Global Life Sciences BPO Market Overview:
Favorable government initiatives to inspire the use of generic drugs, several tax benefits to promote the export of life sciences services from this region, and subsidies for the manufacturing of electronic components and devices, are anticipated to further propel the market growth over the forecast period. Growing demand for outsourcing services related to drug discovery, clinical trials, clinical data management, pharmacovigilance, and regulatory consulting will boost the demand for life science BPO market globally. Some of the key players profiled in the study are Accenture plc (Ireland), Anthelio Healthcare Solutions (United States), Covance, Inc. (United States), Genpact Ltd. (United States), Boehringer Ingelheim GmbH (Germany), Catalent, Inc. (United States), ICON plc (Ireland), Infosys Limited (India), Lonza Group (Switzerland) and PAREXEL International Corporation (United States).
On the basis of geography, the market of Life Sciences BPO has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Contract Research Organizations, the sub-segment i.e. Drug Discovery will boost the Life Sciences BPO market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Contract Manufacturing Organizations, the sub-segment i.e. Active Pharmaceutical Ingredients will boost the Life Sciences BPO market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- The Increasing Pool of Geriatric Patients
- The High Prevalence of Chronic Ailments
- Favorable Government Initiatives Such As the Introduction of ICD-10 Standards
- The Increasing Adoption of Electronic Health Record Systems (EHR)
- The Rising Demand for Biosimilar Drugs
- High Cost of Raw Material
- Quality of Service
- Growing Sales and Marketing Activities for the New Product Launches
- Rising Demand of BPO in Emerging Countries
- Rising Data Security Threats
- Strict Government Regulations
In the United States, The Health Insurance Portability and Accountability Act (HIPAA) was settled to protect the confidentiality of a patientís medical evidence and to safeguard persons' medical records and private health-related data. It sets a boundary on the use and the release of health records.
The global life science BPO market is very fragmented and the key players have used many strategies including new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their market share in this market.
Target Audience:Healthcare Service Providers, Teaching Hospitals and Academic Medical Centers (AMCs), Health Insurance Players, Investment Research Firms, Government and Private Research Organization, Government Regulatory Bodies and Others
Major Objectives Focused through this Study To define, describe, and forecast the Global Life Sciences BPO market on the basis of product [Pharmaceutical Outsourcing [Contract Research Organizations, Contract Manufacturing Organizations, Contract Sales and Marketing Organizations] and Others (Payers and Providers)] , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Life Sciences BPO market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Life Sciences BPO industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Quintiles Transnational Corporation (United States) and International Business Machines Corporation (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Life Sciences BPO market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.