Biotechnology & Pharmaceutical Services Outsourcing Market size is expected to reach USD 108.0 billion by 2030

 Biotechnology & Pharmaceutical Services Outsourcing Industry Overview

The global biotechnology and pharmaceutical services outsourcing market size was valued at USD 66.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030.

 

The COVID-19 pandemic has had a considerable impact on the biotechnology and pharmaceutical services outsourcing industry. Restrictions on movement and stay-at-home orders are helping reduce the spread of COVID-19. However, this is creating an obstacle in clinical trials and other services intended to find effective treatments for various diseases. The integrity of over 330,000 clinical trials registered on Clinicaltrials.gov remains vulnerable as the novel coronavirus continues to spread worldwide.

 

Gather more insights about the market drivers, restrains and growth of the Global Biotechnology & Pharmaceutical Services Outsourcing Market

 

As of March 26, 2020, at least 18 pharma or biotech companies reported disturbance in drug development as a result of the pandemic. The shift in focus of biopharmaceutical companies on developing vaccines and therapies in response to COVID-19 has resulted in unintended consequences that may potentially disrupt outsourcing. The recovery from this pandemic has started as a demand for innovative and effective therapies is increasing and driving growth. Rising pricing pressure, lack of internal capabilities, increase in the drug development process cost, and access to the industry expertise are expected to drive the biotechnology and pharmaceutical services outsourcing market during the forecast period. In addition, rising drug development costs coupled with higher failure rates and growing regulatory pressure also have a significant impact on market dynamics, accelerating the growth rate.

 

Furthermore, well-established Clinical Research Organizations (CROs), regulatory outsourcing firms, management consulting firms, and contract manufacturers are catering to the complex demand of pharmaceutical and biotechnological sectors. Contract research and manufacturing companies are investing in personnel, infrastructure, and technology in order to acquire a significant share of the healthcare outsourcing market revenue. Increasing demand due to the ongoing patent cliff of the biotechnology drugs is anticipated to fuel demand. An increasing number of end-to-end service providers to meet the rising demand for low-cost drug development and manufacturing is further anticipated to propel the growth of the market.

 

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Market Share Insights

  • April 2021: Parexel International Corporation formed a strategic partnership with Veeva to accelerate clinical trials by leveraging technology and process innovation. The collaboration can help improve study efficiency and accelerate the delivery of new therapies to patients.
  • August 2020: Pfizer Inc. signed a three-year agreement with PPD, Inc. to provide drug development services. Technological advancements and focus on customized care shorten a product’s life cycle, which leads to the rapid development of new products.

 

Key Companies Profile

Some of the prominent players in the biotechnology and pharmaceutical services outsourcing market include:

  • Parexel International Corporation
  • The Quantic Group
  • IQVIA
  • Lachman Consultant Services, Inc.
  • GMP Pharmaceuticals Pty Ltd.
  • Concept Heidelberg GmbH
  • Covance Inc.
  • Charles River Laboratories
  • PRA Health Sciences
  • ICON plc

 

Order a free sample PDF of Biotechnology & Pharmaceutical Services Outsourcing Market Intelligence Study, published by Grand View Research.

 

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