According to a new report published by UnivDatos Markets Insights, the Biotechnology & Pharmaceutical Services Outsourcing Market was valued at more than USD 65 billion in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into services (consulting, auditing & assessment, regulatory affairs, product maintenance, product design & development, product testing & validation, training & education, and others); end use (pharma and biotech); Region/Country.

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The Biotechnology & Pharmaceutical Services Outsourcing market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Biotechnology & Pharmaceutical Services Outsourcing market. The Biotechnology & Pharmaceutical Services Outsourcing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Biotechnology & Pharmaceutical Services Outsourcing market at the global and regional levels.

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Market Overview

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. Major companies that are offering outsourcing services related to pharmaceutical and biotechnology industry are entering into partnerships and agreements for fulfilling the increasing demand of pharmaceutical outsourcing. For instance, For instance, in August 2020, Pfizer Inc. signed an agreement with PPD, Inc. to provide drug development services for a period of 3 years.

Some of the major players operating in the market include 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.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The Biotechnology & Pharmaceutical Services Outsourcing market has been significantly affected during these times owing to the delay in elective surgeries during the pandemic.

The global Biotechnology & Pharmaceutical Services Outsourcing market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·       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.

·       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.

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Biotechnology & Pharmaceutical Services Outsourcing Market Geographical Segmentation Includes:

·       North America (United States, Canada, and Rest of North America)

·       Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·       Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·       Rest of the World

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.

The major players targeting the market include

·       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.

·       NSF

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Biotechnology & Pharmaceutical Services Outsourcing market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Biotechnology & Pharmaceutical Services Outsourcing market?

• Which factors are influencing the Biotechnology & Pharmaceutical Services Outsourcing market over the forecast period?

• What are the global challenges, threats, and risks in the Biotechnology & Pharmaceutical Services Outsourcing market?

• Which factors are propelling and restraining the Biotechnology & Pharmaceutical Services Outsourcing market?

• What are the demanding global regions of the Biotechnology & Pharmaceutical Services Outsourcing market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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