New York, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global contract development and manufacturing organization market is expected to garner a revenue of $315.7 billion and grow at 12.4% CAGR during the 2019-2026 analysis period. The extensive report provides a concise outlook of the present market scenarios, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the analysis timeframe. The report also offers detailed market figures, which makes it easier and more beneficial for new participants to understand the real-time scenario of the market.
Factors Impacting the Market Size Pre and Post Covid-19 Pandemic
According to the report, the real-time market size has prominently 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. Increasing geriatric population across the globe and the growing prevalence of chronic diseases especially among the elderly people are some factors to boost the global contract development and manufacturing organization market during the forecast period. Additionally, the rising demand for pharmaceutical products is also projected to propel the market growth by 2026.
Factors Impacting the CAGR Figures Pre and Post Covid-19 Pandemic
As per the report, the global contract development and manufacturing organization market is predicted to grow at a CAGR of 12.4% during the analysis years, while it was anticipated to grow at 9.8% CAGR in the pre-pandemic scenario. The proactive increase in the inventory by several manufacturing brands with the help of government officials along with organizations’ emphasis on outsourcing its manufacturing tasks to enhance operational efficiency are some factors to augment the market growth during the forecast years. For instance, Samsung Electronics Co., minimized the potential impact of covid-19 catastrophe by moving its smartphone production from South Korea to Vietnam with major CDMOs amid the spread of the corona virus in South Korea region.
Post Pandemic Insights
As per the report, the global contract development and manufacturing organization market is estimated to prosper immensely in the upcoming years mainly due to the growing demand for CDMOs from end-use industries, especially pharmaceutical companies, to organize and align work in an appropriate manner and perform required duties. Furthermore, strategic alliances among prominent market players along with rising outsourcing of clinical traits to CDMOs to ensure that the business sustains in the long run is also anticipated to bolster the market development in the upcoming years.
Significant Market Players
Some significant contract development and manufacturing organization market players include
- Recipharm AB
- The Lubrizol Corp
- Catalent Inc
- Lonza Group Ltd
- Almac Group Ltd
- Thermo Fisher Scientific Inc
- FAMAR Health Care Services
- FAREVA SA
- Siegfried Holding AG
- Aenova Holding GmbH
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 September 2022, Ampersand Capital Partners, a Boston-based private equity organization with significant experience in healthcare investing, announced its acquisition of LuinaBio, a microbial contract development and manufacturing organization (CDMO), to increase the latter’s production facility capacity and boost its presence in the APAC region.
The report also sums up many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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