Biopharmaceuticals Contract Manufacturing Market Surpass 25,497.26 million by 2027 Says, The Insight partners
According to The Insight Partners market research study of ‘Biopharmaceuticals Contract Manufacturing Market to 2027 – Global Analysis and Forecasts by Product, and Service.’ The global biopharmaceuticals contract manufacturing market is expected to reach US$ 25,497.26Mn in 2027 from 13,727.13Mn in 2019. The market is estimated to grow with a CAGR of 8.2% from 2020-2027. The report provides trends prevailing in the global biopharmaceuticals contract manufacturing market and the factors driving market along with those that act as hindrances.
Biopharmaceuticals contract manufacturing refers to pharmaceutical companies outsourcing the development and manufacturing of drugs. CMOs have become a known name among pharmaceutical companies due to their cost effective services. The CMOs offer a wide range of services including research and development, analytical services and final dosage preparation and packaging. Moreover, growing biopharma industry is offering lucrative opportunities for the growth of the market. The growth of the Biopharmaceuticals Contract Manufacturing market is attributed to the some key driving factors such as increase demand of biologics, growing biosimilar pipeline, stringent regulation and increasing outsourcing activities. However, increasing competition in the industry is expected to restraint the growth of the market during the forecast years.
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Biopharmaceuticals Contract Manufacturing Market Competitive Landscape
Leading companies operating in the biopharmaceuticals contract manufacturing marketare Lonza Group AG, Boehringer Ingelheim International GmbH, Inno Biologics Ventures Sdn Bhd,Thermo Fisher Scientific, AbbVie Inc., and WuXi Biologics, General Electric, Samsung Biologics, Merck KGaA, Ajinomoto Co., Inc. among others.
The biopharmaceuticals contract manufacturing market is expected to grow, owing to the increasing outsourcing by pharmaceutical companies, growing biologics pipeline and growth in emerging markets. However, increasing competition among contract manufacturers is expected to restraint the growth of the market during the forecast years.
Increasing Demand of Biologics
The contract manufacturing market for biologics is growing at an unprecedented rate owing to increasing biologics pipeline, manufacturing complexity, and companies shifting their focus towards core activities. Presently, many pharmaceutical and biotechnology companies outsource varied services from early-stage drug development to commercial-scale manufacturing. The outsourcing is required to expedite research and development, speed up market entry, give access to novel technologies, regulatory expertise, and reduces risks at a competitive cost. Complexities in biologics development and production and increasingly stringent quality standards have driven drug manufactures to prefer contract manufacturer services. Moreover, many companies are opting CMOs services to speed up the development process and lower production costs. For instance, in 2019, Dyadic International, Inc. agreed with Luina Bio Pty Ltd for the development and commercialization of its specific targeted antigen and biological products.
Biopharmaceuticals Contract Manufacturing Market Segmentation Review
Based on product, biopharmaceuticals contract manufacturing market is segmented into biosimilar and biologics. The biologics segment held the largest share of the market in 2019 owing to increasing demand for biologics, increasing research, and development activities to develop new drugs for chronic indications in the forecast period. The market for biosimilar is expected to register the highest CAGR in the market during the forecast period due to patent expiration of blockbuster drugs and increasing pipeline.
The biopharmaceuticals contract manufacturing market, by service, is segmented into development process, final dosage operations, analytical and quality control and final packaging. In 2019, the development process accounted for the largest market share in the global biopharmaceuticals contract manufacturing market owing to cutting edge technologies, risk becomes higher for small drug manufactures. However, analytical and quality control services are expected to grow at a significant CAGR in the forecast period owing to stringent regulatory regulation and complex manufacturing requirements of biologics.
Biopharmaceuticals Contract Manufacturing Market– By Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa
- South America
- Rest of South America
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