- Life sciences BPOs are increasingly adopting robotic process automation (RPA). In emerging countries, it is expected that outsourcing repetitive activities and manual procedures utilizing the RPA technology are likely to become prevalent.
- Life sciences, biotech and pharma companies have embraced outsourcing as a viable and advantageous business strategy, transferring non-core operations to contractual partners
ALBANY, N.Y., Aug. 2, 2021 /PRNewswire/ -- The life sciences BPO market is witnessing transformation as a result of developments in the field of telemedicine, intelligent drug development, and gene therapies. Pharmaceutical businesses have been prompted to redesign their present operations due to the ever-changing market dynamics. The globalization of the drug development system has become the central focus. Medical writing, clinical data management, research &development, and manufacturing operations and other processes have all been streamlined due to the competitive atmosphere worldwide.
In the life sciences BPO market, blockchain and serialization technologies are facing the challenges of counterfeit pharmaceuticals. In addition to providing a clearer and better perspective of clinical findings, virtual trials and data management are speeding up the decision making process. Investments in personalized medications and specialist therapies are gaining popularity. These developments are likely to work in favor of the global life sciences BPO market during the forecast period, from 2019 – 2027.
The global life sciences BPO market is expected to grow at a CAGR of 7.9% during the forecast period. By the end of 2027, the market is anticipated to reach US$ 419.6 Bn.
Key Findings of Market Report
Adoption of RPA Technology to Offer New Growth Prospects
The robotic process automation (RPA) technology is revolutionizing the life sciences BPO sector. The use of this technology to outsource manual procedures and repetitive jobs is expected to become more prevalent in developing countries of the Asia Pacific region.
The life sciences sector is in the midst of a transformational phase, where there is a rising need for personalized digital therapies and effective medications to better quality of life of patients. As a result, life sciences BPO businesses are focusing more on the RPA technology as well as other software robots to enable cognitive automation in the development of medical drugs. Intelligent RPA is assisting businesses in addressing patient-centricity and automating procedures. Furthermore, machine learning and artificial intelligence are helping in improving patient outcomes, reducing expenses, and optimizing processes.
Expanding Product Pipeline to Benefit Life Sciences BPO Market
There has been a rise in the number of therapeutic products in the pipeline in the previous decade attributed to increasing research and development activities, growing demand for novel therapies, and development of new medications for treating conditions such as immunological disorders and cancer. In the recent years, the introduction of immune biological products, cellular therapy, and biosimilars has aided in the expansion of the product pipeline. These products have also raised the necessity for rigorous clinical trials in the past few years. All these factors are likely to emerge favorable for the global life sciences BPO market.
Life Sciences BPO Market: Growth Drivers
Pharmacovigilance (PV) is influencing the expansion of the global life sciences BPO market. PV is moving from a regulatory-driven, transactional activity to a more intelligent and proactive approach.
The life sciences BPO market is driven by next-generation technologies such as machine learning and AI. Data-driven solutions provide relevant insights to medtech and biopharma companies while also assisting them in automating routine operations.
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