San Francisco, 24 Aug 2021: The Report Pharmaceutical Contract Manufacturing And Research Services Market Size, Share & Trends Analysis Report By Service (Manufacturing, Research), By Region, And Segment Forecasts, 2021 – 2028
The global pharmaceutical contract manufacturing and research services market size is expected to reach USD 276.8 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.75% from 2021 to 2028. The rising investments in R&D, increasing demand for generics, and the growing aging population with various chronic diseases are responsible for market growth.
The focus of large pharmaceutical companies to strategically engage with a small number of preferred providers is a meaningful solution from procurement-based outsourcing. This was one of the many business traits that this service industry has become accustomed to. Service providers that hold the potential of providing cost and quality advantages are set to make inroads and grow at a tremendous pace in the forecast period.
However, drug manufacturers are increasing their investments with respect to production capabilities. This may limit the potential growth of contract manufacturing services to traditional customers, thereby hampering industrial growth. However, the COVID-19 pandemic has provided new opportunities for pharmaceutical contract manufacturing and research services. Because of this pandemic, the contract service sector has switched its focus towards manufacturing COVID-19 therapies and vaccines. For example, 42 contract manufacturing services have publicly disclosed for 26 unique pipeline COVID-19 vaccines that they shall manufacture. The majority of vaccine manufacturers have been seen to partner with CMOs in locations, such as the U.K., the U.S., and Germany.
Access Research Report of Pharmaceutical Contract Manufacturing And Research Services Market @ https://www.grandviewresearch.com/industry-analysis/pharmaceutical-contract-manufacturing-market
Pharmaceutical Contract Manufacturing And Research Services Market Report Highlights
- By service, the manufacturing segment dominated the market in 2020. In this segment, Active Pharmaceutical Ingredient (API) / bulk drugs held the largest revenue share in 2020. Pharmaceutical companies prefer outsourcing services for API research and manufacturing owing to the reduction in the cost of production of APIs
- In the manufacturing service segment, finished dose formulations are expected to register the fastest CAGR from 2021 to 2028
- The research service segment is further segmented based on therapeutic area, wherein oncology held a significant share in 2020 and is anticipated to maintain its lead in the coming years
- CMOs/CDMOs with the ability to establish facilities in emerging countries are expected to drive the market. The contract service sector is in its infancy in countries, including Brazil. Russia, India, and China
- Companies can position themselves for strong growth, given that demand is expected to expand rapidly in the coming years.Increased competitiveness in the contract service sector is anticipated to ultimately benefit the sector growth
List of Key Players of Pharmaceutical Contract Manufacturing And Research Services Market
- Catalent
- Pharmaceutical Product Development LLC
- AbbVie
- Baxter BioPharma Solutions
- Patheon
- Grifols International, S.A.
- Dalton Pharma Services
- Boehringer Ingelheim Biopharmaceuticals GmbH
- Lonza AG
Access Press Release of Pharmaceutical Contract Manufacturing And Research Services Market @ https://www.grandviewresearch.com/press-release/global-pharmaceutical-contract-manufacturing-contract-research-market
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