The Life Sciences Bpo market provides various healthcare services including medical coding, medical billing, medical transcription, clinical research and trials, and regulatory services. The global Life Sciences Bpo industry is gaining traction through outsourcing non-core functions and activities among pharmaceutical, biotechnology and medical device companies. Outsourcing to specialized life sciences Bpo companies helps healthcare organizations focus on core research and development activities.
Global life sciences BPO market is estimated to be valued at USD 408.1 Bn in 2024 and is expected to reach USD 972.2 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.2% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the Life Sciences Bpo market are Accenture, Plc,
Boehringer Ingelheim GmbH, Cognizant Technology Solutions, Infosys, Genpact Limited,
ProMab Biotechnologies, Inc, Charles River Laboratories International, Inc, Catalent, Inc.,
Covance, Inc., Fareva, ICON, Plc, DSM, Health Decisions, Inc., IQVIA, Laboratory Corporation of America Holdings, Syneos Health, Inc., Parexel International Corporation, PRA Health Sciences.
Growing demand: The Life Sciences BPO Market size is witnessing strong growth due to the increasing R&D expenditure of pharmaceutical and biotechnology companies. Outsourcing non-core functions helps lower operational costs and focus on core competencies.
Global expansion: Key Life sciences Bpo players are expanding globally through mergers and acquisitions to enhance service offerings and gain access to new customers. For example, Accenture acquired Kane Gate to expand clinical data management capability in Europe in 2022.
Market key trends
One of the key trends contributing to the growth of the life sciences Bpo market is increased outsourcing of clinical trials. Pharmaceutical companies are outsourcing clinical trials to specialized clinical research organizations to gain expertise and accelerate drug development. This is enabling seamless management of global clinical trials and improving process efficiency.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs required to set up operations and need to attain economies of scale to compete effectively.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players in the market providing alternatives.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers providing support services and infrastructure required by BPO players. Threat of new substitutes: Threat of new substitutes is low as there are no close substitutes available for life sciences BPO services.
Competitive rivalry: The market is fragmented with presence of global as well as regional players.
Geographical regions:
North America accounts for the largest share of the global Life Sciences BPO Market Regions Analysis in terms of value. This is attributed to the presence of the majority of pharmaceutical companies and clinical research organizations in the region.
The Asia Pacific region is expected to witness the fastest growth during the forecast period. Growing healthcare expenditures, increasing clinical trials and presence of low-cost destinations for outsourcing services are driving the growth of life sciences BPO market in emerging countries of Asia Pacific.
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