ALBANY, New York, March 31, 2020 /PRNewswire/ --Among the many factors that are leading the Life Sciences BPO Market to a high valuation of about USD 420 bn., the growing and impressive product pipeline is the most prominent. It is a result of growing demand for novel therapies and efficient drugs, particularly those used to treat immunological diseases and cancer.
As per Transparency Market Research, "An evolving research and development process is leading to a robust drugs pipeline. And, this is set to drive the market to an impressive growth trajectory over the forecast period of 2019 to 2027."
Key Findings of Global Life Sciences BPO Market Study:
In the service type segment, the contract manufacturing organization is anticipated to hold a sizeable share
The growth in the segment is owed to low costs of manufacturing active pharmaceutical ingredients – no additional equipment required, impressive turn-around time
A notable CAGR would be charted by the contract research organizations segment; growth attributable to increase in number of clinical trials
North America and Europe would be significant regional markets over the forecast period
Key Drivers of Growth in the Global Life Sciences BPO Market:
Multiple significant trends and drivers are propelling global life sciences BPO market on to a high growth curve. As per Transparency Market Research,
Due to a high demand for novel drugs and therapy, number of clinical trials is increasing, leading to growth in the market
Incidence of immunological diseases and cancer is witnessing a massive increase, paving way for growth in the market
Top players are incorporating novel technologies to get better outcomes; technologies include Artificial Intelligence (AI) and Machine Learning (ML)
Strategic alliances with promising start-ups often lead to synergistic growth opportunities, leading the market to further growth
Regional Analysis of Global Life Sciences BPO Market:
In 2018, North America dominated the market landscape, and Europe stood at an impressive second position
The regions would hold a sizeable share over the forecast period as well
Major factors supporting the regional dominance include a robust healthcare infrastructure, and increase in research and development activities
Analyze life sciences BPO market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Life Sciences BPO Market:
The global life sciences BPO market is marked by the presence of a decent number of players. Some of the prominent ones include 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., and Pharmaceutical Product Development, LLC.
In the market landscape, players are seeing intense competition and in order to stay ahead of the curve, a prominent strategy opted by these players is forging strategic alliances. These include mergers and acquisitions, and partnerships and collaborations. Synergistic collaborations often lead to combining of resources. This, in turn, paves way for growth.
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Pharmacovigilance Market - The global pharmacovigilance market is anticipated to thrive at a handsome CAGR to be worth a US$6.1 billion by the end of 2020. The global pharmacovigilance market is growing cumulatively as it is being driven by increase in awareness in the public health sector coupled with rise in preference for safe medicines. Globally, growing number of national pharmacovigilance centers is playing an imperative role to support the growth of the market in the next few years.
Digital Therapeutic Devices Market - The global digital therapeutic devices market is primarily driven by the rising use of technology for treating medical conditions. The demand for technologically advanced products for treating medical conditions coupled with rising disposable incomes is positively influencing the global digital therapeutic devices market. Several governments are also supporting the adoption of digital therapeutic devices that marks a significant change from traditional healthcare practices.
Life Science Microscopy Devices Market - The global life science microscopy devices market would expand at a sturdy CAGR of 6.5% over the period ranging from 2016 to 2024. Furthermore, the global life science microscopy devices market is expected to reach a value of US$2.0 bn by 2024-end, rising up from a value of US$1.1 bn in 2015. On the basis of geography, the demand within the market for life science microscopy devices in North America is expected to expand at a stellar rate.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision."