Life Sciences BPO Market: Rapidly Evolving Industry…… COVID-19….


The life sciences BPO market is expected to reach USD 420 billion by 2024, according to a new report by Grand View Research, Inc. The lucrative growth is attributed to the growing demand for contract manufacturing of raw materials, Finished Dosage Forms (FDFs), medical devices, drug discovery services, regulatory services, pre-clinical and clinical trial services, and pharmacovigilance services.
The pharmaceutical and biotech industry invests heavily in the R&D sector to continuously introduce new molecules, devices, and treatments. The different stages of the drug development such as drug discovery, pre-clinical studies, and clinical trials require huge financial, technological, and human resources.
In order to cater to the growing needs of the industry, the outsourcing vendors are expanding their product and service offerings and they are targeting niche areas for long-term growth and profitability; altogether these trends are expected to boost the life sciences outsourcing market over the forecast period.
Favorable government initiatives such as the introduction of ICD-10 standards, the increasing adoption of Electronic Health Record systems (EHR), and digital health platforms are enabling the rapid growth of the back-end payer and provider BPO services, such as claims management, claims processing, financial and pay roll management, and other administrative services.
The rising geriatric population coupled with the growing prevalence of various chronic diseases is increasing the burden on the healthcare system and also driving the need for new drugs, and devices, which in turn is expected to boost the contract manufacturing and contract research services over the next nine years.
Moreover, the contract sales and marketing services segments are also expected to witness an increase in demand due to the growing sales and marketing activities for the new product launches over the forecast period. 
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Further key findings from the study suggest:
·         In 2015, the pharmaceutical outsourcing segment accounted for the largest revenue share, mainly on account of the growing demand for API and finished dosage form manufacturing services. Moreover, the increasing demand for early stage pre-clinical studies, clinical trials, post-marketing surveillance, and regulatory services are also expected to further drive the market over the forecast period.
·         The services segment including healthcare payer and provider BPO services is expected to emerge as the fastest growing services type with a CAGR of 9.3% over the forecast period
·         In the medical devices contract research outsourcing segment, the product design and development category accounted for nearly 29% in 2015. By 2024, the product implementation services are expected to emerge as the fastest growing category with a CAGR of 13.1% from 2016 to 2024.
·         North America was the largest regional market in 2015. The presence of several major pharmaceuticals, medical device, health insurance, contract research and contract manufacturing (CRAMS) players in this region are amongst the key factors responsible for the region’s large market share. The increasing geriatric population, the growing disease prevalence rates, the shift from ICD 9 to ICD 10 codes are significantly driving the healthcare expenditures and the need for efficient data management, as well as operational costs; therefore, these factors are expected to positively reinforce the life sciences outsourcing market over the forecast period.
·         Asia Pacific is expected to grow at a CAGR of11% over the forecast period. The increase in the number of U.S. FDA manufacturing sites in this region, especially China and India, the growing healthcare burden, patent expiration of several key drugs are expected to significantly boost the life sciences outsourcing market in this region.
·         Furthermore, favorable government initiatives to encourage the use of generic drugs, subsidies for the manufacturing of electronic components and devices, and several tax benefits to promote the export of life sciences services from this region are anticipated to further propel the market growth over the forecast period.
·         Some key market players include Infosys Limited, Lonza Group, PAREXEL International Corporation, Covance, Inc., International Business Machines Corporation. Genpact Limited, Catalent, Inc., ICON plc, Boehringer Ingelheim GmbH, Accenture plc, Quintiles Transnational Corporation, and Anthelio Healthcare Solutions 
The global life sciences BPO market was valued at USD 195 billion in 2015. The high growth is attributed to certain key factors, which include the rising costs of drug development, pre-clinical research, clinical trials, and post-marketing surveillance.
The life sciences sector is witnessing paradigm changes over the past few years, due to the patent cliff, the depleting product pipeline, regulatory constraints and these factors are expected to positively impact the market growth over the forecast period.
Increasing prevalence of various diseases, and the rising geriatric population are high impact factors boosting the usage of various drugs and devices. To introduce a new drug into the market, it requires a minimum investment of USD 1.5 to 2 billion and the timelines can vary from 7-12 years. Many pharmaceutical organizations prefer outsourcing their strategic and non-strategic processes to external vendors in order to improve the return on investment, maintain profitability, maintain product quality and cost, and with the objective to meet capacity constraints.
In 2015, the API segment accounted for the maximum share of over 70%, and the finished dosage segment is expected to have the highest CAGR of 7% over the forecast period. The market trends indicate a significant shift from low-value services such as API and finished dosage manufacturing, post-marketing surveillance, device component manufacturing to complex and specialized services such as lead optimization, Novel chemical Entity (NCE) development, pre-clinical testing, clinical trials, and custom synthesis services.
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The medical devices segment is segmented into contract manufacturing services and contract research services. In the medical devices sector, the outsourcing of services such as product design, product integration, pre-clinical and clinical investigations, and regulatory services are gaining significant traction; these developments are expected to significantly boost the life sciences BPO market over the forecast period.
In the medical devices CRO segment, product design, and testing services accounted for the majority revenue of USD 8.4 billion in 2015. However, the product implementation services are expected to register the maximum CAGR of over 13% over the next nine years.
Grand View Research has segmented the life sciences BPO market by service:
Life Sciences BPO Services Outlook (Market revenue in USD Billion, 2013 - 2024)
·         Pharmaceutical outsourcing
o    Contract Manufacturing Market
o  API
o  Finished Dose Form
o  Packaging
o    Contract Research Organizations
o  Drug Discovery
o  Pre-clinical Studies
o  Clinical Trial Studies
o  Regulatory Services
o  Pharmacovigilance
o    Medical devices outsourcing
o  Contract Manufacturing Market
o Electronic Manufacturing Services
o Finished Goods
o Raw Materials/ Components
o  Contract Research Organizations
o Regulatory Consulting Services
o Product Design and Development Services
o Product Testing Services
o Product Implementation Services
o Product Upgrade Services
o Product Maintenance Services
o  Contract sales and marketing outsourcing
o    Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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