In January 2023, Catalent supported the manufacturing of Sarepta’s most advanced gene therapy candidate, delandistrogene moxeparvovec (SRP-9001), to treat Duchenne muscular dystrophy.
Northbrook, IL 60062 -- (SBWIRE) -- 09/21/2023 -- The Global Pharmaceutical Contract Manufacturing Market Projected to Reach USD 258.3 Billion by 2028, Exhibiting 7.9% CAGR: Comprehensive Analysis by Service, End User, and Growth Factors
The pharmaceutical contract development market is poised for substantial growth, with a projected size of USD 258.3 billion by 2028, as compared to its valuation of USD 176.5 billion in 2023. This expansion is expected to transpire at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period. Several key factors are influencing this growth trajectory.
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Key Market Players
The global pharmaceutical contract development and manufacturing market is highly consolidated. Key players in the pharmaceutical contract development and manufacturing market include Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Lonza Group Ltd. (Switzerland), Recipharm AB (Sweden), AbbVie Inc. (US), Aenova Group (Germany), Almac Group (UK), Siegfried Holding AG (Switzerland). Acquisitions and product launches are the key growth strategies undertaken by these companies to maintain their positions in the market.
Factors Driving Market Growth:
Biosimilars and Generics Expansion: The pharmaceutical industry is witnessing remarkable growth in the biosimilars and generics sectors. This upsurge is substantially contributing to the overall expansion of the pharmaceutical contract development market.
Increased Outsourcing: There is a growing trend towards outsourcing in the pharmaceutical sector, particularly in preclinical and clinical drug development, as well as manufacturing services. This surge in outsourcing is significantly bolstering market growth.
Pharmaceutical Contract Manufacturing Market Dynamics
Challenges to Market Growth:
Despite the promising growth prospects, challenges related to regulatory compliances stand out as significant impediments. Ensuring adherence to stringent regulatory requirements remains a pivotal concern in the pharmaceutical contract development landscape.
This market analysis is categorized based on services, end-users, and drug development types.
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Pharmaceutical manufacturing services accounted for the largest share of the service segment in the pharmaceutical contract development and manufacturing market in 2022.
Based on service, the pharmaceutical contract development and manufacturing market is broadly segmented into pharmaceutical manufacturing services, drug development services, and biologic manufacturing services. In 2022, pharmaceutical manufacturing services accounted for the largest share of the pharmaceutical contract development and manufacturing market for service. This segment's large share can be attributed to factors such as growing investments in developing novel therapies & pharma research. Further, growth in the pharma outsourcing trend is supported by the increased demand for lower-cost alternatives, which is likely to support the market growth.
The pharmaceutical API manufacturing services accounted for the largest share of the type segment in the pharmaceutical contract development and manufacturing market in 2022.
Based on type, the pharmaceutical manufacturing services is categorized into two sub-segments—pharmaceutical API manufacturing services and pharmaceutical FDF manufacturing services. In 2022, pharmaceutical API manufacturing services accounted for the largest share of the pharmaceutical manufacturing services segment. Factors such as the demand for API manufacturing are growing due to the looming patent expiries in several countries. Furthermore, pharma companies have shown a growing focus on conducting core activities that have pushed them to outsource API manufacturing.
Asia Pacific is likely to grow at the highest growth rate during the forecast period.
Based on the region The global pharmaceutical contract development and manufacturing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional segment. The Asia Pacific region is estimated to grow at the highest CAGR in the pharmaceutical contract development and manufacturing market during the forecast period. The growth of the pharmaceuticals and biopharmaceuticals market in the region is primarily driven by the rising prevalence of chronic disease conditions, the presence of a large number of CDMOs in the region, and significant investments in pharmaceutical R&D.
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