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LONDON, GREATER LONDON, UNITED KINGDOM, October 22, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The contract development manufacturing organizations (CDMO) market has experienced rapid growth in recent years, with its size projected to increase from $222.5 billion in 2023 to $249.96 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.3%. This growth during the historical period can be attributed to several factors, including the increasing complexity and specialization in drug development, rising demand for outsourcing within the pharmaceutical industry, pressures for cost containment and efficiency, advancements in biotechnology and pharmaceutical research, and the globalization of the pharmaceutical and biopharmaceutical sectors.
What Is The Estimated Market Size Of The Global Contract Development Manufacturing Organizations Market And Its Annual Growth Rate?
The contract development manufacturing organizations (CDMO) market is anticipated to experience rapid growth in the coming years, reaching $403.11 billion by 2028, with a compound annual growth rate (CAGR) of 12.7%. This growth during the forecast period can be attributed to several factors, including the accelerated adoption of personalized medicine, increasing demand for biologics and biosimilars, a heightened focus on research and development outsourcing, and regulatory changes affecting pharmaceutical manufacturing.
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Growth Driver Of The Contract Development Manufacturing Organizations Market
The rising demand for pharmaceutical products, driven by the increase in chronic diseases and the aging population, has significantly contributed to the growth of the contract development manufacturing organizations (CDMO) market. The prevalence of chronic diseases and the expanding geriatric population have prompted pharmaceutical companies to expedite the production of biologics and biosimilars. Consequently, many pharmaceutical firms have turned to CDMOs to handle and coordinate their tasks, operations, and testing on a contractual basis.
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Who Are The Key Players Shaping The Contract Development Manufacturing Organizations Market Trends?
Key players in the market include Recipharm AB, AbbVie Contract Manufacturing LLC, Almac Group Limited, Baxter BioPharma Solutions LLC, Boehringer Ingelheim International GmbH, Catalent Pharma Solutions Inc., CMIC Holdings Co. Ltd., Covance Inc., Evotec SE, Famar Health Care Services Madrid SA, Jubilant Life Sciences Limited, Lonza Group Ltd., Patheon UK Limited, Pfizer CentreOne, The Lubrizol Corporation, Thermo Fisher Scientific Inc., Vetter Pharma International GmbH, Advanced BioScience Laboratories Inc., Adare Pharmaceuticals Inc., Aenova Holding GmbH, Ajinomoto Bio-Pharma Services, Albany Molecular Research Inc, Cambrex Corporation, CordenPharma International GmbH, EirGen Pharma Limited, Grand River Aseptic Manufacturing, Grifols Engineering SA, Hovione LLC, Metrics Contract Services, NextPharma Technologies Holding Limited, Nitto Avecia Pharma Services Inc., Piramal Pharma Solutions Inc., Siegfried Holding AG, Sterling Biotech Limited, Therapure Biopharma Inc., Velesco Pharmaceutical Services, WuXi PharmaTech (Cayman) Inc.
What Are The Dominant Trends In Contract Development Manufacturing Organizations Market Growth?
Major companies in the contract development and manufacturing organizations (CDMO) market are concentrating on innovative developments like Lifera to boost their revenues. Lifera is a commercial-scale CDMO that aims to enhance the capabilities and efficiency of pharmaceutical manufacturing processes.
How Is The Global Contract Development Manufacturing Organizations Market Segmented?
1) By Service: CMO, CRO
2) By Product: Small Molecules, Biologics
3) By End User: Big Pharma, Small and Mid-size Pharma, Generic Pharmaceutical Companies, Other End Users
Geographical Insights: North America Leading The Contract Development Manufacturing Organizations Market
North America was the largest region in the contract development manufacturing organizations market in 2023. The regions covered in the contract development manufacturing organizations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Contract Development Manufacturing Organizations Market Definition
Contract development manufacturing organizations (CDMOs) are companies that collaborate with the pharmaceutical sector on a contractual basis to offer services related to medication development and manufacturing. These organizations allow the pharmaceutical industry to outsource certain operations, enabling companies to allocate more time and resources to focus on drug development and marketing.
Contract Development Manufacturing Organizations Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global contract development manufacturing organizations market report covering trends, opportunities, strategies, and more
The Contract Development Manufacturing Organizations Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on contract development manufacturing organizations market size, contract development manufacturing organizations market trends, contract development manufacturing organizations market drivers and trends, contract development manufacturing organizations market major players and contract development manufacturing organizations market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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