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Life Sciences BPO Market Revenue Will Be Worth $420 Billion By 2024: Grand View Research Denzel Ward Youth Jersey , Inc. Health Articles | August 2, 2016

Grand View Research has announced the addition of "Life Sciences BPO Market Analysis and Segment Forecasts To 2024" Market Research report to their Databas



The聽life sciences BPO market聽is expected to reach USD 420 billion by 2024, according to a new report by Grand View Research, Inc. The lucrative growth is attributed to the growing demand for contract manufacturing of raw materials, Finished Dosage Forms (FDFs), medical devices, drug discovery services Baker Mayfield Youth Jersey , regulatory services, pre-clinical and clinical trial services, and pharmacovigilance services.聽


The pharmaceutical and biotech industry invests heavily in the R&D sector to continuously introduce new molecules, devices, and treatments. The different stages of the drug development such as drug discovery, pre-clinical studies, and clinical trials require huge financial Jarvis Landry Youth Jersey , technological, and human resources.聽


In order to cater to the growing needs of the industry, the outsourcing vendors are expanding their product and service offerings and they are targeting niche areas for long-term growth and profitability; altogether these trends are expected to boost the life sciences outsourcing market over the forecast period.聽


Favorable government initiatives such as the introduction of ICD-10 standards, the increasing adoption of Electronic Health Record systems (EHR), and digital health platforms are enabling the rapid growth of the back-end payer and provider BPO services, such as claims management, claims processing Odell Beckham Jr Youth Jersey , financial and pay roll management, and other administrative services.聽


The rising geriatric population coupled with the growing prevalence of various chronic diseases is increasing the burden on the healthcare system and also driving the need for new drugs, and devices, which in turn is expected to boost the contract manufacturing and contract research services over the next nine years.聽


Moreover, the contract sales and marketing services segments are also expected to witness an increase in demand due to the growing sales and marketing activities for the new product launches over the forecast period. 聽


Browse full research report on Global Life Sciences BPO Market:聽

Further key findings from the study suggest:

In 2015, the pharmaceutical outsourcing segment accounted for the largest revenue share, mainly on account of the growing demand for API and finished dosage form manufacturing services. Moreover Jim Brown Youth Jersey , the increasing demand for early stage pre-clinical studies, clinical trials, post-marketing surveillance, and regulatory services are also expected to further drive the market over the forecast period. The services segment including healthcare payer and provider BPO services is expected to emerge as the fastest growing services type with a CAGR of 9.3% over the forecast period In the medical devices contract research outsourcing segment, the product design and development category accounted for nearly 29% in 2015. By 2024, the product implementation services are expected to emerge as the fastest growing category with a CAGR of 13.1% from 2016 to 2024. North America was the largest regional market in 2015. The presence of several major pharmaceuticals, medical device Bernie Kosar Youth Jersey , health insurance, contract research and contract manufacturing (CRAMS) players in this region are amongst the key factors responsible for the region’s large market share. The increasing geriatric population, the growing disease prevalence rates, the shift from ICD 9 to ICD 10 codes are significantly driving the healthcare expenditures and the need for efficient data management, as well as operational costs; therefore, these factors are expected to positively reinforce the life sciences outsourcing market over the forecast period. Asia Pacific is expected to grow at a CAGR of11% over the forecast period. The increase in the number of U.S. FDA manufacturing sites in this region, especially China and India Austin Seibert Womens Jersey , the growing healthcare burden, patent expiration of several key drugs are expected to significantly boost the life sciences outsourcing market in this region. Furthermore, favorable government initiatives to encourage the use of generic drugs, subsidies for the manufacturing of electronic components and devices, and several tax benefits to promote the export of life sciences services from this region are anticipated to further propel the market growth over the forecast period. Some key market players include Infosys Limited, Lonza Group, PAREXEL International Corporation Sheldrick Redwine Womens Jersey , Covance, Inc., International Business Machines Corporation. Genpact Limited, Catalent, Inc., ICON plc, Boehringer Ingelheim GmbH Sione Takitaki Womens Jersey , Accenture plc, Quintiles Transnational Corporation, and Anthelio Healthcare Solutions聽

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Grand View Research has segmented the life sciences BPO market by service and region:


Life Sciences BPO Services Outlook (Market revenue in USD Billion, 2013 – 2024)

Pharmaceutical outsourcing Contract Manufacturing Market API Finished Dose Form Packaging Contract Research Organizations Drug Discovery Pre-clinical Studies Clinical Trial Studies Regulatory Services Pharmacovigilance Medical devices outsourcing Contract Manufacturing Market Electronic Manufacturing Services Finished Goods Raw Materials Components Contract Research Organizations Regulatory Consulting Services Product Design and Development Services Product Testing Services Product Implementation Services Product Upgrade Services Product Maintenance Services Contract sales and marketing outsourcing Others

Life Sciences BPO Regional