BPO is an important business strategy that allows companies to reduce costs by hiring external specialists who are knowledgeable in the operations of specific industries. Business process outsourcing (BPO), also known as business process outsourcing, is a common tool employed by many companies to save valuable resources by outsourcing less necessary tasks. One way to leverage the benefits of BPO is to outsource human resources. Human resources tasks include recruitment, training, orientation, and hiring. Companies that outsource these services also save on recruitment and training costs since outsourcing enables them to hire qualified candidates who have been recruited through a different company. These employees typically have no connection to the company that employs them.
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Recent Developments:
Major players operating in the global life sciences BPO market are focused on adopting partnership strategies to expand their product portfolio. For instance, in February 2020, Caribou Biosciences, Inc., a CRISPR genome editing company, signed a sale and assignment agreement with ProMab Biotechnologies, Inc., a biotechnology CRO/CDMO specializing in antibody engineering and CAR-T development, under which Caribou gains access to a ProMab humanized single-chain variable fragment (scFv) targeting the B-cell maturation antigen for use in allogeneic engineered cell therapies. Similarly, in March 2020, Charles River Laboratories International, Inc. partnered with Deciphex, a preclinical digital pathology software-as-a-service provider, to enhance drug discovery & development with digital pathology.
Key Takeaways
The global life sciences BPO market was valued at US$ 222.9 Bn in 2019 and is forecast to reach a value of US$ 667.3 Bn by 2027 at a CAGR of 14.7% between 2020 and 2027. The market is estimated to account for US$ 667.3Bn in terms of value by the end of 2027. Growth of the market is driven by increasing adoption of BPO services. For instance, in April 2020, Accenture Federal Services, a subsidiary of Accenture, Plc, received a US$ 96 million task order to help the U.S. Department of Veterans Affairs provide consumer-grade IT and mission service experiences.
Asia Pacific held dominant position in the global life sciences BPO market in 2019, accounting for 39.9% share in terms of volume, followed by North America and Europe, respectively
Global Life Sciences BPO Market: Drivers
Increasing prevalence of cancer is expected to propel growth of the global life sciences BPO market over the forecast period. It is estimated that in the United States, in 2021, an estimated 281,550 new cases of invasive breast cancer are expected to be diagnosed in women, along with 49,290 new cases of non-invasive (in situ) breast cancer.
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Moreover, increasing cost of drug development is also expected to aid in growth of the market. For instance, according to a 2020 study by London School of Economics and Political Science, London School of Hygiene and Tropical Medicine, and Leuven Institute for Healthcare Policy, the median capitalized research and development investment to bring a new drug to market was estimated at US$ 985.3 million, and the mean investment was estimated at US$ 1335.9 million in the base case analysis.
Global Life Sciences BPO Market: Opportunities
Increasing investment in the pharmaceutical sector is expected to offer lucrative growth opportunities for players in the global life sciences BPO market. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe invested US$ 19, 509 million in 2000, which increased to US$ 39,895 million (est.) in 2018.
Market Trends:
Major players in the global life sciences BPO market are focused on R&D to expand their product portfolio. For instance, in May 2020, Boehringer Ingelheim signed a licensing agreement with CDR-Life for R&D of antibody fragment-based therapeutics for geographic atrophy.
The global life sciences BPO market is witnessing several M&A activities. For instance, in May 2020, Catalent, Inc. announced a deal to acquire a clinical packaging facility in Minakuchi, Japan, from Teva-Takeda Pharmaceuticals in order to establish a new clinical GMP manufacturing and distribution hub to support clinical studies.
Global Life Sciences BPO Market: Restraints
Data safety concerns along with varying and stringent regulatory processes in different countries is expected to limit growth of the global life sciences BPO market.
Global Life Sciences BPO Market: Competitive Landscape
Major players operating in the global life sciences BPO market include, Accenture, Plc, Boehringer Ingelheim GmbH, Cognizant Technology Solutions, Catalent, Inc., Covance, Inc., Charles River Laboratories International, Inc., DSM, Fareva, Genpact Limited, Health Decisions, Inc., ICON, Plc, Infosys, and ProMab Biotechnologies, Inc.
Global Life Sciences BPO Market: Segmentation
Global Life Sciences BPO Market, By Service Type:
- CMO
- API Manufacturing
- Final dosage form manufacturing
- Packaging
- CRO
- Drug Discovery
- Preclinical studies
- Early Phase I – IIa
- Phase IIa – III
- Phase IIIb – IV
- Medical writing
- Pharmcovigilance
- Monitoring
- Clinical Data Management
- Regulatory services
- Bio-statistics
- Site management
- Protocol development
- Others
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