Life Science BPO Gains Significant Impetus due to Economic Downturn30 Mar 2016
The life sciences market has been witnessing a downturn since the last decade. The overall decline in the global economy and the patent expiry of blockbuster drugs and products have led to a decrease in the revenue as well as have increased the pressure on pharmaceuticals, biopharmaceutical, healthcare, and life sciences companies to start adopting advanced and more relevant technologies in order to stay ahead.
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Life sciences business process outsourcing (BPO) solutions have emerged as the prime remedy to these concerns. Owing to operational efficacy, optimized research and development expenditure, and high-quality professional services, life sciences BPO solutions providers are able to offer required assistance to these companies in the research and development of novel products at a relatively lower cost.
The global life sciences BPO Market is experiencing a massive rise in its valuation. According to a research report published by Transparency Market Research (TMR), the market stood at US$127 bn in 2014 and is likely to report a CAGR of 8.90% during the period from 2015 to 2023 to attain an estimated value US$286 bn by the end of 2023.
Asia Pacific to Report Highest Growth Rate among Regional Markets
North America led the global life sciences BPO market in 2014. However, during the period from 2015 to 2023, Asia Pacific is anticipated to expand at the highest CAGR of 14.60% in the overall market.
The implementation of favorable regulations by various governments across the world, together with amendments in intellectual property protection rights and the increased adoption of advanced technologies, is projected to boost the Asia Pacific life sciences BPO market over the next few years. Along with this, low labor costs, tax benefits, and the availability of a skilled workforce are also anticipated to propel this regional market in the forthcoming years.
Accenture Leads Global Life Sciences BPO Market
IBM, Boehringer Ingelheim, Anthelio Healthcare, Quintiles Transnational, Infosys, Wipro, Lonza, PAREXEL International, Cognizant, Accenture, Covance, ICON, Catalent, and Genpact are the most prominent life sciences BPO service providers across the world.
Accenture has been leading the global life sciences BPO market since the last decade. However, Wipro is also expanding its base in this market through mergers and acquisitions. The Bangalore-based IT giant has recently signed a definitive agreement to procure HealthPlan Services. The company is said to spend US$460 mn on this purchase.
The increasing inclination of pharmaceutical, biopharmaceutical, and life sciences companies towards their core business segments is projected to fuel the demand for life sciences BPO significantly in the coming years. In addition to this, the rising focus on the development of orphan drugs is expected to drive the demand for contract manufacturing outsourcing (CMO), eventually propelling the global life sciences BPO market in the near future.
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