Life Sciences BPO Market: Introduction
Transparency Market Research has published a new report titled, ‘Global Life Sciences BPO Market’. According to the report, the global life sciences BPO market was valued at ~US$ 214 Bn in 2018 and is projected to expand at a CAGR of ~8% from 2019 to 2027.
Broad and Growing Product Pipeline to Drive Adoption of Advanced Life Sciences BPO
Rise in demand for new drugs and novel therapies for treatment of diseases such as cancer and immunological disorders coupled with the evolving research & development process has increased the number of compounds in pipeline in the last decade. The development of biosimilar products, cellular therapy, and immune biological products has also contributed toward the advancing pipeline and need of stringent clinical trials in the past few years. This in turn drives the global life sciences BPO market.
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Efforts to Optimize Costs and Development Time
Escalating costs of conducting clinical trials, requirement of data quality, enrollment targets, financial demands regarding setting up of a clinical research practice, and other management related activities drive the outsourcing services. Outsourcing also improves the global reach with respect to drug development with minimum maintenance cost, as CROs are well-versed with regulatory requirements of various regions. According to the Tufts Center for the Study of Drug Development, outsourcing to CROs has supported companies in keeping R&D head counts stable, even though the number of active clinical trials across the world has increased by 80%. Moreover, trials outsourced to CROs are, on average, completed 30% sooner than in-house clinical trials, providing an average timesaving of four to five months.
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Contract Manufacturing Organizations to Lead Global Market
Based on service type, the contract manufacturing organizations segment dominated the global market in 2018. Growth of the segment can be attributed to the low cost associated with the production of active pharmaceutical ingredients, as the companies do not have to buy equipment for manufacturing. Moreover, quick turnaround time contributes to the growth of the segment. The contract research organizations (CRO) segment is likely to expand at a high CAGR during the forecast period, owing to significant increase in the number of clinical trials and rise in the demand for new drugs. Significant increase in research and development costs, technological developments, and product innovation, which accounts for high R&D costs prompt several pharmaceutical and medical device companies to outsource preclinical services to CROs. This in turn augments the segment.
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Contract Manufacturing Organizations to Lead Global Market
Based on service type, the contract manufacturing organizations segment dominated the global market in 2018. Growth of the segment can be attributed to the low cost associated with the production of active pharmaceutical ingredients, as the companies do not have to buy equipment for manufacturing. Moreover, quick turnaround time contributes to the growth of the segment. The contract research organizations (CRO) segment is likely to expand at a high CAGR during the forecast period, owing to significant increase in the number of clinical trials and rise in the demand for new drugs. Significant increase in research and development costs, technological developments, and product innovation, which accounts for high R&D costs prompt several pharmaceutical and medical device companies to outsource preclinical services to CROs. This in turn augments the segment.
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