Biotechnology Services Outsourcing Market To Reach $92.9 Billion By 2025: Grand View Research, Inc.
The global biotechnology services outsourcing market is expected to reach USD 92.9 billion by 2025, according to a new report by Grand View Research, Inc. Pharmaceutical industry has been adaptive of the function of outsourcing certain clinical and corporate functions as early as 2002. Among the services outsourced, clinical trial management and contract manufacturing were the forerunners. For instance, Johnson & Johnson was the first pharmaceutical company to outsource its applications development and maintenance (ADM). In 2015, over USD 50.0 billion was spent on pharmaceutical R&D activities majorly on oncology, diabetes, and autoimmune therapy classes, which is expected to propel the biotechnology services outsourcing market growth over the forecast period. Shrinking profit margins coupled with rising competition in the market space, and augmenting regulatory burden are other vital impact rendering factors. The pharmaceutical services outsourcing market is...