Press Releases
 
Life Sciences BPO Market Will Generate New Growth Opportunities By 2023

, 13 July 2018 -- Based on services, the life sciences BPO market can be segmented into CMO, CRO, and contract sales and marketing organizations (CSO). Of these, CMOs held the lion’s share in the market in 2014. The increasing demand for generic products across developing markets and year-on-year rise in R&D investments by leading companies have been fuelling demand for services from CMOs for the past few years. TMR forecasts the CMO segment to exhibit a CAGR of 7.3% from 2015 and 2023.

Life Sciences BPO Market: Key Trends

Due to the looming patent expiry, healthcare spending cuts, and decline in productive outcome of research and development, pharmaceutical giants are seeking services from contract manufacturing organizations (CMOs) and contract research organizations (CROs) solutions. As per Transparency Market Research (TMR), outsourcing noncore business activities will allow pharma companies to focus on their core competencies. Besides this, life sciences BPO services also enable companies to optimally utilize their available resources.

Request A Sample-

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1782

Developed countries have currently emerged as major contributors to the global life sciences BPO market. The technological advancements witnessed in these countries have helped the pharmaceutical outsourcing to significantly evolve in the last few years. Furthermore, the rising opportunities in emerging economies such as India and China will further boost the global life sciences BPO market at 8.9% CAGR between 2015 and 2023.

TMR pegs the global life sciences market to reach US$286.3 bn by the end of 2023. The market was valued at US$127.4 bn in 2014.

High Prevalence of Chronic Ailments Puts North America at Forefront of Global Life Sciences BPO Market

North America, Asia Pacific, Europe, and Rest of the World constitute the key regional segments of the global life sciences BPO market. Among these regions, North America emerged dominant in the market with a share of 38.6% in 2014. The U.S. and Canada have emerged as the most lucrative markets for life sciences BPO in the region. The increasing pool of geriatric patients and the high prevalence of chronic ailments are key factors bolstering opportunities for outsourcing in the pharmaceutical sector in North America. Additionally, with the expectation of healthcare spending to increase in the forthcoming years, North America is expected to demonstrate lucrative growth prospects for the life sciences BPO market.

The North America life sciences BPO market stood at US$49.1 bn in 2014. Rising at a CAGR of 6.2%, the market is expected to reach US$88.8 bn by the end of 2023. Europe, on the other hand, has emerged as the second largest market for life sciences BPO in 2014. The rising demand for biosimilar drugs is expected to boost the market for life sciences BPO in the region.

View Report-

https://www.transparencymarketresearch.com/life-sciences-bpo-market.html

However, TMR expects Asia Pacific to demonstrate the highest CAGR of 14.6% between 2015 and 2023. The high prices of raw materials, increasing pricing pressure, and the need for reducing cost have compelled various multinational pharmaceutical companies to outsource some of their business activities to developing nations. Services offered by CMOs and CROs in emerging economies offer substantial cost saving advantage. This in turn fuels demand from the life sciences BPO market in Asia Pacific.

Rising Clinical Trials to Boost Demand for Services from CROs

Based on services, the life sciences BPO market can be segmented into CMO, CRO, and contract sales and marketing organizations (CSO). Of these, CMOs held the lion’s share in the market in 2014. The increasing demand for generic products across developing markets and year-on-year rise in R&D investments by leading companies have been fuelling demand for services from CMOs for the past few years. TMR forecasts the CMO segment to exhibit a CAGR of 7.3% from 2015 and 2023.

However, during the forecast period, the CRO segment is poised to witness stronger growth. As per TMR, rising demand for outsourcing services related to drug discovery, clinical data management, pharmacovigilance, clinical trials, and regulatory consulting will boost the CRO segment at a CAGR of 9.3% during the forecast period.

Request Brochure-

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1782

Some of the leading companies operating in the global life sciences BPO market include Accenture plc, Boehringer Ingelheim GmbH, Anthelio Healthcare Solutions, Cognizant Technology Solutions, Catalent, Inc., PAREXEL International Corporation, International Business Machines Corporation, and others

About us:

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.

Contact us:
Transparency Market Research
90 State Street,
Suite 700,
Albany
NY – 12207
United States
Tel: +1-518-618-1030
USA – Canada Toll Free 866-552-3453
Email:
Website:www.transparencymarketresearch.com

# # #


Submitted by hawer on Friday, 13 July 2018 at 5:33 AM
Category:
 
Related News

There are no related press releases in this category.

Related Events

There are no related events in this category.

Latest News

Tests performed by Quigley eye specialists
Sunday, 18 Nov 2018

T-shirt- teespring.com brings you the Easy Availability of Any Graphic Prints on T-Shirts
Saturday, 17 Nov 2018

Water Damage Restoration - What Are Your Options?
Saturday, 17 Nov 2018

Rewards Of Movie Star Planet Hack
Saturday, 17 Nov 2018

The way to Strengthen Lone Worker Safety
Saturday, 17 Nov 2018

 
Want to get your press releases, event listings, and job ads on Scoopasia? Register now for a FREE account or login if you already have one!
Scoopasia v1.0b. Copyright © 2018
Today is Sunday, 18 November 2018

About Scoopasia | FAQ | Privacy Policy | Contact Us

Press Releases
Event Listings
Job Listings
Arts & Entertainment
Architecture & Construction
Automotive & Travel
Business
Consumer Technology
Economy
Education
Enterprise Technology
Food & Fashion
Government & Policy
Health Care & Medical
Legal/Law
News & Media
Religion
Science & Research
Sports & Fitness
Login / Register
Get Scoopasia through RSS Feeds & Email Notifications!


Journalist's Toolbox
Hello journalist, welcome to Scoopasia--a powerful online resource for media information in Asia. Scoopasia has press releases and media events for every beat and industry. All content on Scoopasia is 100% FREE. You don't even need to login!

  • Scoop Line
    (Instant Information Request)
    The easiest way to ask questions and request information from the PR community.


  • Advanced Search
    Drill down, dig deep, for media information the way you want it.

  • Journalist's Resources
    Resources and tools you can't do without.

  • PR Tools
    Scoopasia Blog Search
    Search the largest handpicked collection of Asia's most prominent and influential blogs.


    Resources
  • PR Bookmarks
  • Web 2.0 Bookmarks
  • Media Bookmarks

    More Coming Soon...

  • Upcoming Events
  • 2018 16th Annual Current Solutions on Orthopaedic Trauma
  • 50th Annual Congress of the International Society of Paediatric Oncology
  • Best Practice in Echo for Optimal Patient Care and in Clinical Trials
  • 50th Congress of the International Society of Paediatric Oncology
  • HOA Vista India

  • Latest Jobs
    Sorry, there are currently no entries posted here.