Adoption of RPA Technology to Outsource Manual, Repetitive Tasks to Drive Life Sciences BPO Market, TMR Insights
– Life sciences BPOs are increasingly relying on Robotic Process Automation (RPA). In emerging markets, it is expected that repetitive activities and manual processes that use RPA technology will be outsourced.
– Life science, biotech and pharmaceutical companies have embraced outsourcing as a viable and beneficial business strategy by outsourcing non-core activities to contractors
ALBANY, NY, August 2, 2021 / PRNewswire / – The life sciences BPO market is changing due to developments in telemedicine, intelligent drug development, and gene therapy. Pharmaceutical companies are being forced to reorganize their current business operations due to the ever-changing market dynamics. The globalization of the drug development system has come to the fore. Medical writing, clinical data management, research and development, and manufacturing and other processes have been streamlined due to the global competitive atmosphere.
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In the life sciences BPO market, blockchain and serialization technologies are facing the challenges of counterfeit drugs. In addition to a clearer and better perspective on clinical findings, virtual studies and data management accelerate the decision-making process. Investing in personalized medications and specialty therapies is becoming increasingly popular. These developments are likely to have an impact on the global Life Sciences BPO market in the forecast period from 2019 to 2027.
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The global life sciences BPO market is expected to grow at a CAGR of 7.9% over the forecast period. The market should be reached by the end of 2027 $ 419.6 billion.
Key Findings of the Market Report
Robotic Process Automation (RPA) technology is revolutionizing the life sciences BPO sector. It is expected that the use of this technology to outsource manual procedures and repetitive activities in the developing world will Asia Pacific Region.
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The life science sector is in the middle of a phase of transformation in which the need for personalized digital therapies and effective drugs to improve the quality of life of patients is increasing. As a result, life sciences BPO companies are increasingly focusing on RPA technology, as well as other software robots, to enable cognitive automation in drug development. Intelligent RPA helps companies become patient-centered and automate processes. In addition, machine learning and artificial intelligence help improve patient outcomes, reduce costs and optimize processes.
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The number of therapeutic products in the pipeline has increased over the past decade as a result of increasing research and development activities, growing demand for novel therapies, and the development of new drugs to treat conditions such as immunological disorders and cancer. In recent years, the introduction of immunobiological products, cell therapy and biosimilars have contributed to the expansion of the product pipeline. These products have also increased the need for rigorous clinical trials in recent years. All of these factors are expected to have a positive impact on 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 evolving from a regulatory-driven transaction activity to a smarter and more proactive approach.
The life sciences BPO market is being powered by next generation technologies like machine learning and AI. Data-driven solutions provide medical technology and biopharmaceutical companies with relevant knowledge and at the same time support them in the automation of routine processes.
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Life Sciences BPO Market: Main Competitors
Charles River Laboratories International, Inc.
Parexel International Corporation
Pharmaceutical Product Development, LLC.
Labor Corporation of America Holdings
Medpace Holdings, Inc.
PRA Health Sciences, Inc.
Life Sciences BPO Market: Segmentation
Contract manufacturing organizations
Contract research organizations
Contract sales organizations
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