Life Sciences BPO Global Market Report 2024

The life sciences bpo market size has grown rapidly in recent years. It will grow from $239.74 billion in 2023 to $266.44 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The increase observed in the historical period can be attributed to a focus on patient-centric healthcare solutions, the growing challenges associated with data management, market competition, time-to-market pressure, globalization, expansion efforts, and the increasing complexity in clinical trials.

The life sciences bpo market size is expected to see rapid growth in the next few years. It will grow to $390.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The anticipated growth in the forecast period can be attributed to the increasing demand for drug development support, a focus on real-world evidence and data analytics, globalization and expansion strategies, an increased emphasis on precision medicine, and a rise in outsourcing clinical trial management. Major trends expected in the forecast period involve the integration of AI and advanced analytics, the adoption of virtual trials and remote monitoring, a focus on regulatory compliance solutions, advancements in precision medicine and personalized healthcare, and the implementation of blockchain and data security solutions.

The anticipated rise in healthcare expenditure is poised to drive the growth of the life sciences BPO market. Healthcare expenditure, encompassing spending on various healthcare-related goods and services, is a critical factor influencing life sciences BPO solutions. These solutions assist healthcare companies in optimizing costs, expediting development, hastening new treatment market entry, and reducing research and development expenses. In Canada, for example, healthcare expenditure increased from $305 billion in 2020 to an estimated $328 billion in 2021, reaching $331 billion in 2022, demonstrating the increasing financial commitment to healthcare. This trend underscores the significant impact of growing healthcare investments on the life sciences BPO market.

The support for clinical trials is expected to be a substantial driver of growth in the life sciences BPO market. Clinical trials support involves services and activities aimed at facilitating and managing research studies evaluating the safety and effectiveness of medical treatments. With over 450,000 global clinical trials, professionals in clinical trials support play a crucial role in maintaining data quality and meeting regulatory standards. This service is fundamental for BPO providers handling clinical trial data, making it a key driver for the life sciences BPO market.

The COVID-19 pandemic poses a challenge and may restrain the market's growth during the forecast period. The pandemic has introduced uncertainties, leading to a slowdown in some BPO activities and a shift in priorities within the life sciences industry. Disruptions in global supply chains, affecting the availability of essential medical products and ingredients, have impacted BPO providers and their clients. Despite these challenges, BPO providers are working closely with clients to address issues and ensure supply chain continuity.

Major companies in the life sciences BPO market are focusing on introducing Software as a Service (SaaS)-based solutions such as PRECIZON to enhance profitability. PRECIZON, a SaaS-based life sciences analytics solution, allows companies to run analytics reliably in the cloud and centrally manage analytics. For instance, WNS Limited launched PRECIZON, a Pharma Competitive Intelligence (CI) solution, streamlining information collection and dissemination for the life sciences industry. This solution aims to provide insightful information for informed decision-making and accelerate the go-to-market process.

In December 2021, Thermo Fisher Scientific Inc. acquired PPD Inc. for $17.4 billion, aiming to enhance offerings for biotech and pharmaceutical clients. This acquisition strengthens Thermo Fisher Scientific's position in supporting drug development and commercialization processes. PPD Inc., as a contract research organization (CRO), offers comprehensive BPO services to biopharmaceutical companies.

Major companies operating in the life sciences bpo market report are Accenture plc, Atos SE, Catalent Inc., Covance Inc., Genpact Ltd., ICON plc, Infosys Ltd., Lonza Group, PAREXEL International Corp., IQVIA Holdings Inc., International Business Machines Corp., ProMab Biotechnologies Inc., Cognizant Technology Solutions, Syneos Health Inc., R1 RCM Inc., Charles River Laboratories International Inc., Sartorius AG, WuXi AppTec Co. Ltd., Medpace Holdings Inc., Pharmaceutical Product Development LLC, Medidata Solutions, Health Decisions Inc., FAREVA Unterach GmbH, Bioclinica Inc., Navitas Life Sciences Private Limited, SGS SA, PRA Health Sciences Inc., Clinipace Worldwide, ClinTec International Ltd., Cromsource Ltd.

Asia-Pacific was the largest region in the life sciences BPO market in 2023. The regions covered in the life sciences bpo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the life sciences bpo market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The life sciences BPO market includes revenues earned by entities by providing research and analytics, digital transformation, finance and accounting, and procurement. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary types of services included in life sciences BPO are pharmaceutical outsourcing, medical device outsourcing, contract sales and marketing outsourcing, and others. Pharmaceutical outsourcing involves the delegation of specific tasks or functions related to drug development, manufacturing, and distribution processes to external service providers. These services find application in various areas, including clinical testing methods, environmental testing methods, and others. End-users of these services include hospitals and clinics, diagnostic laboratories, and others.

The life sciences BPO market research report is one of a series of new reports that provides life sciences BPO market statistics, including life sciences BPO industry global market size, regional shares, competitors with a life sciences BPO market share, detailed life sciences BPO market segments, market trends and opportunities, and any further data you may need to thrive in the life sciences BPO industry. This life sciences BPO market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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