Growing Needs For Complex Drug Development Drive Biopharmaceutical CMO And CRO Market Growth
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| Biopharmaceutical CMO and CRO Market |
Biopharmaceutical contract
manufacturing organizations (CMOs) and contract research organizations (CROs)
play a key role in drug development by providing development and manufacturing
services to pharmaceutical and biotechnology companies. These organizations
assist drug developers in conducting clinical trials, manufacturing drugs, and
other related services. The biopharmaceutical industry has seen significant
growth in the development of complex biologics such as monoclonal antibodies,
recombinant proteins, and gene and cell therapies in recent years. Developing
such advanced therapies poses several technical challenges related to
manufacturing and testing. This has increased the demand for specialized
contract services from CMOs and CROs with expertise in biologics development.
The global Biopharmaceutical CMO
and CRO Market is estimated to be valued at US$ 36.2 Bn in 2023 and is expected
to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the
growth of the biopharmaceutical CMO and CRO market is the increasing
outsourcing of drug development activities by pharmaceutical and biotech
companies. Developing advanced biologic drugs requires significant capital
investment and a wide range of specialized expertise that is not available
in-house with many smaller drug developers. This has prompted increased
outsourcing of functions like clinical trials, preclinical testing and
manufacturing to well-established contract service providers. CMOs and CROs
with advanced capabilities for biologics are benefitting from this trend as
outsourcing is expected to continue rising to efficiently develop new drugs
with constrained resources.
Segment Analysis
The global biopharmaceutical CMO
and CRO market is dominated by the CMO sub-segment. The CMOs provide efficient
contract development and manufacturing services to biopharmaceutical companies
of all sizes with technologies required to manufacture complex biologics. They have
expertise in cell line and process development coupled with scale-up of
biomanufacturing processes. With increasing demand for biologics,
biopharmaceutical companies are outsourcing the manufacturing process to expert
CMOs to focus on core competencies of research and development. This has
boosted the growth of the CMO sub-segment over the forecast period.
Key Takeaways
The Global
Biopharmaceutical CMO and CRO market size is expected to witness high
growth. Regional analysis shows that North America currently dominates the
market owing to presence of large number of biopharmaceutical companies and
research organizations in the region and growing number of clinical trials.
However, Asia Pacific region is expected to grow at the fastest pace over the
forecast period due to availability of low-cost yet skilled labor and ease of
conducting clinical trials.
Key players operating in the
biopharmaceutical CMO and CRO market are Allphase Clinical Research,
AlcheraBio, Alcami, Akos Urgent Care, Agilent, AGC Biologics, Affinity Life
Sciences, Inc., Actimus Bio, ACI Clinical, Accumedix, Inc., Absorption Systems,
A10 Clinical Solutions, Albuquerque Clinical Trials (ACT), Ajinomoto Bio-Pharma
Services, Advanced Clinical Services LLC, ACM Global Laboratories, Accelerated
Enrollment Solutions, AbbVie Contract Manufacturing, Advanced BioScience
Laboratories, Advanced Clinical Research Institute, and Alliance for Clinical
Trials in Oncology, among others.
The global biopharmaceutical CMO
and CRO market is expected to witness high growth. Regional analysis shows that
Europe is also an important market. The key factors contributing to the growth
in Europe include presence of large pharmaceutical companies and growing focus
on outsourcing production services by these players.
Key players operating in the biopharmaceutical CMO and CRO market
are expanding their presence globally through partnerships and acquisitions to
strengthen service capabilities and gain access to newer geographies. They are
also investing in advanced technologies and capabilities to cater to the
complex requirements of biopharmaceutical manufacturing and clinical trials.
This is helping them gain better footing in the highly competitive market.
Get More Insights Here
https://www.newsstatix.com/biopharmaceutical-cmo-and-cro-market-size-share-growth-outlook-2023/
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