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DUBLIN--(BUSINESS WIRE)--Oct 26, 2022--
The "Biopharmaceuticals Contract Manufacturing - Market Insights, Competitive Landscape and Market Forecast-2027" report has been added to ResearchAndMarkets.com's offering.
The global biopharmaceuticals contract manufacturing market estimated to advance at a 7.38% CAGR during the forecast period from 2022 to 2027.
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The rise in the biopharmaceuticals contract manufacturing market is primarily owing to the growing R&D investments for the development of various biologics and biosimilars, the rise in the volume of outsourcing by the key biopharma giants, various advantages associated with contract manufacturing such as reductions in the overall investment for introducing a new drug in the market, and others.
Also, the robust pipeline of biologics is likely to be responsible for driving the global biopharmaceuticals contract manufacturing market during the forecasted period from 2022 to 2027.
Biopharmaceuticals Contract Manufacturing Market Dynamics:
The biopharmaceuticals contract manufacturing market is witnessing lucrative growth at present owing to the rise in the outsourcing volume to the contract manufacturing organizations by the leading biopharma manufacturers as well as by the start-up companies.
This is because the process of introducing a new biopharma drug into the market can be lengthy, requiring significant R&D, specialized manufacturing equipment, and the expertise to navigate regulatory concerns whereas working with a contract manufacturing organization can help avoid some of these costly start-up expenses.
Moreover, various contract manufacturing organizations are expanding their business operations to enable end-to-end manufacturing of biological drug substances and product supply which in turn could increase the dependency of key players on CMOs for drug production and supply, thereby leading to the biopharmaceutical CMOs market growth.
Additionally, the rising focus of the CMOs on providing safe drug products for patients could also increase their demand among biopharmaceutical manufacturers. Thus, augmenting the growth of the biopharma CMO market.
Hence, all the aforementioned factors are anticipated to boost the global biopharmaceuticals contract manufacturing market during the forecasted period.
However, the high cost of setting up a production facility for biopharmaceuticals and regulatory hurdles for CMOs in gaining product approval are some of the factors likely to impede the biopharmaceuticals contract manufacturing market growth.
North America is expected to dominate the overall Biopharmaceuticals Contract Manufacturing Market:
Among all the regions, North America is expected to occupy a major share in the overall biopharmaceuticals contract manufacturing market in the year 2021. This domination is owing to the presence of a large number of CMO manufacturing organizations in the region that are continuously expanding their capacity. Moreover, the high prevalence of various disorders, the presence of a large number of companies involved in developing biologics, and the increase in the number of contracts between the CMOs and biopharmaceutical companies in the region are likely to exhibit an increased market growth for biopharmaceuticals CMOs.
Thus, a rise in activities by the large CMO players to maintain their position in the market could potentially increase the market for biopharmaceutical CMOs in the region.
Furthermore, a robust pipeline of biologics in the region is also expected to increase the outsourcing of these drugs by the key players in the upcoming years ultimately augmenting the market growth. For instance, as per the FDA 2020 data, the Center for Drug Evaluation and Research (CDER) approved 53 novel drugs, either as new molecular entities (NMEs) under New Drug Applications (NDAs) or as new therapeutic biologics under Biologics License Applications (BLAs) in the year 2020.
Additionally, to combat the COVID-19 pandemic various companies in the region are collaborating with CMOs to increase the production scale of the vaccine which is also expected to surge the demand for contract manufacturing organizations in the region. For instance, in January 2021, Novartis signed an initial agreement to provide manufacturing capacity for the Pfizer-BioNTech COVID-19 vaccine.
Thus, the interplay of all the above-mentioned factors is likely to propel the biopharmaceutical contract manufacturing market growth in the region during the forecasted period.
Key Takeaways from the Biopharmaceuticals Contract Manufacturing Market Report Study
For more information about this report visit https://www.researchandmarkets.com/r/yyxll6
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INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/26/2022 01:59 PM/DISC: 10/26/2022 01:59 PM
http://www.businesswire.com/news/home/20221026005945/en