Chicago, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The "Pharmaceutical Contract Manufacturing Market Size, Share & Trends by Service (Drug Development, Pharmaceutical (API, FDF - Parenteral, Tablet, Capsule, Oral Liquid), Biologics (API, FDF), Packaging & Labelling, Fill-finish), End Users - Global Forecasts to 2029”, report highlights substantial growth projections. It anticipates the market to escalate from $200.9 billion in 2024 to $319.6 billion by 2029, at a notable CAGR of 9.7%. The pharmaceutical contract manufacturing market is driven by the rising use of generic drugs, advances in CMOs technology, high costs of in-house drug discovery, and regulatory filings by CMOs. The integration of AI in drug development and manufacturing is enhancing efficiency, quality, and reducing costs. Lonza's AI-powered Route Scouting Service, launched in April 2024, exemplifies this trend by combining expertise in chemical supply chains with Elsevier AI technology for faster API development. However, strict regulations and varying regional requirements pose challenges. Emerging markets, particularly in Asia Pacific, present significant growth opportunities due to lower costs and increasing demand. India's role is expected to expand as production shifts from China. Serialization and other regulatory requirements add complexity, necessitating substantial investment from CMOs. The market is dominated by pharmaceutical manufacturing services, with big pharmaceutical companies anticipated to experience the highest growth rate. North America led the market in 2023, followed by Europe and Asia Pacific. Key players include Thermo Fisher Scientific, Lonza, WuXi Apptec, and Catalent.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=201524381
Thermo Fisher Scientific: Market Leader in Pharmaceutical Contract Manufacturing
Thermo Fisher Scientific leads the pharmaceutical contract manufacturing market, holding the largest market share in 2023. The company offers a comprehensive suite of services, including formulation and process development, analytical services, and commercial manufacturing. Its extensive service portfolio, coupled with robust regional and brand recognition, contributes to its dominant market position. Thermo Fisher maintains its leadership by focusing on organic growth strategies, such as the introduction of new services. Notably, in March 2024, the company launched a diverse range of cold and ultra-cold storage solutions to support global clinical trials and biorepository needs.
Catalent, Inc.: Prominent Player in Pharmaceutical Contract Manufacturing
Catalent, Inc. is a leading CDMO, providing development solutions for pharmaceuticals, biologics, and consumer and animal health products. The company offers a variety of delivery systems, including oral, injectable, and respiratory methods, supported by its proprietary technology and global infrastructure. Catalent emphasizes collaborative innovation to meet the needs of the pharmaceutical and biotechnology sectors, maintaining a strong market presence through its extensive facilities and development hubs worldwide.
Lonza Group: Comprehensive Solutions in Pharmaceutical Contract Manufacturing
Lonza Group (Switzerland) is a key player in the pharmaceutical contract manufacturing sector, offering integrated solutions across the entire value chain, from molecule development to patient delivery. The company caters to government research institutions, biotechnology firms, and pharmaceutical and healthcare product manufacturers. Lonza's focus for 2023 is on geographic expansion to enhance its global footprint and support its comprehensive service offerings, which span various technologies and sectors.
Request for FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=201524381
Pharmaceutical Contract Manufacturing Market Segmentation
The pharmaceutical contract manufacturing market is categorized by service types, including drug development services, pharmaceutical manufacturing services, biologic manufacturing services, packaging and labeling services, fill-finish services, and other services. Pharmaceutical manufacturing services hold the largest market share due to the rising demand for specialized production facilities, advanced tools, and operational expertise. This demand is driven by pharmaceutical companies' increasing focus on core activities, prompting them to outsource functions such as API production.
End-User Market Insights
The market is segmented by end-users into big pharmaceutical companies, small and mid-sized pharmaceutical companies, generic pharmaceutical companies, and other end-users like academic institutes, small CDMOs, and CROs. Big pharmaceutical companies dominate the market, primarily due to their high demand for comprehensive services, growing pricing pressures, and challenges in drug development pipelines. These factors drive the substantial share of big pharmaceutical companies in the market.
Regional Market Overview
The market is divided into six major regions: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America led the market in 2023, accounting for the largest share. This dominance is attributed to a well-established pharmaceutical industry, numerous ongoing clinical trials, substantial R&D investments, advancements in biosimilars and generics, and increasing outsourcing of preclinical and clinical development. The presence of major pharmaceutical and biopharmaceutical companies, such as Pfizer Inc., Abbott Laboratories, AbbVie Inc., and Johnson & Johnson, further drives demand for outsourcing services. Increased funding for new treatments and research also supports market growth in the region.
For More information, Inquire Now.
Related Reports:
Contract Research Organization Services Market
Clinical Trial Supplies Market
Peptide Synthesis Market
Bioanalytical Testing Services Market
Bioprocess Containers Market
Get access to the latest updates on Pharmaceutical Contract Manufacturing Companies and Pharmaceutical Contract Manufacturing Market Share
