Biotechnology & Pharmaceutical Services Outsourcing Market: Current Analysis and Forecast (2022-2028)

Global Biotechnology & Pharmaceutical Services Outsourcing Market is expected to grow at a significant rate of around 6% during the forecast period. An Biotechnology & Pharmaceutical Services Outsourcing is defined as the process of hiring or transferring internal business processes or portions of work to a third-party organization rather than staffing or completing it inside within the organization. Outsourcing has had a particularly significant impact on the pharmaceutical industry, where pharmaceutical and biotechnology companies outsource at almost every stage of the value chain.

Parexel International Corporation, IQVIA Inc; Lachman Consultant Services, Inc.; Concept Heidelberg GmbH; Labcorp Drug Development; Charles River Laboratories; ICON plc; GMP Pharmaceuticals Pty Ltd.; Quantic Group, Ltd.; and NSF. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst services, consulting category to dominate the market during the forecast period"

Based on services, the market is segmented into consulting, auditing & assessment, regulatory affairs, product maintenance, product design & development, product testing & validation, training & education, and others. Consulting category to dominate the market, which is mainly due to the increasing M&A activities and constantly changing regulatory protocols.

"Amongst End Use, the pharma segment to hold a significant share in the market in 2020"

On the basis of end use, the market is categorized into pharma and biotech. Among these, pharma segment is dominating the market in 2020. The growth of this segment is anticipated to be driven by an increase in R&D spending by pharmaceutical firms for the development of possible novel products and by CROs for the development of core capabilities. For instance, as per the data of federal government statistics, in 2019, pharmaceutical companies spend an average of roughly 25% of their revenue on R&D.

"Asia Pacific is expected to grow with the highest CAGR during the forecast period"

In 2020, Asia Pacific hold a significant share of the market and it is expected to grow with the highest CAGR during the forecast period. This is mainly due to improved regulatory frameworks, the high scope for cost savings, and the presence of cheap skilled personnel. Furthermore, growing R&D expenditure in Asia Pacific is also expected to drive market growth in the region. For Instance, as per the data of world bank, the R&D expenditure of Japan is about 3.26% of the GDP during the year in year 2020. Additionally, the R&D expenditure of China is about 2.% of the GDP during the year in year 2020, as per the data of the world bank. Further, presence of leading CROs and CDMO's such as Labcorp Drug Development, IQVIA, and Catalent.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

The global Biotechnology & Pharmaceutical Services Outsourcing market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.