Northbrook, IL -- (SBWIRE) -- 01/04/2021 -- The Pharmaceutical Contract Development and Manufacturing Market is expected to reach USD 126.6 billion by 2024 from USD 90.0 billion in 2019, at a CAGR of 7.1%. The major factors driving the growth of this market are the rising demand for generics, increasing investments in pharmaceutical R&D, and investments in advanced manufacturing technologies by CDMOs.

Recent Developments in Industry:

- In 2019, Lonza Group launched its CellBio Services.

- In 2019, Thermo Fisher invested USD 150 million in its Pharma Services business segment to expand its manufacturing capacity for sterile liquid and lyophilized product development and commercial manufacturing.

- In 2019, Catalent launched OneBio Suite.

- In 2018, Lonza expanded its Drug Product Services (DPS).

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By service, the pharmaceutical manufacturing segment is expected to account for the largest share of the pharmaceutical contract development and manufacturing market

The pharmaceutical manufacturing segment is estimated to account for the largest market share in 2019. The large share of this segment can be attributed to the growing need to reduce manufacturing cost, the requirement for high-quality bulk manufacturing, growing demand for generic drugs, high cost of operations, and lack of in-house manufacturing capacity. This segment includes pharmaceutical API manufacturing and pharmaceutical FDF manufacturing.

In the biologics manufacturing services market, by type, the biologic FDF manufacturing segment is expected to grow at the highest CAGR during the forecast period

The biologic FDF manufacturing segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment can be attributed to factors such as the increasing R&D costs, changing product pipelines, growing importance of biologics and biosimilars, and process complexity.

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The APAC market is projected to register the highest growth during the forecast period. Factors such as the growth of its manufacturing sector, favorable government regulations, expansions by leading companies, increasing emphasis on off-patent drugs, and a highly skilled workforce are some of the key factors driving the growth of the pharmaceutical contract development and manufacturing market in the APAC.

The prominent 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), Vetter Pharma International GMBH (Germany), FAMAR Health Care Services (Greece), AbbVie Inc. (US), Aenova Group (Germany), Consort Medical plc (UK), Almac Group (UK), Siegfried Holding AG (Switzerland), Boehringer Ingelheim International GmbH (Germany), and Evonik Industries AG (Germany).

Thermo Fisher Scientific is the leading player operating in the market. It has a wide geographic footprint serving over 400,000 pharmaceutical and biotech customers. The firm clocked more than USD 3 billion in revenue in 2018 from its contract development and manufacturing business. Its extensive R&D activities have enabled it to increase its capabilities in technologies, software, and services.