Global Biotechnology & Pharmaceutical Services Outsourcing Market to reach USD 92 billion by 2027.Global Biotechnology & Pharmaceutical Services Outsourcing Market is valued approximately at USD 62.0 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.8% over the forecast period 2021-2027. Biotechnology & pharmaceuticals outsourcing services includes outsourcing of R&D activities by pharmaceutical and medicines manufacturers. The global Biotechnology & Pharmaceutical Services Outsourcing market is being driven by rise in focus on core competencies by various pharmaceutical and biotechnology companies and rising drug development costs along with clinical development failure rates. Furthermore, rising mergers and collaborations, will provide new opportunities for the global Biotechnology & Pharmaceutical Services Outsourcing industry. For instance, as of year 2020 around 330,000 clinical trials were registered on Clinicaltrials.gov which remains vulnerable as coronavirus continues to spread worldwide. In March, 2020, more than 18 pharma or biotech companies has reported disturbance in the development of drug as a result of pandemic, as a result rise in focus on drug developing will serve as a catalyst for the Biotechnology & Pharmaceutical Services Outsourcing industry in the future. However, issue related to monitoring and lack of standardization and loss of control may impede market growth over the forecast period of 2021-2027.
Asia Pacific, North America, Europe, Latin America, and Rest of the World are the key region considered for the regional analysis of global biotechnology & pharmaceutical services outsourcing. The presence of several established CROs and CMOs makes the North America the leading region across the world in terms of market share. Whereas , Asia pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to lower cost of drug development and manufacturing and availability of skilled workforce.
Major market player included in this report are:
The Quantic Group
Iqvia holdings, inc.
Parexel International Corporation
Lachman Consultant Services
Concept Heidelberg GmbH
PRA Health Sciences
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Auditing and assessment
Product design & development
Product testing & validation
Training & education
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027.
Target Audience of the Global Biotechnology & Pharmaceutical Services Outsourcing Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers