, Clinical Monitoring, Biostatistics, Protocol Development, and Site Management); Contract Manufacturing Organizations (Active Pharmaceutical Ingredient Manufacturing, Final Dosage Form Manufacturing, and Packaging); Contract Sales and Marketing Organizations; and Others (Payers and Providers))- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023 report at http://www.transparencymarketresearch.com/life-sciences-bpo-market.html
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.
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.
Get Free Sample: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1782
The study also illustrates that the others segment which comprises the payers and providers based outsourcing market is expected to be the fastest growing market during the forecast period i.e. 2015-2023. The factors influencing the growth of others segment under the scope of study encompasses increasing cost pressures, challenges created by rising customer orientation, mounting routine work, and unpredictable staffing needs. The recent legislative and regulatory reforms in the U.S. have effectively increased the number of insured people which were ideally uninsured have also mounted the pressure on providers in terms of data and portfolio management, coding, billing and revenue cycle management based services.
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. Technological advances in clinical data management has led to introduction of real time data management to aid in faster decisions. E-clinical solutions are now being installed such as electronic data capture, interactive response technology, coding and others. Automation through use of platforms such as SAS and edit checks using software such as OC checks during DBR (Design and Biostatistics Resource) have significantly reduced costs which is another driver to the clinical data management market.
Read Full Press Release: http://www.transparencymarketresearch.com/pressrelease/life-sciences-bpo-market.htm
Prominent drivers to the market encompasses inclination of pharmaceutical and biotechnology companies towards core business segments and patent expiry of block buster as well as patented drugs in next 3-4 years. However, issues pertaining to product quality and breach of trade or pipeline related information are considered to be the restraint of the market in near future.
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.
The Global Life Sciences BPO market has been segmented as follows:
Global Life Sciences BPO Market, by Services
Contract Research Organizations
Clinical Data Management
Contract Manufacturing Organizations
Active Pharmaceutical Ingredients
Finished Dose Form Manufacturing
Contract Sales and Marketing Organizations
Others (Payers and Providers)
Global Life Sciences BPO Market, by Geography
Rest of the Europe
Rest of the World
Middle East and Africa
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.
Transparency Market Research
90 State Street,
NY - 12207
USA - Canada Toll Free 866-552-3453