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Biopharmaceutical CMO and CRO Market Size is Projected to Hit US$ 59.13 Billion by 2030

Precedence Research

Biopharmaceutical CMO and CRO Market Size 2022-2030, Market Share Analysis, Growth, Trends, Covid 19 Outbreak Impact Research Report Added by Precedence Research.

The global biopharmaceutical CMO and CRO market size is projected to hit USD 59.13 billion by 2030. Furthermore, the CAGR from 2022 to 2030 is positioned to be at a CAGR of 7.4%.

The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2022 to 2030.

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The biopharmaceutical CMO and CRO is an integral part of the biopharmaceutical industry. The CMO and CRO are directly linked and influenced by the biopharmaceutical industry. CMO stands for contract manufacturing organizations that sets up manufacturing plants and produces biopharmaceutical products on large scale on contract basis. These organizations are manufacturing specialists that saves cost and time of the contractor and provides efficient output.

The CRO refers to the contract research organizations that undertake the task of various research and developmental activities assigned by the contractors and helps in the development of new and innovative drugs. The rising demand for the biopharmaceutical drugs among the consumers has contributed to the rapid growth of the biopharmaceutical industry. Biopharmaceutical is rapidly growing globally and it alone accounts for over 20% of the total pharmaceutical industry. Growing investments and manufacturing contracts by the small and medium sized pharma industry players is propelling the growth of the CMO and CRO in the market significantly.

Crucial factors accountable for market growth are:

Market Dynamics:

Drivers

The global biopharmaceutical CMO and CRO market is primarily driven by the increasing popularity and increasing investments by the key players in the biopharmaceutical industry for the development of cost-effective and innovative drugs.

Restraints

The lack of proper healthcare infrastructure in the underdeveloped economies, lack of awareness regarding technologically advance biopharma products, and high costs involved are the major factors that may hamper the market growth.

Opportunities

The growing research and development activities carried on by the key market players to develop effective drugs and medicines for various serious illnesses and disease like cancer may open up new opportunities in the upcoming future.

Challenges

Lack of adequate capital in the hands of the small pharmaceutical developers who have interests in shifting towards the biopharmaceuticals is a major challenge that may slow down the growth of the global biopharmaceutical CMO and CRO market.

Recent Developments

Report Highlights

Regional Snapshots

North America is the leading biopharmaceutical CMO and CRO market. The US accounts for around 33.33% of the global biopharmaceutical CMO market and is also the leader in biopharmaceutical CRO market. As per the Pharmaceutical Research and Manufacturers Association, US has the property rights on majority of the new medicines. North America is characterized by supportive setting for the commercialization and development of medicines, rewards to the developers in the form of intellectual property rights, and supportive regulatory framework for the biopharmaceuticals. This helps in attracting capital investments in North America region for the development of biopharmaceutical companies. This is a significant growth factor that boosts the growth and development of the biopharmaceutical CMO and CRO market in the region.

Asia Pacific is estimated to be the fastest-growing region, owing to enhanced regulatory framework regarding the biopharmaceuticals, greater supply of capital, and support from the government. In South Korea, the Samsung Biologics witnessed a spike in its sales by 56% in 2017. Further, the Celltrion Group of South Korea acquired European Medicines Agency approval for it biosimilar product called Herzuma, in 2018. Further, in India, Biocon received FDA approval for its biosimilar product called Ogivri in 2017. China, the second largest market for the biopharmaceuticals is attracting FDIs for setting up manufacturing units that exponentially propels the biopharmaceutical CMO and CRO market growth in Asia Pacific region.

Competitive Intelligence

The biopharmaceutical CMO and CRO market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation, and so on.

Some of the key players in the global biopharmaceutical CMO and CRO market include:

Segments Covered in the Report

By Service

By Source

By Product

By Geography

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