Dublin, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The "Global Pharmaceutical Contract Manufacturing And Research Services Market Size, Share & Trends Analysis Report by Service (Manufacturing, Research), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global pharmaceutical contract manufacturing and research services market size is expected to reach USD 276.8 billion by 2028 and is expected to expand at a CAGR of 5.75% from 2021 to 2028
The rising investments in R&D, increasing demand for generics, and the growing aging population with various chronic diseases are responsible for market growth.
The focus of large pharmaceutical companies to strategically engage with a small number of preferred providers is a meaningful solution from procurement-based outsourcing. This was one of the many business traits that this service industry has become accustomed to. Service providers that hold the potential of providing cost and quality advantages are set to make inroads and grow at a tremendous pace in the forecast period.
However, drug manufacturers are increasing their investments with respect to production capabilities. This may limit the potential growth of contract manufacturing services to traditional customers, thereby hampering industrial growth. However, the COVID-19 pandemic has provided new opportunities for pharmaceutical contract manufacturing and research services.
Because of this pandemic, the contract service sector has switched its focus towards manufacturing COVID-19 therapies and vaccines. For example, 42 contract manufacturing services have publicly disclosed for 26 unique pipeline COVID-19 vaccines that they shall manufacture.
The majority of vaccine manufacturers have been seen to partner with CMOs in locations, such as the U.K., the U.S., and Germany.
Pharmaceutical Contract Manufacturing And Research Services Market Report Highlights
By service, the manufacturing segment dominated the market in 2020. In this segment, Active Pharmaceutical Ingredient (API) / bulk drugs held the largest revenue share in 2020. Pharmaceutical companies prefer outsourcing services for API research and manufacturing owing to the reduction in the cost of production of APIs
In the manufacturing service segment, finished dose formulations are expected to register the fastest CAGR from 2021 to 2028
The research service segment is further segmented based on therapeutic area, wherein oncology held a significant share in 2020 and is anticipated to maintain its lead in the coming years
CMOs/CDMOs with the ability to establish facilities in emerging countries are expected to drive the market. The contract service sector is in its infancy in countries, including Brazil. Russia, India, and China
Companies can position themselves for strong growth, given that demand is expected to expand rapidly in the coming years. Increased competitiveness in the contract service sector is anticipated to ultimately benefit the sector growth
Market Variables, Trends & Scope
Market driver analysis
Drug shortage leading to drive demand for pharmaceutical development
Lower manufacturing costs and improving economic condition of BRIC
Market restraint analysis
Limited outsourcing among big pharma companies' clients
Regulatory issues pertaining to the drug approval
Boehringer Ingelheim GmbH
Jubilant Life Sciences Limited
Pfizer, Inc. (Pfizer CenterOne)
Charles River Laboratories International, Inc.
Albany Molecular Research, Inc.
Covance, Inc. (LabCorp)
Baxter BioPharma Solutions
Aenova Holding GmbH
Valeant Pharmaceuticals International Inc.
Ligand Pharmaceuticals, Inc.
Pharmaceutical Product Development, LLC
Famar Health Care Services
Catalent Pharma Solutions
West Pharmaceutical Services, Inc.
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