Life sciences BPO market forecast to hit USD420bn by 2024

A new report released by Grand View Research shows that the global life sciences business process outsourcing (BPO) market is on its way to hit USD420bn by 2024. In the Asia Pacific region, the market is expected to grow at a CAGR of 11% over the forecast period. The increase in the number of US FDA manufacturing sites in this region, especially China and India, the growing healthcare burden, patent expiration of several key drugs are expected to significantly boost the life sciences outsourcing market in this region, the report added. Globally, the growth of the market is attributed to the growing demand for contract manufacturing of raw materials, finished dosage forms, medical devices, drug discovery services, regulatory services, pre-clinical and clinical trial services, and pharmacovigilance services. Among the key market players mentioned in the report are Infosys, Lonza Group, PAREXEL International Corporation, Covance, IBM. Genpact Limited, Catalent, ICON, Boehringer Ingelheim, Accenture, Quintiles Transnational Corporation, and Anthelio Healthcare Solutions.