BANGALORE, India, April 8, 2022 /PRNewswire/ -- The Global CDMO Market is Segmented by Type (API Development, Manufacturing, Drug Delivery), by Application (Pharmaceutical Company, Biotechnology Company, Generic Company): Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.
The global Contract Development and Manufacturing Organizations (CDMOs) market size is projected to reach USD 159510 Million by 2027, from USD 81850 Million in 2020, at a CAGR of 10.0% during 2021-2027.
Major Factors Driving the Growth of CDMO Market
The growing consolidation, R&D initiatives, and rising pharmaceutical products will drive the growth of the market. As pharma companies suffer from high R&D costs, capacity constraints, adhering to strict government regulations and elongated time to market they rely on external partners for expediting the drug manufacturing process.
The need for quick regulatory approvals and time to market will further fuel the market during the forecast period.
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TRENDS DRIVING THE GROWTH OF THE CDMO MARKET
Pharmaceutical companies are on the lookout for innovative solutions to enhance their drug development and manufacturing process. CDMOs and Contract Research Organizations(CROs) are merging together to provide one-stop solutions to pharma companies. These include drug discovery, formulation, and commercialization across the entire industry value chain. The external assistance and consolidation will surge the growth of the global CDMO market.
The rapid boom in the services of the CDMO market will positively impact the industry. Clinical trials and research activities are risky endeavors for pharma companies. In addition to it, overall operational costs are escalated. CDMOs offer their specialized knowledge expediting the innovation and formulation stage. This leads to an agile manufacturing process and timely delivery to patients. The risks are shared and costs reduced owing to no additional investment in capacity, equipment, and labor.
The increasing prevalence of chronic diseases and a rise in the geriatric population has increased the need for faster time to market and achieving quick regulatory approval for medical drugs. Small biotech manufacturers do not have the resources to do development and manufacturing in-house. On the other hand, bigger companies suffer from scalability and capacity constraints. Hence reliance on CDMOs is needed for faster regulatory compliance and time to market for a variety of biologics and biosimilar drugs. This in turn will bolster the CDMO market in the coming years.
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CDMO MARKET SHARE
Based on type, the API development segment is expected to be dominant in the CDMO market share and had a revenue share of 47% in 2018.
Based on application, the pharmaceutical segment will provide lucrative opportunities for growth in the CDMO market share.
Based on region, North America will maintain the lead in the CDMO market share owing to the presence of big industry players and huge market penetration.
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By Company
- Lonza
- Catalent
- Patheon (Thermo Fisher Scientific)
- Aenova
- Siegfried
- Recipharm
- Strides Shasun
- Piramal
- Metrics
- AMRI
- Famar
- WuXi AppTech
- Asymchem
- Porton
- Amatsigroup
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SIMILAR REPORTS:
- The global Contract Research Organization (CRO) market size is projected to reach USD 124230 million by 2027, from USD 58000 million in 2020, at a CAGR of 11.4% during 2021-2027.
- The global Biologics CDMO Market size is projected to reach USD 23690 Million by 2028, from USD 11310 Million in 2021, at a CAGR of 10.9% during 2022-2028.
- The global Pharmaceutical Contract Manufacturing and Contract market size is projected to reach USD 127440 Million by 2027, from USD 82550 Million in 2020, at a CAGR of 6.4% during 2021-2027.
- The global Biopharmaceutical CMO & CRO market size is projected to reach USD 26770 Million by 2027, from USD 19780 Million in 2020, at a CAGR of 4.4% during 2021-2027.
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