Life Sciences BPO Market By Service (Contract Research Organizations, Contract Sales and Marketing Organizations, and Others), By Applications (Clinical Trials, Patient-Centric, R&D Activities, Digital Era), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Life Sciences BPO Market Overview:

The Life Sciences BPO Market is projected to reach a valuation of USD 237.79 Bn by 2032 at a CAGR of 9.1%, from USD 366.3 Bn in 2021.

Business Process Outsourcing (BPO) is a subset of outsourcing in which one corporation or organization hires another to do a task that entails contracting operations and other related duties for a certain business process for its own business to run smoothly.

The life sciences BPO market is changing due to intelligent drug research, gene therapies, and telemedicine. Most businesses are increasingly focusing on BPO for life sciences to reduce the time to market new therapies and lower R&D costs to engage in more complex markets.

It aids in the selection and implementation of optimum business process solutions for a firm, as well as in maximizing return on investments. BPO is used for two main roles: back-office operations and front-office operations. This allows them to focus on their core competencies, resulting in increased productivity.

Detailed Segmentation

The global life sciences BPO market is segmented based on – Service Types, Applications, and regions. Represented below is a detailed segmental description:

Based on Service Types:

• Contract Research Organizations
• Contract Sales and Marketing Organizations
• Contract Manufacturing Organizations
• Other Service Types

Based on Applications:

• Clinical Trials
• Patient-Centric
• R&D Activities
• Digital Era

Based on Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Market Dynamics

Drivers for the Global Life Sciences BPO Market:

With evolving research & development methodologies, the demand for new medications and novel therapies for treating diseases such as cancer and immunological disorders has increased. Pipeline advancement and the necessity for rigorous clinical trials have increased owing to the development of cellular therapy, biosimilar medicines, and immunological biological products. These factors are aiding in the propelling of revenue trajectories for this global market.

Opportunity for the Global Life Sciences BPO Market:

Increasing investments in the pharmaceutical sector are anticipated to create lucrative growth opportunities for industry players in this market. For instance, as per the European Federation of Pharmaceutical Industries and Associations (EFPIA) data, the pharmaceutical industry in Europe invested US$19,509 Mn. in 2000, which then grew to US$39,895 Mn. by 2018.

Restraints for the Global Life Sciences BPO Market:

Data safety concerns and stringent and varying regulatory processes of various countries are elements expected to restrict the economic growth of this market.

Competitive Landscape

• IQVIA
• Laboratory Corporation of America Holdings
• Syneos Health Inc.
• Parexel International Corporation
• PRA Health Sciences Inc.
• Charles River Laboratories International Inc.
• WuXi AppTec Co. Ltd.
• ICON plc
• Medpace Holdings Inc.
• Pharmaceutical Product Development LLC.

Key Developments:

the year 2018:

• In June 2018, Sciformix Corporation, a scientific process outsourcing company that provides pharmacovigilance and regulatory solutions to biopharmaceutical and medical device industries, was acquired by the Laboratory Corporation of America Holdings.
• The acquisition bolstered this company’s position in late-stage drug and device development, particularly in post-market pharmacovigilance and market access solutions.

For the Life Sciences BPO Market research study, the following years have been considered to estimate the market size: