Hyderabad, March 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Pharmaceutical CDMO Market Size - 2023-2028," the market is expected to register a CAGR of 7.29%. The contract development and manufacturing organization outsourcing market may expand due to the expanding pharmaceutical sector. The CRO industry is currently experiencing rapid growth due to a variety of factors. Pharmaceutical companies are increasingly tapping CROs for clinical and commercial-stage manufacturing as they understand the potential financial benefits. In addition, changing consumer demand has led to heightened expectations of product performance, with more affordable medications and higher levels of productivity being sought. New technologies like artificial intelligence and digitization are also playing a major role in driving the rise of the CRO industry, along with emerging biopharma companies and the growing use of personalized medicine.
CDMO Market Share - What is driving the growth of the Pharmaceutical CDMO Market?
According to a survey conducted by EY in July 2022, the number of CDMOs has increased over the past decade, with mergers and acquisitions (M&A) and consolidations being the main growth drivers. The EY team analyzed multiple deals and reviewed 92 publicly disclosed internal investments from 15 select global CDMO companies to provide a consolidated view of the CDMO's M&A landscape.
- The United States is one of the largest pharmaceutical markets, accounting for about half of the R&D spending in the pharmaceutical and biotech markets.
- CDMOs play a vital role in this market, investing in new facilities and technologies to serve a wide range of outsourcing entities.
- In June 2021, Bengaluru-based Kemwell Biopharma acquired two new clients from the United States for end-to-end novel biologics projects, including development and clinical manufacturing.
- It continued supporting commercial drug product manufacturing for the two clients despite the COVID-19 lockdowns to ensure uninterrupted supplies.
- It successfully manufactured over 20 batches of a commercially approved drug substance at a 2,000-l scale.
- In January 2022, Aragen Life Sciences (formerly GVK Biosciences) stated that the demand for outsourced research, development, and manufacturing services may continue to gain momentum.
- With the increasing demand for end-to-end integrated services, the CRO and CDMO industries are likely to consolidate globally and in India.
The need for proper infrastructure for the safe handling and containment of high-potency drugs, especially the appropriate analytical skills for high-potency drugs and adequate project management (including proper launch, execution, and completion), may help the market for R&D stand out in the future.
How is the growth being addressed?
The Asia-Pacific region is poised to experience the highest levels of growth in the CRO market during the forecast period owing to its cost advantage over other regions. Furthermore, increasing incidences of chronic and lifestyle diseases such as diabetes and heart disease, access to patient recruitment, and availability of experts for clinical trials have all contributed to heightened growth prospects in this part of the world.
For instance, China has over 180 million elderly citizens suffering from chronic diseases, with 75% having more than one disease, according to the National Health Commission (NHC). By 2030, the treatment of cardiovascular diseases may cost the Chinese government around USD 1,044 billion.
In April 2021, dMedGlobal, a full-service clinical CRO based in Shanghai, China, and Clinipace Incorporated, also a full-service clinical CRO, announced a merger, which is expected to meet the needs of fast-moving biotech, pharma, and medical device companies and accelerate the delivery of innovative solutions to patients in the region and worldwide.
Who are the key players in the Pharmaceutical CDMO Market?
The pharmaceutical CDMO market is fragmented, with several vendors holding significant market share. Some of the key market players are:
- Catalent Inc.
- Recipharm AB
- Jubilant Pharmova Ltd
- Patheon Inc. (Thermo Fisher Scientific Inc.)
- Boehringer Ingelheim Group
- Pfizer CentreSource
- Aenova Holding GmbH
- Famar SA
- Baxter Biopharma Solutions
- Lonza Group
- Tesa Labtec GmbH
- Tapemark
- ARX LLC
- CMIC Holdings Co. Ltd
Recent Developments in the Pharmaceutical CDMO Market:
- October 2022 - BiohavenPharmaceutical Holding Company Ltd was acquired by Pfizer Inc. in a transaction amounting to USD 11.6 billion. BiohavenPharmaceutical is the manufacturer of NURTEC ODT (rimegepant), a new migraine medicine licensed for both acute treatment and prevention of episodic migraine in adults.
- September 2022 - Lonza collaborated with Touchlight, a biotechnology start-up that developed enzymatic DNA manufacturing, to fuel the genetic medicine revolution.
- August 2022 - Aenova announced its plans to diversify its product development and production capabilities, especially in active medicinal components' bioavailability.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance of the report at https://www.mordorintelligence.com/industry-reports/pharmaceutical-contract-development-and-manufacturing-organization-cdmo-market
About Mordor Intelligence
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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