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
For a detailed analysis of life sciences BPO market by segments, Read Detailed TOC of the Report - transparencymarketresearch.com/life-sciences-bpo-market.html
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.
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Global Life Sciences BPO Market: Segmentation
Life Sciences BPO Market, by Service Type
- Contract Manufacturing Organizations
- Active Pharmaceutical Ingredients (API)
- Final Dosage Form
- Contract Research Organizations
- Drug Discovery
- Preclinical Trial
- Clinical Trials (I, II, III, IV)
- Medical Writing
- Clinical Data Management
- Regulatory Services
- Clinical Monitoring
- Protocol Development
- Site Management
- Contract Sales Organizations
Life Sciences BPO Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
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