Life Sciences BPO Market 2022-2030 In-Depth Research on Dynamics, Applications & Emerging Growth Factors

AI and ML Provide Actionable Insights for Intelligent Drug Discovery

Gene therapies, intelligent drug discovery, telemedicine, and the likes are bringing about a change in the life sciences BPO market. Companies in the market for life sciences BPO are innovating through AI and machine learning (ML) for drug discovery. For instance, in June 2019, Navitas Life Sciences— a company that delivers platform-driven clinical solutions and services, announced to partner with ThoughtSphere— a cloud-based clinical data hub and analytics SaaS company, to use AI and ML in order to deliver unparalleled data collection.

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The life sciences BPO market is estimated to grow at a favorable CAGR of 7.9% during the forecast period. Companies in the market landscape are increasing their efficiency to develop analytical platforms that offer best-in-class clinical data oversight and actionable insights for faster decision making. Companies in the market for life sciences BPO are using the advantages of AI and ML to deliver improved data collection, while significantly reducing costs involved with mapping highly complex studies.

Proactive and Intelligent Functioning of Pharmaceutical Firms Improve Patient Outcomes

Pharmacovigilance (PV) is shaping the future of the life sciences BPO market. This explains why the revenue of contract research organizations is predicted for aggressive growth during the forecast period and the life sciences BPO market is expected to reach a value of US$ 419.6 Bn by the end of 2027. Pharmaceutical companies in market for life sciences BPO are increasing their R&D activities and clinical trials to ensure drug safety in a patient-centric and digital era where companies are introducing innovative mechanisms to avoid adverse events following a drug’s launch.

Pharmaceutical firms are increasing efforts to engage with patients who are willingly taking ownership of their health outcomes. The life sciences BPO market is witnessing a wave of transformation, as PV is evolving from a regulation-driven, transactional exercise to a more proactive and intelligent model. Such transformations are forming an integral part of the clinical and R&D lifecycle of pharma companies.

Strategic Alliances with Startups Catalyze Growth of Life Sciences BPO Market

The life sciences BPO market is largely fragmented with 10 key players accounting for ~54% of the market share. This indicates that new entrants and startups are giving a tough competition to leading players. Hence, there is a growing need for strategic alliances between big companies and startups to address challenges in the market for life sciences BPO.

As suggested by the Everest Group-a Texas-based management consulting and research firm, as big companies join forces with new entrants, they can cohesively tackle challenges of stagnating growth and stringent regulations with next-gen technology tenets such cognitive computing to improve operational efficiency.

Blockchain and serialization techniques are addressing the issues of counterfeit drugs in the market for life sciences BPO. Several drivers such as data management and virtual trials are offering a big-picture view of clinical results and are speeding up go/no-go decisions. Growing awareness about investments in specialist therapies and personalized medicines are triggering market growth.

RPA Technology Addressing Patient-centricity and Leveraging Medical Drug Research

The robotic process automation (RPA) technology is sweeping the life sciences BPO market. Outsourcing repetitive tasks and manual processes using the RPA technology is anticipated to become increasingly mainstream in developing economies of Asia Pacific. Apart from Asia Pacific, this market in both North America and Europe is estimated to witness growth in terms of revenue during the forecast period. Thus, the RPA technology is expected to generate incremental opportunities for companies in the life sciences BPO market.

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The life sciences industry is in its transformative stage where there is a growing need for effective medicines and personalized digital therapeutics that improve quality of life in patients. Hence, companies in the market for life sciences BPO are increasing their focus in the RPA technology and other software robots to provide cognitive automation in medical drug research. Intelligent RPA is helping companies to address patient-centricity and eliminating manual processes. Moreover, AI and ML are helping to optimize processes, streamline costs, and improve care outcomes.

Analysts’ Viewpoint

Next-gen technologies such as AI and ML are the most prominent drivers for the life sciences BPO market. Data-driven technologies are offering biopharma and medtech organizations with actionable insights and helping them to automate mundane tasks. The recent outbreak of COVID-19 is another key driver generating value-grab opportunities for CROs.

Companies are developing platforms with workflow-enabled issue management that helps clients to lower risks of associated with clinical trials. However, challenges such as the need to rethink customer experience and compliance with industry standards poses as a barrier for market growth. Hence, companies should aim toward blockchain-powered applications to enhance compliance and improve consumer experience.

Life Sciences BPO market: Overview

The global life sciences BPO market for the historical period from 2017 to 2018 and the forecast period from 2019 to 2027, rise in demand for low cost drugs, patent expirations, and uncertain economic conditions have compelled the pharmaceutical players to take support of various outsourcing services. This is projected to drive the global life sciences BPO market during the forecast period.

According to the report, the global life sciences BPO market was valued at ~US$ 214 Bn in 2018 and is anticipated to expand at a CAGR of 7.9% from 2019 to 2027

Technological Advancements in Life Sciences BPO: A Key Driver

In the current market scenario, strategic outsourcing services play an important role in addressing various challenges faced by pharmaceutical companies such as stagnant productivity volume, regulatory changes, pricing pressures, and thinner profit margins

Strategic outsourcing has become an industry norm and offers a range of services from screening and lead identification to toxicology, pre-clinical studies, clinical trials, manufacturing, and marketing. The pharmaceutical outsourcing market, particularly CMOs and CROs, has evolved in the past few years and expected to witness strong growth in the next decade.

Outsourcing has become a feasible and beneficial business strategy for pharmaceutical, biotechnology, and life sciences industries, enabling transfer of non-core activities to outsourcing partners in order to focus on distribution networks, competitive advantage, future growth, marketing strategies, and issues imperative for survival. Rise in cost of R&D, decline in productivity, and patent expirations boost the growth of the global life sciences BPO market.

Globalization of Drug Development with Shift of Manufacturing Units from High Cost to Low Cost Regions

The continuous changing market dynamics have compelled the pharmaceutical companies to remodel their existing operations. The focus has shifted toward globalization of the drug development process. The global competitive environment has led to streamlining of manufacturing operations, R&D, medical writing, clinical data management, and other processes.

Outsourcing the clinical trial process to contract research units facilitates evaluation of drugs in multiple locations in parallel, thereby producing data, which originates from a large and varied patient pool. This is considered one of the major advantages of research outsourcing.

Hence, globalization coupled with budget restraints has compelled the drug manufacturers to opt for low cost regions for outsourcing their R&D, clinical trials, and data management services. This in turn is anticipated to boost the global life sciences BPO market during the forecast period.

Stringent Regulatory Approval Processes in Different Countries to Hamper Life Sciences BPO Market

Majority of the clinical trials and other research processes are outsourced to various countries simultaneously. These destination countries have different guidelines and regulatory processes related to drugs, filing, and clinical trials.

The conduction of multi-location trials of a single drug in different procedures in different countries poses a challenge to pharmaceutical companies, as these have to follow a completely different procedure in each country. This is considered one of the major challenges for research outsourcing in different countries. Therefore, a company prefers to restrict outsourcing to one destination country.

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Life Sciences BPO Market: Competition Landscape

This report profiles major players operating in the global life sciences BPO market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

The global life sciences BPO market is highly fragmented, with large number of players in the global market and small-scale players in regional markets. The top four to five players hold major share of the global life sciences BPO market.

Prominent players operating in the global life sciences BPO market are 

  • IQVIA
  • Laboratory Corporation of America Holdings
  • Syneos Health, Inc.
  • Parexel International Corporation
  • PRA Health Sciences, Inc.
  • Charles River Laboratories International, Inc.
  • WuXi AppTec Co., Ltd.
  • ICON plc
  • Medpace Holdings, Inc.
  • Pharmaceutical Product Development, LLC.

Key Questions Answered in Life Sciences BPO Market Report

  • What is the scope of growth of companies in the global life sciences BPO market?
  • What will be the Y-o-Y growth of the global life sciences BPO market between 2019 and 2027?
  • What is the influence of changing trends in technologies on the global life sciences BPO market?
  • Will North America continue to be the most profitable market for life sciences BPO providers?
  • Which factors will hamper the growth of the global life sciences BPO market during the forecast period?
  • Which are the leading companies in the global life sciences BPO market?

Life Sciences BPO Market – Segmentation

Service Type

  • Contract Manufacturing Organizations
  • Active Pharmaceutical Ingredients (API)
  • Final Dosage Form
  • Packaging
  • Contract Research Organizations
  • Drug Discovery
  • PreClinical Trials
  • Clinical Trials (I, II, III, IV)
  • Medical Writing
  • Pharmacovigilance
  • Clinical Data Management
  • Regulatory Services
  • Clinical Monitoring
  • Biostatistics
  • Protocol Development
  • Site Management
  • Contract Sales Organizations
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

TABLE OF CONTENT

1. Preface

1.1. Market Definition and Scope

1.2. Market Segmentation

1.3. Key Research Objectives

1.4. Research Highlights

2. Assumptions and Research Methodology

3. Executive Summary: Global Life Sciences BPO Market

4. Market Overview

4.1. Introduction

4.1.1.  Industry Evolution/ Developments

4.2. Overview

4.3. Market Dynamics

4.3.1. Drivers

4.3.2. Restraints

4.4. Global Life Sciences BPO Market Analysis and Forecast, 2017–2027

5. Market Outlook

5.1. List of Key market players in CMO and CRO

5.2. Regulatory Scenario, by Region/Global

5.3. Global Clinical Trials Analysis

5.4. Key Mergers & Acquisitions

6. Global Life Sciences BPO Market Analysis and Forecast, by Service Type

6.1. Introduction & Definition

6.2. Key Findings / Developments

6.3. Market Value Forecast, by Service Type, 2017–2027

6.3.1.  Contract Manufacturing Organizations

6.3.1.1. Active Pharmaceutical Ingredients

6.3.1.2. Final Dosage Form

6.3.1.3. Packaging

6.3.2.  Contract Research Organizations

6.3.2.1. Drug Discovery

6.3.2.2. PreClinical Trials

6.3.2.3. Clinical Trials (I, II, III, IV)

6.3.2.4. Medical Writing

6.3.2.5. Pharmacovigilance

6.3.2.6. Clinical Data Management

6.3.2.7. Regulatory Services

6.3.2.8. Clinical Monitoring

6.3.2.9. Biostatistics

6.3.2.10. Protocol Development

6.3.2.11. Site Management

6.3.3.  Contract Sales Organizations (CSO)

6.4.  Market Attractiveness Analysis, by Service Type

7. Global Life Sciences BPO Market Analysis and Forecast, by Region

7.1. Key Findings / Developments

7.2. Market Value Forecast, by Region, 2017–2027

7.2.1. North America

7.2.2. Europe

7.2.3. Asia Pacific

7.2.4. Latin America

7.2.5. Middle East & Africa

7.3. Market Attractiveness Analysis, by Region

8. North America Life Sciences BPO Market Analysis and Forecast

8.1. Key Findings

8.2. Market Value Forecast, by Service Type, 2017–2027

8.2.1. Contract Manufacturing Organizations

8.2.1.1. Active Pharmaceutical Ingredients

8.2.1.2. Final Dosage Form

8.2.1.3. Packaging

8.2.2.  Contract Research Organizations

8.2.2.1. Drug Discovery

8.2.2.2. PreClinical Trials

8.2.2.3. Clinical Trials (I, II, III, IV)

8.2.2.4. Medical Writing

8.2.2.5. Pharmacovigilance

8.2.2.6. Clinical Data Management

8.2.2.7. Regulatory Services

8.2.2.8. Clinical Monitoring

8.2.2.9. Biostatistics

8.2.2.10. Protocol Development

8.2.2.11. Site Management

8.2.3.  Contract Sales Organizations (CSO)

8.3. Market Value Forecast, by Country, 2017–2027

8.3.1. U.S.

8.3.2. Canada

8.4. Market Attractiveness Analysis

8.4.1. By Service Type

8.4.2. By Country

9. Europe Life Sciences BPO Market Analysis and Forecast

……

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