Artificial Intelligence in Clinical Trials is fastest growing segment fueling the growth of Life Sciences BPO Market

 

The life sciences BPO market includes outsourcing services in pharmaceutical, biotechnology and medical device industries. Services include clinical trial management, data management, electronic data capturing, clinical data processing, medical writing and regulatory activities. Outsourcing such non-core activities helps companies focus on drug development and clinical research.

The global Life Sciences BPO Market is estimated to be valued at US$ 222.9 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the life sciences BPO market is increasing adoption of artificial intelligence and machine learning technologies. AI tools are being utilized across various stages of clinical trials including patient recruitment, monitoring, data analysis and reporting. Use of AI helps accelerate drug discovery process, improves outcomes and reduces costs. It also aids in analyzing huge volumes of unstructured data generated during clinical trials. This is expected to significantly boost efficiency and competitiveness in the life sciences sector in coming years.
Segment Analysis
The global life sciences BPO market is segmented on the basis of services, application, end user, and region. By services, the market is segmented into contract manufacturing, contract research and clinical trials services, medical writing services, regulatory services, and others. Among them, the contract research and clinical trials services is expected to dominate the market over the forecast period. This segment conducts clinical trials to test the safety, efficacy and effectiveness of new drugs and therapies in humans. It outsources non-core activities to specialized service providers for cost saving and access to latest technology.

Key Takeaways
The global life sciences BPO market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing cost pressures faced by pharma and biotech companies.

Regional analysis
North America region accounted for the largest share of the global life sciences BPO market in 2023 and is expected to remain dominant over the forecast period. Factors such as strong presence of global life sciences companies and adoption of advanced outsourcing models drive market growth in this region.

Key players
Key players operating in the life sciences BPO market are Accenture, Plc., Boehringer Ingelheim GmbH, Charles River Laboratories International, Inc., Cognizant Technology Solutions, Covance, Inc., DSM, Fareva, ICON, Plc, Infosys, Catalent, Inc., Genpact Limited, Health Decisions, Inc., and ProMab Biotechnologies, Inc.

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