The global Life Sciences BPO Market size is expected to reach USD 827.5 billion by 2030, registering a CAGR of 9.2% over the forecast years, according to a new report by Grand View Research, Inc. The rising costs of drug development; pre-clinical and clinical trials; and post-marketing surveillance; a rise in the patent cliff; a growing product pipeline; and regulatory constraints are some of the major factors driving the market. The pharmaceutical and biotech industries invest heavily in the R&D sector to continuously introduce new molecules, devices, and treatments. The different stages of drug development, such as drug discovery, pre-clinical studies, and clinical trials, require huge financial, technological, and human resources.
To
cater to the growing needs of the industry, the outsourcing vendors are
expanding their product and service offerings and they are targeting niche
areas for long-term growth and profitability. Altogether, these trends are
expected to boost the life sciences outsourcing market over the forecast
period. During the COVID-19 pandemic, a significant number of outsourcing
providers expanded their existing manufacturing and research facilities to meet
the growing demand for COVID-19 vaccines and diagnostics. Even post-pandemic,
CDMOs are practicing similar strategies to support the future demand for
pharmaceuticals. For instance, in April 2022, Aenova Group developed a new
facility for manufacturing highly potent drugs with an investment of EUR 10
million.
The
adoption of such strategies by the market players is expected to be profitable
for the market. There has been a rising demand to reduce the cost of
manufacturing and development of drugs and medical devices. Outsourcing
manufacturing, research, and marketing services provide pharmaceutical and
medical device companies with cost- and time-saving benefits. This is expected
to have a positive impact on the market. Over the years, mergers and
acquisition deals between CROs and CDMOs have increased. The rising demand for
clinical services and the growing need for specialized service providers to
improve the focus on their core competencies are some of the factors that are
expected to drive the incidence of M&A deals.
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- The
increasing number of M&A transactions has broadened the global reach
and improved the capabilities of CROs and CDMOs to provide end-to-end
services; a continuation of this trend is expected to benefit the market
significantly
- COVID-19
incidence has decreased significantly as a result of a growing global
vaccination campaign
- Owing to
this, the CRO and CDMO are now refocusing on developing drugs for oncology
and other diseases owing to their high burden
- For
instance, in April 2022, Labcorp collaborated with Xcell Biosciences to
support the company in developing cell and gene therapies for treating
cancer, Parkinson’s, and other rare diseases
- Such
initiatives by the CDMOs are likely to profit the market owing to the high
effectiveness of gene therapy in treating cancer and other rare diseases
- The medical
device segment is expected to register the fastest CAGR from 2022 to 2030
due to the complexities associated with medical device designing
- The strict
regulatory framework for medical device approval globally has further
contributed to the demand for medical device outsourcing services
- AsiaPacific
held the largest revenue share in 2021 due to the presence of a
significant number of CROs providing cost-effective BPO services
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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