According to the research report titled ‘Global Life Sciences BPO Market Size study, By Product Type (Pharmaceutical outsourcing, Medical devices outsourcing, Contract sales and marketing outsourcing, Others), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global life sciences BPO market is anticipated to record a notable CAGR during 2022-2028.

Report findings suggest that expanding trend of outsourcing used by pharmaceutical & medical device firms, the proliferation of the pharmaceutical sector, and the rising number of clinical studies are the major growth stimulants for global life sciences BPO market.

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For the unversed, business process outsourcing (BPO) for the life sciences is the transfer of one or more IT-intensive business processes to an outside supplier for management and administration based on specified and quantifiable performance measures. The life sciences BPO offers a comprehensive range of services in R&D, product launch, and drug registration, via a third-party supplier.

Furthermore, surging integration of artificial intelligence (AI) and machine learning (ML) for drug development, and the rising R&D investment in pharmaceutical & medical device products are expected to augment industry outlook in the coming years.

However, limited outsourcing by well-established businesses and increasing concerns about data security may restrain market development during the forecast period.

Based on product type, worldwide life sciences BPO industry is branched into contract sales & marketing outsourcing, medical devices outsourcing, pharmaceutical outsourcing, and others.

Regionally, Asia Pacific market is dominating at present and is slated to register notable progress during the assessment timeframe owing to growing population of trained workers and the steadily improving healthcare infrastructure in the region.

Whereas Europe industry is poised to generate substantial revenue during the stipulated timeframe, because of rising demand for technologically advanced drug discovery techniques as well as the expansion of the pharmaceutical & medical device sectors in the region.

Moving to the competitive landscape, the leading players in global life sciences BPO industry are Parexel International Corporation, Lonza Group, Infosys Limited, Genpact Ltd., Boehringer Ingelheim GmbH, Icon Plc, Covance, Inc., Catalent, Inc., Atos SE, and Accenture plc. These players are using various strategies to reinforce their foothold in the marketplace.