Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Pharmaceutical Contract Development and Manufacturing Organization (CDMO) - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The global pharmaceutical contract development and manufacturing organization (CDMO) market is poised for significant growth, with a predicted increase from USD 238.47 billion in 2024 to USD 330.36 billion in 2029, expanding at a compound annual growth rate (CAGR) of 6.74%. Advanced manufacturing techniques, as well as the growth of small and mid-size pharmaceutical firms, are anticipated to be prominent contributing factors to this robust expansion.
Strategic Collaborations and Technological Advancements Fueling Market Dynamics
The market’s trajectory is being shaped by strategic collaborations and technological advancements within the sector. Due to increasing demand for generic drugs, biologics, and the need to fulfill complex manufacturing requirements, pharmaceutical companies continue to form profitable relationships with CMOs for both clinical and commercial-stage manufacturing. Additionally, the shift towards personalized medicine is transforming the CMO and CRO landscape, where technology and tailored solutions are becoming imperative for progression.
Asia-Pacific Expected to Lead in CRO Segment Growth
The Asia-Pacific region is expected to witness the fastest growth within the CRO segment, driven by cost advantages, patient recruitment capabilities, and an increase in the prevalence of chronic and lifestyle diseases. This trend is backed by burgeoning investment and initiatives in countries like China and India, further contributing to the global CDMO market expansion.
Market Overview and Competitive Landscape
The highly fragmented nature of the Pharmaceutical CDMO market is prompting a competitive environment with various vendors vying for significant market share. Companies are expected to enhance their service offerings through partnerships, innovations, and global expansions to secure a sustainable competitive advantage. Recent activities include acquisitions and broadened service capabilities to meet the evolving needs of the pharmaceutical industry. The sector stands at the precipice of a transformative era, fueled by ingenuity and the ongoing pursuit of efficiency and cost-effectiveness in drug development and manufacturing.
The symbiosis of regulatory strategy, operational excellence, and advanced technologies signifies a matured market, poised to meet the ever-growing demands of the pharmaceutical landscape. This not only upholds the promise of innovation but also reinforces the global commitment to enhancing patient care and therapeutic development.
These trends indicate a market that is responsive to both the present needs and future challenges of pharmaceutical development, ensuring robust growth and sustained investments in the coming years.
A selection of companies mentioned in this report includes, but is not limited to:
- 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 (Baxter International Inc.)
- Lonza Group
- Tesa Labtec GmbH (TESA SE)
- Tapemark
- ARX LLC
- CMIC Holdings Co. Ltd
- LabCorp Drug Development
- Syneos Health Inc.
- LSK Global Pharma Service Co. Ltd
- Novotech Pty Ltd
- PAREXEL International Corporation
- Pharmaceutical Product Development LLC (Thermo Fisher Scientific Inc.)
- PRA Health Sciences Inc. (Icon PLC)
- Quanticate Ltd
- IQVIA Holdings Inc.
- SGS Life Science Services SA
- Hangzhou Tigermed Consulting Co. Ltd
- Samsung Bioepis Co. Ltd
- WuXi AppTec Inc.
- Sagimet Biosciences (3V Biosciences Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/bb0r5y
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