Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Pharmaceutical Contract Manufacturing Organization (CMO) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global Pharmaceutical Contract Manufacturing Organization (CMO) Market is undergoing significant growth, anticipated to expand from an estimated USD 161.37 billion in 2023 to a projected USD 210.50 billion by 2028.
This remarkable surge, reflected in a Compound Annual Growth Rate (CAGR) of 5.46% during the forecast period (2023-2028), is largely driven by the increasing demand for generic medications, biologics, and innovative production technologies required to meet stringent regulatory standards.
The market is observing a trend towards consolidation among CMOs to maximize profitability and enhance their presence across the globe. A pivotal example of this was seen with South Korea's Celltrion investing a substantial USD 514 million to set up the largest biologics facility in Wuhan, China, doubling as a hub for local biotech manufacturing and fulfilling contract manufacturing needs.
With the pharmaceutical landscape's core competencies shifting to specialized areas, a reliance on CMOs for a variety of services, including the formulation of final dose medications, is mounting. This shift is primarily due to the efforts of pharmaceutical companies to focus on innovation and R&D rather than invest in manufacturing facilities, aiming to stay competitive in a market with tightening profit margins.
The recent Covid-19 pandemic has further underscored the role of CMOs, as pharmaceutical giants required swift scale-up in vaccine manufacture, necessitating numerous service agreements with CMOs. This pivot towards outsourcing has been a significant contributor to the market's robust growth.
Investments in R&D and Technological Advances Set to Propel Pharmaceutical CMO Market
- Significant investments in R&D by leading pharmaceutical companies, such as the United States, account for almost half of global R&D expenditure.
- An increase in specialized requirements for drug development and manufacture, necessitates the unique expertise and facilities of CMOs.
- Evolving market dynamics leading to a focus on value-added services and integration into comprehensive value chains.
North America stands out as a key region in the Pharmaceutical CMO Market, primarily due to the high quality of manufacturing driven by stringent regulations and the pivotal role the U.S plays in global pharmaceutical advancements. Innovations and growth in this sector are supported by governmental policies and emerging business models heavily dependent on the services provided by CMOs.
The Pharmaceutical CMO industry landscape features intense competition and an array of vendors operating across the spectrum, from those offering a full suite of services to specialized market niches. Recent developments such as OneBioSuite by Catalent, which caters to a range of biologic modalities, and the continued partnership between RedHillBiopharma and Recipharm for the manufacture of Talicia, a treatment for H. pylori infection, exemplify the dynamic and evolving nature of the market.
Strategic partnerships, heightened by the emergence of complex therapeutic categories and the demand for more enhanced manufacturing capabilities, indicate a thriving future for the CMO marketplace on a global scale.
This comprehensive analysis provides a decisive understanding of market trends, revealing the intricacies of the Pharmaceutical CMO landscape, and offers an insightful look into the future of this thriving industry.
For further information and a deeper dive into the Pharmaceutical Contract Manufacturing Organization (CMO) Market's growth trends and forecasts, please consult our latest market analysis overview, offering valuable insights and data-driven predictions for the industry's trajectory up to 2028.
A selection of companies mentioned in this report includes
- Catalent Inc.
- Recipharm AB
- Jubilant Biosys Ltd.(Jubilant Pharmova Ltd)
- Patheon Inc. (Thermo Fisher Scientific Inc.)
- Boehringer Ingelheim Group
- Pfizer CentreSource (Pfizer Inc.)
- Aenova Group
- Famar SA
- Baxter Biopharma Solutions (Baxter International Inc.)
- Lonza Group AG
- Tesa Labtec GmbH (TESA SE)
- Tapemark
- ARX LLC.
For more information about this report visit https://www.researchandmarkets.com/r/ektvgu
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Attachments
- Pharmaceutical Contract Manufacturing Organization Cmo Market Global Health Spending Per Capita In 2019 And Projection For 2050 In U S D
- Pharmaceutical Contract Manufacturing Organization Cmo Market Top Pharmaceutical Companies Based On R D Spending U S D
