Global Biotechnology And Pharmaceutical Services Outsourcing Market Forecast to Reach $94.91 Billion by 2029, Driven by 7.2% CAGR
Claim your 30% discount on Global Market Reports with code ONLINE30. Limited time only.
Claim your 30% discount on Global Market Reports with code ONLINE30. Limited time only.
How Much Is the Global Biotechnology And Pharmaceutical Services Outsourcing Market Valued at Present and by 2029?
The market size of biotechnology and pharmaceutical services outsourcing has witnessed a robust growth in the past years. The market which is projected to increase from $66.87 billion in 2024 to $71.87 billion in 2025, will experience a compound annual growth rate (CAGR) of 7.5%. Factors such as the need for therapeutic expertise and global trial design, escalating count of orphan drug and rare disease trials, rising development of biologics and biosimilars, increased utilization of lab testing and analytical services, as well as the advancement of virtual biotech companies have contributed to this historical growth.
The biotechnology and pharmaceutical services outsourcing industry is projected to experience significant expansion in the coming years, with an anticipated market size of $94.91 billion by 2029, exhibiting a compound annual growth rate of 7.2%. The projected growth during this period is associated with the mounting pressure for expedited drug approvals, the international expansion of clinical research endeavors, an increase in the global volume of clinical trials, a surge in the outsourcing of phase I-IV trials, and the prioritization of adaptive and decentralized trials. The upcoming trends during this period incorporate the uptake of cloud-based platforms for instantaneous collaboration, the application of AI and Machine Learning in drug discovery and development phases, enhanced bioinformatics and data analytics, the introduction of automation and robotics into laboratory services, along with the implementation of electronic data capture systems.
Download The Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=25709&type=smp
#What Drivers Are Influencing Growth In The Biotechnology And Pharmaceutical Services Outsourcing Market?
The surge in clinical research activities is projected to contribute significantly to the expansion of the biotechnology and pharmaceutical services outsourcing market. Clinical research involves the participation of humans in a thorough inquiry, aiming to deepen our comprehension of health conditions and verify the efficacy and safety of medical procedures. The escalation in clinical research is predominantly fueled by the mounting prevalence of chronic diseases, requiring the invention and evaluation of novel therapies to improve patient care. The outsourcing of biotechnology and pharmaceutical services aids clinical research by delivering access to advanced infrastructure and expert opinion, thus ensuring the global execution of trials in an efficient, cost-effective, and regulation-abiding manner. For example, in November 2023, the UK experienced a 4.3% yearly growth in the number of industry-led clinical trials as per the Association of the British Pharmaceutical Industry, a trade association based in the UK. The count grew from 394 in 2021 to 411 in 2022. Hence, the amplified activity in clinical research propels the growth of the biotechnology and pharmaceutical services outsourcing market.
What Are The Main Segments Identified In The Biotechnology And Pharmaceutical Services Outsourcing Market Research?
The biotechnology and pharmaceutical services outsourcing market covered in this report is segmented –
1) By Service: Consulting, Regulatory Affairs, Product Design And Development, Auditing And Assessment, Product Maintenance, Training And Education, Other Services
2) By Application: Oncology, Neurology, Cardiovascular, Infectious Diseases
3) By End-Use: Pharma, Biotech
Subsegments:
1) By Consulting: Strategic Consulting, Market Access Consulting, Commercialization Strategy, Portfolio Management, Technology And Digital Transformation Consulting
2) By Regulatory Affairs: Regulatory Submissions, Compliance And Risk Management, Product Registration, Labeling And Packaging Review, Regulatory Intelligence
3) By Product Design And Development: Formulation Development, Preclinical Development, Bioprocess Development, Analytical Development, Drug Delivery System Design
4) By Auditing And Assessment: Good Manufacturing Practice (GMP) Audits, Good Clinical Practice (GCP) Audits, Quality System Audits, Supplier And Vendor Audits, Risk Assessments
5) By Product Maintenance: Lifecycle Management, Change Management, Technical Support, Software And IT System Updates, Compliance Monitoring
6) By Training And Education: Regulatory Training, Good Laboratory Practice (GLP) Training, Pharmacovigilance Training, Clinical Trial Training, Quality Management Systems Training
7) By Other Services: Intellectual Property Support, Medical Writing, Data Management And Biostatistics, Pharmacovigilance And Drug Safety, Translation And Localization Services
What Are The Leading Trends And Opportunities In The Biotechnology And Pharmaceutical Services Outsourcing Sector?
In the biotechnology and pharmaceutical services outsourcing market, leading firms are concentrating on creating innovative solutions like cloud-based platforms. These platforms, accessed via the internet, enable users to utilize computing resources such as storage, software and processing power, bypassing the need for local servers or devices. For example, Charles River Labs, a non-clinical contract research organization based in the U.S., unveiled a cloud-based platform named Apollo in March 2023 to enhance toxicology studies. This platform offers a unique benefit by facilitating clients’ access to a broad array of study data, aiding in safety and toxicology evaluations. The platform comes with self-service attributes that empower users to track the progress of studies, analyze data, and independently retrieve crucial documents. A standout feature of this platform is a quoting tool, fostering more precise and efficient budget planning.
Which Companies Play A Key Role In The Development Of The Biotechnology And Pharmaceutical Services Outsourcing Market?
Major companies operating in the biotechnology and pharmaceutical services outsourcing market are Thermo Fisher Scientific Inc., Boehringer Ingelheim, LabCorp Holdings, IQVIA Inc., ICON plc., Eurofins Scientific SE, Lonza Group Ltd., Syneos Health, Catalent Inc., Charles River Laboratories, Samsung Biologics Co. Ltd., WuXi Biologics, Recipharm AB, Medpace Holdings Inc., Curia Inc., CordenPharma Corp., Parexel International Ltd., Lachman Consultants, Concept Heidelberg GmbH, The Quantic Group Ltd.
Get The Full Report Here:
What Are The Key Regional Developments Shaping The Biotechnology And Pharmaceutical Services Outsourcing Market?
North America was the largest region in the biotechnology and pharmaceutical services outsourcing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biotechnology and pharmaceutical services outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Request For A Customized Report:
https://www.thebusinessresearchcompany.com/customise?id=25709&type=smp
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Get in touch with us:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 310-496-7795
Asia +44 7882 955267 & +91 8897263534
Europe +44 7882 955267
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
