Pharmaceutical Contract Manufacturing 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 according to a new report by MarketsandMarkets™. Factors such as growth in the biosimilars and generics markets, and the increased outsourcing of preclinical/clinical drug development and manufacturing services are driving the growth of this market. However, challenges associated with regulatory compliances is the major factors restraining the growth of this market.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=201524381
Pharmaceutical manufacturing services accounted for the largest share of the service segment in the pharmaceutical contract development and manufacturing market in 2022.
Based on service, the pharmaceutical contract development and manufacturing market is broadly segmented into pharmaceutical manufacturing services, drug development services, and biologic manufacturing services. In 2022, pharmaceutical manufacturing services accounted for the largest share of the pharmaceutical contract development and manufacturing market for service. This segment’s large share can be attributed to factors such as growing investments in developing novel therapies & pharma research. Further, growth in the pharma outsourcing trend is supported by the increased demand for lower-cost alternatives, which is likely to support the market growth.
The pharmaceutical API manufacturing services accounted for the largest share of the type segment in the pharmaceutical contract development and manufacturing market in 2022.
Based on type, the pharmaceutical manufacturing services is categorized into two sub-segments—pharmaceutical API manufacturing services and pharmaceutical FDF manufacturing services. In 2022, pharmaceutical API manufacturing services accounted for the largest share of the pharmaceutical manufacturing services segment. Factors such as the demand for API manufacturing are growing due to the looming patent expiries in several countries. Furthermore, pharma companies have shown a growing focus on conducting core activities that have pushed them to outsource API manufacturing.
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.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=201524381
Pharmaceutical Contract Manufacturing Market Dynamics:
Drivers:
- Increased investment in precision medicines
- Patent expiry & increasing demand for generic drugs
- High cost of in-house drug development
- Investments in advanced manufacturing technologies by CDMOs
Restraints:
- Varying regulatory requirements across regions
Opportunities:
- Rising demand for cell & gene therapy
- Growing inclination toward one-stop-shop model
- Market expansion in emerging countries
- Growth of nuclear medicine
Challenges:
- Introduction of serialization
- Intellectual property risk
Key Market Players:
Some of the prominent players in the pharmaceutical contract development and manufacturing market are Thermo Fisher Scientific, Inc. (US), Catalent, Inc. (US), Lonza Group (Switzerland), Abbvie, Inc. (US), WuXi AppTec (China), and among others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=201524381
Recent Developments:
- In September 2022, Lonza Group collaborated with Touchlight, a biotechnology company. Lonza expanded its end-to-end offering for mRNA manufacturing with an additional source of DNA.
- In February 2022, Thermo Fisher Scientific collaborated with Moderna, Inc. for the large-scale manufacturing of Moderna’s COVID-19 vaccine, Spikevax, and other investigational mRNA medicines in its pipeline.
- In January 2023, Catalent supported the manufacturing of Sarepta’s most advanced gene therapy candidate, delandistrogene moxeparvovec (SRP-9001), to treat Duchenne muscular dystrophy.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/pharmaceutical-contract-manufacturing-market-201524381.html