Life Sciences BPO Market 2023–2028: Analysis, Estimate, Market Dynamics, Key Venders, Production, Consumption and Scope
BPO refers to Business Process Outsourcing or simply Business Point of Sale. It is a growing area of outsourcing services that are providing excellent cost-effective solutions to global companies that are looking for better and faster ways to develop new products and services. Life sciences BPO outsourcing is one of the most important outsourcing options for companies involved in the pharmaceutical vertical. A company involved in the pharmaceutical field needs to conduct several types of research in order to come up with a new product or better treatment for their existing product. For this they need a huge database of all the required information regarding their target market, their target customers profile, the type of consumers who might be interested in using their product, and many more. They need to conduct this research on their own and this is why outsourcing is very important for any company involved in the life sciences
Global Life Sciences BPO Market: Opportunities
R&D in cell therapies is expected to offer lucrative growth opportunities for players in the global life sciences BPO market over the forecast period. For instance, in February 2020, Caribou Biosciences, Inc., a CRISPR genome editing company, signed a sale and assignment agreement with ProMab Biotechnologies, Inc., a biotechnology CRO/CDMO specializing in antibody engineering and CAR-T development, under which Caribou gains access to a ProMab humanized single-chain variable fragment (scFv) targeting the B-cell maturation antigen for use in allogeneic engineered cell therapies.
Moreover, increasing prevalence of chronic disorders is also expected to aid in growth of the market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
