The
global Life Sciences Translation Services Market size is anticipated to reach USD 2.55
billion by 2030 and is projected to grow at a CAGR of 8.43% during the forecast
period, according to a new report by Grand View Research, Inc. The demand for
life sciences translation services is driven by increasing globalization,
digitizing of content, and personalized international customer service.
AI
is advancing the market by enhancing translation accuracy and efficiency
through the automated processing of complex medical and scientific documents. AI-driven
tools facilitate faster, more reliable translations, supporting global research
and regulatory compliance. Hence, market players are introducing AI-based
translation solutions. For instance, in August 2023, Vital launched an
AI-powered translator designed to convert complex medical terminology into
plain language. Utilizing large language models and natural language
processing, this tool translates intricate medical documents, including
doctor’s notes, radiologist reports, discharge summaries, and test results,
into text understandable at a 5th-grade reading level.
In
North America, the market is driven by the region's extensive pharmaceutical
and biotechnology industries, which require precise and compliant translations
for clinical trials, regulatory submissions, and patient information. The
increasing emphasis on regulatory compliance, coupled with the need to support
a diverse patient population and facilitate global market access, fuels demand
for accurate translation and localization services. In addition, the growth of
international collaborations and research initiatives further contributes to
the need for specialized translation services in this sector.
The
market is experiencing a number of mergers and acquisitions as companies seek
to boost their market position. For instance, in October 2022, Acolad Life
Sciences partnered with Alphanumeric to support life sciences organizations
with their international communication needs, including over-the-phone
interpreting (OPI) for global call centers.
List
of Key Players in the Life Sciences Translation Services Market
- Vistatec
- Language
Scientific
- marstranslation
- BayanTech.
- Lionbridge
Technologies, LLC.
- Conversis
- Morningside,
Inc
- Crimson
Interactive Inc.
- Welocalize
Life Sciences
- ALM
Translations Ltd
- Stepes
- Questel.
- BURG
Translations
Request a free sample copy or view report
summary: Life Sciences Translation Services Market Report
Life
Sciences Translation Services Market Report Highlights
- In terms of
type, the technical translation segment dominated the market with the
largest revenue share in 2023. The growth is attributed to the growing
need for precise and specialized translation of complex scientific and
technical documents.
- Based on
category, the technology/AI-based segment dominated the market with the
largest revenue share in 2023 and is expected to grow at the fastest CAGR
during the forecast period. The AI and machine learning-based advanced
technologies enhance the efficiency and accuracy of translations by
automating complex processes and adapting to diverse linguistic needs.
- Based on end
use, the Clinical Research Organizations (CRO) segment dominated the market
with the largest revenue share in 2023 and is anticipated to register the
fastest growth rate during the forecast period. The growth is attributed
to its critical role in managing clinical trials, regulatory submissions,
and global research activities.
- North America
dominated the market in 2023, owing to the presence of diverse
populations, increasing number of clinical trials, and growing demand for
regulatory compliance.
- In April
2024, TransPerfect partnered with Healthy Birth Day, Inc. to provide digital
health translation technology and services to enhance the organization's
translation capabilities. Healthy Birthday, a women-founded nonprofit,
focuses on enhancing birth outcomes through research, programming, and
advocacy.
Life
Sciences Translation Services Market Segmentation
Grand
View Research has segmented the global life sciences translation services
market based on type, category, end use, and region.
Life
Sciences Translation Services Type Outlook (Revenue, USD Million, 2018 -
2030)
- Clinical/Document
Translation
- Technical
Translation
- Labeling and
Device Translation
- Corporate/Marketing
Translation
Life
Sciences Translation Services Category Outlook (Revenue, USD Million, 2018
- 2030)
- Manual
- Technology/AI-Based
Life
Sciences Translation Services End Use Outlook (Revenue, USD Million, 2018
- 2030)
- Pharmaceutical
Manufacturers
- Biotechnology
Companies
- Medical
Device Manufacturers
- Clinical
Research Organizations
- Others
Life
Sciences Translation Services Regional Outlook (Revenue, USD Million, 2018
- 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Latin America
- Brazil
- Argentina
- Middle East
and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Kuwait
About Us:
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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment