Expect huge figures for the life sciences outsourcing market till 2020 and up to 2024. Many market research analyses carried out by various market research and consulting firms unequivocally paint a rosy picture for the global life sciences outsourcing market, fueled by contract manufacturing in the medical devices, pharmaceuticals and healthcare sectors.

According to estimates by the global health care market research and consulting company, iHealthcareAnalyst, Inc., the global market for medical devices contract manufacturing is set to reach an unprecedented figure of about $230 billion by 2020, at a highly impressive CAGR of 11.2 percent. Labyrinth Analysis, another consulting firm, assesses that the market growth is expected to see a sharp rise from the total size of close to $44 billion in 2015 to over $77 billion by 2021, at a very healthy CAGR of over 10%. The US continues to be the world’s largest market for medical devices contract manufacturing, making up nearly 45% of the world’s market.

The overall contract manufacturing market for life sciences looks even healthier and fatter in the years to come. It is set to reach an amazing $420 billion by 2024, according to predictions made from research by Grand View Research.

Labyrinth Analysis outlines the important reasons for the growth of China and India in this sector. The historical dominance of China and India in the BPO sector has been well established and well-known for quite some time now. Factors that influence the contract manufacturing market are likely to increase the share of these markets. The traditional strengths of these two economies –namely manufacturing skills and workable knowledge of English respectively –continue to augment their position as the leading hubs for outsourcing.

A number of changes have been happening in the American life sciences industry of late. These changes are set to steeply push up the cost of manufacturing and maintaining the sector, if these operations were to be US-based. Spending huge dollar sums on these operational or supplemental, backend activities is sure to escalate the costs of the sector dramatically.

This is why many in the American life sciences industry are forced to consider the need for outsourcing to cheaper destinations like China, which is a very popular place for manufacturing electronic parts, which make up over half of the medical devices market in the US, and India, and to a smaller extent other developing countries like the Philippines.

These are some of the core factors for tilting the scale towards outsourcing:

As a rule, clinical trials, which are the basis for the formulation of new drugs, are long drawn out and extremely expensive. It costs over $ 2.5 billion to bring out a new drug into the market. The cost incurred on many areas of new drug can be considerably reduced when some of its activities are outsourced. This process outsourcing works well with developing countries with more than a passing familiarity with English, like Philippines and India.

The US healthcare sector is going through tumultuous changes with the introduction of the Electronic Health Records (EHR's) and other factors such as Obamacare, which have the potential to alter the healthcare landscape in the US. These require heavy reliance on backend operations, for which outsourcing is a very feasible option for the industry.

Medical coding procedures such as the ICD 10 have undergone new changes. These new codes need to be implemented all over again, for which a lot of backend operations are necessary. This being an area of strength in the outsourcing sector; the need for it gets accentuated.

When companies outsource, they need to take the right steps to ensure that the right processes are being followed. Companies to which the outsourcing is done also need to see to it that they are implementing these steps. These call for thorough trainings, because these will completely ensure that the whole outsourcing processes are in place and that nothing is out of place.

NetZealous LLC, a Fremont, CA-based provider of professional trainings for the regulatory compliance, human resources, healthcare and IT areas, is the right choice for professionals who want to understand the dynamics and elements of outsourcing. In a market that is already so huge and set for further growth; these trainings are all the more necessary to make sure that nothing goes wrong in the process at any stage.

On their part, in order to fulfil the market size and meet expectations, players in the developing countries, which are active in the outsourcing arena, need to be fully equipped to handle the processes. Its trainings courses are designed to help both sides of the outsourcing industry. Coming from experts who have been in the industry for many years; these trainings are just the right fit for professionals who want a piece of the huge pie. It offers trainings on not just the outsourcing processes, but on many related core activities such as GMP and what to keep in mind while enforcing Quality Agreements, which is very essential when outsourcing.