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REDDING, Calif. , May 19, 2022 /PRNewswire/ -- According to a new market research report, "Pharmaceutical Contract Development and Manufacturing Market by Service {Manufacturing [API, FDF (Parenteral, Tablet, Capsule, Oral Liquid)], Drug Development, Biologics Manufacturing, Packaging}, End User [Large Pharma, Generic] - Global Forecast to 2029," published by Meticulous Research®, the pharmaceutical contract development and manufacturing market is expected to grow at a CAGR of 7.5% from 2022 to reach $226.35 billion by 2029.
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Pharmaceutical contract development and manufacturing organization offers various services based on a contract to small or large pharmaceutical companies. These services include active pharmaceutical ingredient (API) manufacturing, finished dosage form (FDF) manufacturing, drug development & drug discovery services, and biologics manufacturing services.
The growth of the pharmaceutical contract development and manufacturing market is attributed to the complex manufacturing requirements of the pharmaceutical industry, manufacturers' growing inclination toward the use of cutting-edge technologies, patent expiration of pharmaceuticals, increasing investments in pharmaceutical R&D, the rising demand for generic medicines & biologics, and the outbreak of the COVID-19 pandemic.
In addition, the growing demand for cell and gene therapies and personalized medicines and growth in high potency active pharmaceutical ingredients (HPAPIs) and antibody-drug conjugates (ADCs) markets is expected to offer significant opportunities for the growth of the pharmaceutical contract development and manufacturing market. However, the lack of skilled professionals and the introduction of serialization are some of the challenges to the growth of this market.
Impact of COVID-19 on the Pharmaceutical Contract Development and Manufacturing Market
The outbreak of the COVID-19 pandemic catalyzed the demand for pharmaceuticals, stirring the development of COVID-19 vaccines, antiviral drugs, antibody therapy, and various other associated pharmaceutical products. According to WHO, the number of COVID-19 cases increased rapidly across the globe. Countries such as the U.S., Brazil , India , and major European countries, were severely affected by the pandemic, increasing the demand for biopharmaceutical products with a subsequent increase in drug production.
Most pharmaceutical companies, CDMOs, and research institutes are collaborating to translate research into effective pharmaceutical products and fulfill the abrupt increase in demand. For instance:
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The global pharmaceutical contract development and manufacturing market is segmented on the basis of service {manufacturing [API, FDF (parenteral, tablet, capsule, oral liquid)], drug development, biologics manufacturing, packaging}, end user [large pharma, generic]. The study also evaluates industry competitors and analyzes their market share at global and regional levels.
Based on service, the global pharmaceutical contract development and manufacturing market is segmented into pharmaceutical manufacturing services, drug development services, and biologics manufacturing services. In 2022, the pharmaceutical manufacturing services segment is estimated to account for the largest share of the pharmaceutical contract development and manufacturing market. The large market share of this segment is attributed to the growing need to reduce manufacturing costs in the pharmaceutical industry, the increasing requirement for high-quality bulk manufacturing, and the growing demand for generic drugs. However, the biologics manufacturing services segment is expected to grow at the highest CAGR during the forecast period.
Based on end user, the pharmaceutical contract development and manufacturing market is segmented into large pharmaceutical companies, small & mid-size pharmaceutical companies, and generic pharmaceutical companies. In 2022, the large pharmaceutical companies segment is estimated to account for the largest share of the pharmaceutical contract development and manufacturing market. However, the generic pharmaceutical companies segment is slated to register the highest growth rate during the forecast period. The high growth of this segment is driven by the increasing competition in the generics market, resulting in pricing pressures and the pharmaceutical industry's inclination toward cutting-edge technologies offered by contract development and manufacturing companies.
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Based on geography, in 2022, North America is expected to account for the largest share of the pharmaceutical contract development and manufacturing market, followed by Europe and Asia-Pacific . The large share of this region is mainly attributed to the growing demand for generic drugs and biologics, increasing consolidation of CDMOs, the rising demand for biosimilars due to patent expiry, and increasing expenditures on outsourcing. Furthermore, the contract manufacturing market in North America is highly competitive due to organizations' emphasis on pharmaceutical and biotechnology research. However, Asia-Pacific is slated to register the highest CAGR during the forecast period.
The report includes an extensive assessment of the service portfolio, geographic analysis, and key strategic developments in the industry's leading market participants over the past four years (2019–2022). The report also covers the list of manufacturing facilities of the major players and market share analysis for the top 19 players in the market. The pharmaceutical contract development and manufacturing market has witnessed several partnerships, collaborations, & agreements; acquisitions; and expansions in recent years. For instance, in April 2022 , Cambrex Corporation (U.S.) invested USD 50 million to expand its large-scale active pharmaceutical ingredient (API) manufacturing capabilities in Charles City, Iowa , U.S. This expansion will increase the capacity of Cambrex's API facility by 30%. In December 2021 , Samsung Biologics extended its agreement with AstraZeneca plc (U.K.) to produce drug substances and products. In January 2021 , Thermo Fisher Scientific, Inc. (U.S.) acquired the European viral vector manufacturing business Groupe Novasep SAS (France ) to provide manufacturing services for vaccines and therapies to biotechnology companies and large biopharma customers.
Some of the key players operating in this market are Thermo Fisher Scientific Inc. (U.S.), Catalent Inc. (U.S.), Lonza Group Ltd (Switzerland ), Recipharm AB (Sweden ), Vetter Pharma International GmbH (Germany ), Piramal Enterprises Limited (India ), Almac Group (U.K.), Cambrex Corporation (U.S.), Samsung Biologics Co., Ltd (South Korea ), Siegfried Holding AG (Switzerland ), FUJIFILM Diosynth Biotechnologies (Japan ), Aenova Group (Germany ), Jubilant Pharmova Limited (India ), Curia Global, Inc. (U.S.), C.H. Boehringer Sohn AG & Co. KG (Germany ), Fareva SA (Luxembourg ), Fabbrica Italiana Sintetici S.p.A. (Italy ), WuXi Biologics (Cayman) Inc. (China ), and Aurobindo Pharma Ltd. (India ).
Browse in-depth TOC on "Pharmaceutical Contract Development And Manufacturing Market - Global Opportunity Analysis And Industry Forecast (2022-2029)" click here: https://www.meticulousresearch.com/product/pharmaceutical-contract-development-and-manufacturing-market-5171
Pharmaceutical Contract Development and Manufacturing Market, by Service
Pharmaceutical Contract Development and Manufacturing Market, by End User
Pharmaceutical Contract Development and Manufacturing Market, by Geography
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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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