The global market for healthcare BPO expected to attain $455 billion by 2029, expanding at a CAGR of 8.9% over the forecast period, driven by drug and device patent expirations, technological advances in medical care, and increasing demand for healthcare services by elderly population.
- The implementation of Affordable Care Act led medical outsourcing as a critical part of American healthcare industry. The advantages of healthcare business process outsourcing (BPO) include lowered cost, access to specialists, focus on patient care, mitigating risks and operational mistakes, and increased practice offerings.
Currently, healthcare sector is facing increased regulatory compliance and declining bottom lines. In recent years, economic burden, increased financial crisis and technological advances has compelled all pharmaceutical, biotechnology and life science companies to outsource their R&D activities and manufacturing processes in order to achieve their cost benefits and save time.
- Faced with increasing costs, healthcare BPO is experiencing exponential growth with large number of healthcare facilities and hospitals outsourcing their diverse non-core activities to professional life sciences BPO and support service providers for better operational benefits.
- The advantages included were decreased patient frustration, predictable cash flow, financially sound bottom line and increased net revenue.
New business models and processes now reflect the trends that are shaping the global healthcare value chain. Additionally, health services are also evolving for greater involvement in healthcare decisions that impact them and call for easier access. Stricter requirements related to patient privacy, safety, treatment and payments, are altering compliance processes, globally.
- By leveraging business process management (BPM), the healthcare organizations are capitalizing on these disruptive trends and increasing their market share.
- The BPO services enable healthcare companies to balance costs, deliver superior customer experience, and improve process efficiencies to outperform business challenges.
The global business process outsourcing in healthcare market report estimates the market size ($million 2019 to 2029), market share, growth trends and forecast (CAGR% 2023 to 2029).
The global life sciences BPO market segmented by service – pharmaceutical outsourcing [contract research organizations (bio-statistics, clinical data management, clinical monitoring, clinical trials, drug discovery, medical writing, pharmacovigilance, preclinical studies, protocol development, regulatory services, site management), contract manufacturing organizations (active pharmaceutical ingredients manufacturing, finished dosage form manufacturing, product packaging), contract sales and marketing organizations], other organizations (payers and providers), and geography.
- Based on the services, the contract manufacturing organizations (CMOs) segment accounted for the largest share of total BPO market, followed by the contract research organizations (CROs), and contract sales and marketing organizations (CSOs) segments, respectively.
- Among the CMOs, the APIs manufacturing segment accounted for the largest revenue of total healthcare BPO market, followed by the finished dosage form manufacturing segment.
- Out of all CROs, the drug discovery contact research services segment held the largest share of global market, followed by the clinical trials contract services segment.
The global market for healthcare BPO research report is further divided by geography into North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), Latin America (Brazil, Mexico, Rest of LA), and Rest of the World.
- By geography, the North America region dominated the global life sciences BPO market, while the Asia Pacific region projected to be the fastest growing market during the forecast period.
- On the other hand, the Asia Pacific region has also been identified as the most attractive market for healthcare BPO primarily driven by increasing pricing pressure, high prices of raw ingredients and the need to reduce cost of marketing by major pharmaceutical, biotechnology and life science manufacturers to outsource some of their business elements to developing countries.
The global life sciences BPO market report also provides the detailed market landscape (market drivers, restraints, opportunities), market attractiveness analysis and profiles of major competitors in the global market including company overview, financial snapshot, key products, technologies and services offered, and recent developments.
Major competitors operating in the global market for life sciences BPO market and included in this report are Accenture plc, Anthelio Healthcare Solutions, Boehringer Ingelheim GmbH, Catalent, Inc., Cognizant Technology Solutions, Covance, Inc., Genpact Limited, ICON plc, Infosys Limited, International Business Machines Corporation, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, and Wipro Limited.
- Outsourcing Service
- Pharmaceutical outsourcing
- Contract Research Organizations (CROs)
- Bio-statistics
- Clinical Data Management
- Clinical Monitoring
- Clinical Trials
- Drug Discovery
- Medical Writing
- Pharmacovigilance
- Preclinical Studies
- Protocol Development
- Regulatory Services
- Site Management
- Contract Manufacturing Organizations (CMOs)
- Active Pharmaceutical Ingredients (APIs) Manufacturing
- Finished Dosage Form (FDF) Manufacturing
- Product Packaging
- Contract Sales and Marketing Organizations (CSOs)
- Contract Research Organizations (CROs)
- Other Organizations (Payers and Providers)
- Pharmaceutical outsourcing
- Geography
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Rest of EU)
- Asia Pacific (Japan, China, India, Rest of APAC)
- Latin America (Brazil, Mexico, Rest of LA)
- Rest of the World
- Company Profiles
- Accenture plc
- Anthelio Healthcare Solutions
- Boehringer Ingelheim GmbH
- Catalent, Inc.
- Cognizant Technology Solutions
- Covance, Inc.
- Genpact Limited
- ICON plc
- Infosys Limited
- International Business Machines Corporation
- Lonza Group
- PAREXEL International Corporation
- Quintiles Transnational Corporation
- Wipro Limited
To request Table of Contents and Sample Pages of this report visit:
https://www.ihealthcareanalyst.com/report/life-sciences-business-process-outsourcing-market/
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