Newark, NJ, May 12, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketQuest.biz, the global contract bio-manufacturing organization (CMO) market is expected to grow from USD 22.19 billion in 2021 to USD 53.18 billion by 2030, at a CAGR of 10.20% during the forecast period 2022-2030.
The increasing investments towards improving the healthcare infrastructure are accompanied by rising capital expenditure on new research and development. The research and development are in manufacturing new and improved medical devices or instruments, drug tests, vaccine trials, and other testing procedures. Such trials, tests, and procedures evaluate the medical devices and drugs' safety, efficacy, and commercial viability. With the emergence of new precision technologies, lifestyle diseases, disorders, and the demand for better healthcare, hospitals, clinics, research, and government institutions focus on innovating and developing solutions to these diseases and conditions. High costs are endured by the institutions, including state-of-the-art technologies, hiring experts, expensive drugs, and other legal compensational expenses while performing the elaborate process of trials from its initial stages to its possible successful completion. For primary healthcare providers, such extensive capital funding of trials is not viable, considering their primary functions of providing health care to patients take precedence. Contract bio- manufacturing organizations are the ideal substitute for in-house trial, testing, or manufacturing of products or devices. Contract bio-manufacturing organizations are equipped with the latest technologies in the market, are experts in the industry, and have the luxury of focusing only on manufacturing specified drugs or devices. They can reduce downtime, improve quality, and provide a faster assembly, increasing efficiency. Therefore, the rising investments in research and development to improve the healthcare facilities will prove positive for the growth of global contract bio-manufacturing organizations. However, the lack of direct oversight and the increased risk of losing sensitive information will limit the development of the CMO market.
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Competitive Strategy
To enhance their market position in the global contract bio-manufacturing organization (CMO), the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- INCOG BioPharma Services is a contract development and manufacturing organization based in Indiana, USA. They specialize in sterile injectables. INCOG Biopharma Services announced the completion of their new manufacturing facility in Fishers. The facility will also be the global headquarters for the company as they aim to expand its global footprint.
Market Growth & Trends
Outsourcing in the pharmaceutical industry is gaining popularity as CMOs provide the expertise and state-of-the-art technology which delivers effective and faster results. Outsourcing enables the in-house professionals and other stakeholders to focus on the institution's primary functions, which is vital to its survival. The burden of regulatory compliance is included in the services offered by the CMOs. CMOs are flexible, reliable, versatile, and have industry professionals to assist the stakeholders. The developed countries of the world have well-established CMOs considering the extensive amount of capital spent on improving the healthcare infrastructure. However, developing countries like India will contribute significantly to the growth of CMOs. The large pharma market of the Indian economy and increased government healthcare spending will provide lucrative opportunities for the CMOs. The pandemic has led to various research and healthcare institutions, and an increased focus on developing indigenous medicines, vaccines, drugs, and procedures has also gained popularity. The government has encouraged such initiatives by establishing standard regulatory guidelines and other welfare measures. The expanding pharma sector, growing healthcare demands of the rising populations, and increasing government healthcare expenditure will contribute to the growth of CMOs in the developing Asian region.
Key Findings
- In 2021, the big bio/pharma type segment dominated the market with the largest market share of 48.17% and market revenue of 10.68 billion.
The type segment is divided into big bio/pharma type, small/med bio/pharma type, & virtual/emerging type. In 2021, the big bio/pharma type segment dominated the market with the largest market share of 48.17% and market revenue of 10.68 billion.
- In 2021, the pharmaceutical industry segment accounted for the largest share of the market, with 62.67% and a market revenue of 13.90 billion.
The application segment is divided into pharmaceutical industry, biotechnology, & others. In 2021, the pharmaceutical industry segment accounted for the largest share of the market, with 62.67% and a market revenue of 13.90 billion.
Regional Segment Analysis of the Contract bio-manufacturing organization (CMO)
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global contract bio-manufacturing organization (CMO), with a market share of around 31.81% and 7.05 billion of the market revenue in 2021. North America dominated the contract bio-manufacturing market owing to the well-established pharmaceutical industry with significant market players operating in the region. The availability of capital and access to the latest technologies also contributes to the region's dominance in the global contract bio-manufacturing organizations industry. The expenditure on healthcare is a higher percentage of the GDP in countries of these regions than other regions, which indicates the favorable fiscal environment for the growth of the CMOs industry.
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Key players operating in the global contract bio-manufacturing organization (CMO) are:
- Abzena
- Althea
- Asymchem Laboratories Inc.
- Baxter BioPharma Solutions
- Boehringer Ingelheim
- Celltrion
- Bomag
- Cytovance Biologies
- Fujifilm Diosynth Technologies
- KBI BioPharma
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Market Quest has segmented the global contract bio-manufacturing organization (CMO) based on the below-mentioned segments:
Global Contract Bio-Manufacturing Organization (CMO) Market by Type:
- Big Bio/Pharma Type
- Small/Med Bio/Pharma Type
- Virtual/Emerging Type
Global Contract Bio-Manufacturing Organization (CMO) Market by Application:
- Pharmaceutical Industry
- Biotechnology
- Others
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About the report:
The global contract bio-manufacturing organization (CMO) market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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