The Global Pharmaceutical Contract Development Market in terms of revenue was estimated to be worth $176.5 billion in 2023 and is poised to reach $258.3 billion by 2028, growing at a CAGR of 7.9% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Various elements such as rising research activities and funding investments for generic medicines, technological advancements in CDMOs, the high cost of in-house drug development, and the regulatory filling support provided by CDMOs, are driving the market growth.
Download PDF Brochure: https://bit.ly/43Frboh
Browse in-depth TOC on “Pharmaceutical Contract Development Market”
244 – Tables
47 – Figures
289 – Pages
The pharmaceutical contract manufacturing industry is expected to experience strong growth in the near future. This is due to an increased demand for cost-effective solutions, an increasing number of drug launches, and the need for complex drug formulations. In addition, the growing focus on personalized medicines is expected to drive the growth of the industry. Manufacturers are looking to capitalize on the growth of this industry by providing high quality, cost-effective solutions. In the coming years, the industry is expected to see an increase in the number of players, with companies investing in research and development to create new and innovative products. Furthermore, the consolidation of the market is also expected to continue, with larger manufacturers acquiring smaller firms and expanding their operations. This is expected to help the industry remain competitive by providing a wider range of services.
The pharmaceutical contract development and manufacturing market is broadly divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the pharmaceutical contract development and manufacturing market. Europe is the second-largest regional pharmaceutical market globally, characterized by its developed industrial base, robust research activity, and rising government funding for drug discovery research. The growth of the pharmaceuticals and biopharmaceuticals market in the region is primarily driven by demographic changes, the growing prevalence of diseases, and significant investments in pharmaceutical R&D. This is expected to contribute to the growth of this market.
However, the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. Market growth is attributed to increasing collaborations in outsourcing drug manufacturing and development, growing partnerships in the Chinese market, and investments in Asia Pacific countries for R&D, drug development, and manufacturing.
Key Market Players
The global pharmaceutical contract development and manufacturing market is highly consolidated. Key players in the pharmaceutical contract development and manufacturing market include Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Lonza Group Ltd. (Switzerland), Recipharm AB (Sweden), AbbVie Inc. (US), Aenova Group (Germany), Almac Group (UK), Siegfried Holding AG (Switzerland). Acquisitions and product launches are the key growth strategies undertaken by these companies to maintain their positions in the market.
Pharmaceutical Contract Manufacturing Market Dynamics
DRIVER: High cost of In-House drug development is likely to propel the market growth
Drug discovery and development is higly expensive and time-consuming process for small and medium-sized pharmaceutical companies. However, pharmaceutical companies opt for a cheaper and efficient solution, i.e., to outsource their drug development processes to contract development and research organizations.
Also, drug development requires following stringent US FDA guidelines and maintaining quality and standards while developing formulations. This increases the in-house drug development and manufacturing cost of the formulation. Thus, the continuously increasing drug development costs, influenced by the costs of discovery & pre-clinical development, clinical development, capital, shortage of funds, and high failure rates for drugs tested on human subjects, pushed pharmaceutical companies to outsource their drug development processes to contract development and manufacturing organizations.
OPPORTUNITY: Emerging markets
Emerging countries are bioprocess outsourcing hubs due to their cost advantages and workforce. Moreover, the increasing interest of pharmaceutical companies in drug discovery outsourcing due to the ever-increasing demand for vaccines, drying antibiotics pipelines, and rising R&D costs further fuel the growth of pharmaceutical contract development and manufacturing services in emerging markets. Likewise, advanced manufacturing technologies and the low manufacturing cost, low labour cost offered by emerging countries are supporting market players to invest in developing markets like Asia Pacific during the forecast period. Due to these factors, emerging markets such as India and China are expected to provide significant opportunities for the growth of the pharmaceutical contract manufacturing and development market in the coming years.
Request 10% Customization: https://bit.ly/3CtZXVI
Opportunities: Growing demand for cell and gene therapies
Given the personalised nature of cell and gene therapies, they are highly specific and hold the potential to address unmet medical needs associated with treating several disorders. Their promising therapeutic potential has led many pharmaceutical companies and investors to put a significant amount of capital towards developing and commercialising these therapies. As of February 2020, nine cell and gene therapies have been approved by the US FDA. In 2020, around 362 cell and gene therapies were under clinical development. The growing number of cell therapy candidates, coupled with their rapid progression through the various phases of clinical development and their complex manufacturing process, increases the demand for facilities that offer manufacturing services for these therapies.
Asia Pacific is likely to grow at the highest growth rate during the forecast period.
Based on the region The global pharmaceutical contract development and manufacturing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional segment. The Asia Pacific region is estimated to grow at the highest CAGR in the pharmaceutical contract development and manufacturing market during the forecast period. The growth of the pharmaceuticals and biopharmaceuticals market in the region is primarily driven by the rising prevalence of chronic disease conditions, the presence of a large number of CDMOs in the region, and significant investments in pharmaceutical R&D.
Report Link: ( Pharmaceutical Contract Development Market )
- Lonza group
- MnM view
- Right to win
- MnM view
The company is highly oriented toward meeting diverse customer needs by investing in large-scale multipurpose capacity alongside dedicated facilities. For instance, the biologics division works in many modalities to deliver end-to-end offerings across late discovery, pre-clinical, clinical, and commercial, including drug substance and drug product.
- Strategic choices made
Lonza focuses on enhancing its core capabilities, such as advanced manufacturing & quality control systems, regulatory expertise, technical support, and R&D capabilities. The company focused on geographical expansions in 2022–23, focusing on its HPAPI and bioconjugation-based services. For instance, from January 2022 to December 2022, the company expanded its capacities at more than six sites in different regions.
- Thermo Fisher Scientific
- MnM view
- Right to win
- MnM view
Thermo Fisher Scientific offers a wide range of services. Its portfolio comprises API manufacturing, aseptic manufacturing & fill-finish, and biological development services. Thermo Fisher Scientific would grow significantly in the pharmaceutical CDMO market with its strong portfolio, continuous R&D activities, and wide geographic reach.
- Strategic choices
The company has adopted different strategies, such as expansions and acquisitions, to maintain its leading position. It also focuses on other high-growth segments, such as cell & gene therapy and microbiome services, through various acquisitions. For instance, in January 2022, Thermo Fisher Scientific acquired PeproTech, Inc., a leading developer and manufacturer of recombinant proteins.
- catalent, Inc.
- MnM view
- Right to win
- MnM view
Catalent provides advanced delivery technologies and development solutions for drugs, biologics, and consumer health products. It maintains strong relationships with major pharma and biotechnology companies. The company has a strong global footprint and reaches out to customers through a well-developed eCommerce platform.
- Strategic choices
Catalent mainly focuses on organic growth strategies, such as expansions and service launches; however, it has also conducted many significant initiatives for inorganic growth, including acquisitions, agreements, and collaborations. For instance, the company implied organic growth strategies with the twelve agreements and four acquisitions in last three years.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight:https://www.marketsandmarkets.com/ResearchInsight/pharmaceutical-contract-manufacturing-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/pharmaceutical-contract-manufacturing.asp
Related Report:
