CHICAGO, April 19, 2023 /PRNewswire/ -- 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.
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.
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244 - Tables
47 - Figures
289 - Pages
Pharmaceutical Contract Manufacturing Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $176.5 billion |
Estimated Value by 2028 | $258.3 billion |
Growth Rate | Poised to grow at a CAGR of 7.9% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Service, End User, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging markets |
Key Market Drivers | High cost of In-House drug development is likely to propel the market growth |
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.
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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.
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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.
Pharmaceutical Contract Manufacturing Market Advantages:
- Reduction in the overall cost of production
- Access to the latest technologies and equipment
- Specialization and expertise in specific areas of the manufacturing process
- Increased production capacity
- Streamlined supply chain management
- Reduced risk of product contamination
- Improved product quality and safety
- Faster time to market
- Ability to focus on core competencies
- Greater flexibility in terms of product specifications and processes
Pharmaceutical Contract Manufacturing Market - Report Highlights:
- Key conferences, and events 2022-2023, key stakeholders & buying criteria, and trends/ disruptions impacting customer business are added in the market overview chapter.
- The new edition of the report provides updated financial information till 2022 (depending on availability) for each listed company in a graphical representation. This would help in the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, and business segment focus in terms of the highest revenue-generating segment.
- Impact of the recession has also been added in the new addition of the report.
- Recent developments are helpful to understand market trends and growth strategies adopted by players in the market.
- Tracking service portfolios of prominent market players helps to analyze the major services in the pharmaceutical contract development and manufacturing market. The new edition of the report provides an updated service portfolio of the companies profiled in the report.
- Market evaluation framework, market share analysis, and competitive leadership mapping have been added in the competitive landscape chapter of the report.
- The competitive leadership mapping has been updated considering recent developments in the company evaluation matrix.
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