New York, USA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global contract development and manufacturing organization market is expected to generate a revenue of $315.7 billion by 2026, growing rapidly at a CAGR of 12.4% during the forecast period (2019-2026). The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Influencing the CAGR Figures Pre and Post COVID-19 Outbreak
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market is predicted to grow at a CAGR of 12.4% during the forecast period, while it was anticipated to be 9.8% in the pre-pandemic scenario from 2019-2026. Increasing prevalence of chronic diseases among individuals around the globe is expected to drive the growth of the market during the forecast period. In addition, more and more pharmaceutical companies are contracting the contract development and manufacturing organizations. This factor is further predicted to drive the growth of the market during the forecast period.
Factors Influencing the Market Size Pre and Post COVID-19 Outbreak
According to the report, real-time market size has substantially increased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $178.9 billion in 2020, while its estimations were $152.2 billion in the pre-pandemic scenario. There has been a subsequent increase in the demand for pharmaceutical products to treat various infections and boost immunity of various individuals during the pandemic. In addition, significant surge in the geriatric population around the world is further expected to bolster the growth of the market during the forecast period.
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Post-Pandemic Insight
Various prominent players of the market hire contract development and manufacturing organizations so as to streamline various operations in the company in a systematic manner. This factor is expected to fuel the growth of the market in the post-pandemic era. In addition, increasing investment, strategic collaboration, and rising demand for cell and gene therapies are further expected to create tremendous opportunities for the growth of the market in the coming years.
Contract manufacturing organization is predicted to have the maximum share
On the basis of service, CDMO market is classified into contract research organization and contract manufacturing organization. Contract manufacturing organization segment generated a revenue of $92.6 billion in 2018 and is estimated to grow at a CAGR of 12.1% in the projected timeframe. The segment is predicted to grow with the rise in the pharma industries as it is mostly used for developing of drugs, commercializing of drugs, and trials of drugs.
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Key Players of the Market
The major players of the market include
- Thermo Fischer Scientific Inc.
- Catalent Inc.
- The Lubrizol Corp
- Lonza Group Ltd.
- FAMAR Health Care Services
- Almac Group Ltd
- Siegfried Holding AG
- Aenova Holding GmbH
- FAREVA SA
- Recipharm AB
and many more. These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions.
For instance, in February 2021, Quotient Sciences, a drug development and manufacturing accelerator, acquired Arcinova, a UK-based multiservice contract development and manufacturing organization, in order to extend Quotient’s service portfolio by facilitating clinical testing, and integration of drug substance and drug product under a single organization.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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