A report by Transparency Market Research presents a detailed insight on the global life sciences BPO market. According to the report, the market of life sciences BPO is highly competitive. It features a landscape where every player thrives to be the leader in terms of revenue generation and innovation. To achieve this status, many players are focusing on research and development activities so as to provide better services to customers. This also allows the businesses to retain their existing customers along with attracting new ones. They are also adopting mergers and acquisitions, partnerships, and collaborations in order to stay ahead in the intense competition.
Few large businesses are acquiring various small and medium-scale firms in order to expand their resource bank and customer base. This overall allows the players to have a competitive edge over their rivals and help them to grow substantially in the global life sciences BPO market. Some of the prominent players in the global life sciences BPO market are Infosys Limited, Cognizant Technology Solutions, and Accenture PLC.
According to the experts at Transparency Market Research, the global life sciences BPO market is likely to acknowledge an astounding growth of 8.9% CAGR. They also predict that the market will worth approximately US$286.3 bn by the end of 2023. It is noticeable that prior to the forecast period from 2015 to 2023, the global life sciences BPO worth approximately US$127.4 bn by the end of 2014.
Based on services, the global life sciences BPO market is segmented into CMO, CRO, and contract sales. Out of these segments, the CRO segment is likely to witness strong growth during the forecast period. The growth of this segment is attributed to the growing demand for outsourcing services related to clinical data management, drug discovery, clinical trials, and regulatory consulting over a period of time.
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Geographically, Asia Pacific is likely to exhibit the highest growth among all the regions where the global life sciences BPO market has its presence. The growth in the Asia Pacific market is the result of growing outsourcing services by various MNCs in the region. As a result of growing prices of drugs, and a need of cost reduction because of a highly competitive market, the region is a leader in terms of growth in the global life sciences BPO market during the forecast period.
Increasing Clinical Trials to be the Prime Growth Factor for the Market
Numerous pharmaceutical organizations are going through a few rough patches these days. This is majorly due to lack of productivity in terms of research and development activities, healthcare budget cut down by various governments, and patent expiries of various drugs. Consequently, the pharmaceutical companies are compelled to move towards outsourcing clinical trials to third party organizations. Thus, this is a prime factor that is influencing the growth of the global life sciences BPO market during the forecast period.
Moreover, a growing focus on the development of orphan drugs as a medium to acquire the offered opportunities to the businesses is also compelling the businesses to shift to outsourcing their services. This further helps the global life sciences BPO market to grow exponentially. Finally, the rising number of companies that offers life sciences BPO services in various regions across the globe is also promoting the global life sciences BPO market to grow robustly in the forecast period.
Data Breaches and Malicious Use of Data Can Hamper the Growth of the Market
Since data has become a crucial aspect for any business to grow, a breach in data can totally hamper their entire functioning systems. This shall further affect the growth of the global life sciences BPO market adversely by hampering its growth. The data can also be misused for malicious activities, further impacting the growth of the global life sciences BPO market.
However, by putting more focus on data security, technological advancements in the field of data science and data breach can be avoided in businesses. These technological advancements are expected to help businesses overcome this and various other similar challenges present in the global life sciences BPO market.