Biopharmaceutical CMO And CRO Market Is Estimated To Witness High Growth
Market Overview:
The biopharmaceutical CMO and CRO market covers companies that provide contract manufacturing and clinical research outsourcing services to pharmaceutical and biotech companies. These CMOs and CROs help drug developers in manufacturing and developing biosimilar drugs and conducting clinical trials in a cost-effective manner. The outsourcing of these activities help biopharma companies focus on drug discovery and development.
Market Dynamics:
The biopharmaceutical CMO and CRO market is driven by the increasing demand for outsourcing manufacturing and clinical research activities from biopharma companies. The high costs associated with setting up in-house manufacturing and conducting clinical trials is propelling many companies to rely on CMOs and CROs for these services. Additionally, the patent cliffs of major biologic drugs and rising pressure to launch biosimilars is expected to significantly increase demand for CMO contract development and manufacturing services over the forecast period. Furthermore, increasing clinical trial activities globally aimed at developing novel biologic entities for various therapeutic areas like oncology and autoimmune diseases is fuelling market growth of CROs.
The global Biopharmaceutical CMO and CRO Market Demand 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.
SWOT Analysis
Strength:
The biopharmaceutical CMO and CRO market is growing at a rapid pace due to the increasing demand for outsourcing manufacturing and clinical research activities. The large number of pharmaceutical companies outsourcing their activities provides ample opportunities for CMOs and CROs. Moreover, technological advancements in the field have helped CMOs and CROs improve their capabilities.
Weakness:
Regulatory compliance is a major challenge for many small players in this market. Meeting stringent regulations and maintaining consistency in quality takes significant resources. High switching costs involved in changing CMOs or CROs can also negatively impact their business.
Opportunity:
The rise in drug pipelines for complex therapies such as cell and gene therapies poses significant business opportunities for capable CMOs and CROs. Additionally, the growing demand for one-stop-shop facilities offering both manufacturing and clinical trial services can help players improve their service portfolios.
Threats:
Stiff competition from established global players makes it difficult for small businesses to acquire new customers. Rising costs of operations due to increasing regulatory pressures also pose significant threats.
Key Takeaways
The global biopharmaceutical CMO and CRO market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand for outsourcing of non-core functions and focus on complex therapies. Flexibility, risk mitigation, and expertise are the major drivers for outsourcing trend in the industry.
North America dominated the global market in 2023 and is expected to maintain its position during the forecast period. This is attributed to the presence of large pharmaceutical companies and growing biologics pipelines in the region. Asia Pacific exhibits the fastest growth rate owing to increasing investments in healthcare sector, rising emphasis on generics and biosimilars, and growing biotech industry in countries such as China and India.
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
Read More: https://blogger-veritas.blogspot.com/2023/11/biologics-contract-development-and.html
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