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Pharmaceutical Contract Manufacturing Market worth $319.6 billion by 2029 driven by Rising Tech Innovations | MarketsandMarkets™


News provided by

MarketsandMarkets

02 Aug, 2024, 14:30 GMT

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CHICAGO, Aug. 2, 2024 /PRNewswire/ -- The global Pharmaceutical Contract Manufacturing Market is expected to grow from USD 200.9 billion in 2024 to USD 319.6 billion by 2029, at a CAGR of 9.7%. The pharmaceutical contract manufacturing market is expanding due to the rising costs of in-house drug development, advancements in CMO technology, and the integration of AI to enhance efficiency and quality in drug development and manufacturing. Key drivers include the high expenses associated with drug R&D and regulatory compliance, while challenges include varying regulatory requirements and the complexities of serialization. Emerging markets, particularly in Asia, present significant growth opportunities, especially with the shift from China to India due to the Biosecure Act. The market is dominated by pharmaceutical manufacturing services and is expected to see the highest growth in large pharmaceutical companies. North America led the market in 2023, followed by Europe and Asia Pacific. Major players include Thermo Fisher Scientific, Lonza Group, and WuXi Apptec, among others.

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Thermo Fisher Scientific, Inc.: Market Leader in Pharmaceutical Contract Manufacturing

Thermo Fisher Scientific, Inc. stands as a dominant force in the pharmaceutical contract manufacturing market, holding the largest market share in 2023. The company excels with a comprehensive suite of services, including formulation development, process development, analytical services, and commercial manufacturing. Thermo Fisher's substantial market presence is supported by its broad service offerings and strong regional and brand recognition. The company's commitment to organic growth and innovation, such as the introduction of advanced cold and ultra-cold storage solutions in March 2024, reinforces its market leadership and supports global clinical trial and biorepository needs.

Catalent, Inc.: Leading CDMO with Advanced Delivery Systems

Catalent, Inc. is a prominent contract development and manufacturing organization (CDMO) known for its development solutions across medicines, biologics, consumer and animal health products, and sophisticated delivery methods. The company offers a diverse range of oral, injectable, and respiratory delivery systems, complemented by patented technologies and services. Catalent's global network of industrial plants, development hubs, and sales offices, combined with its focus on collaboration, underscores its strong position and adaptability in meeting the needs of the pharmaceutical and biotechnology sectors.

Lonza Group: Integrated Solutions Provider in Pharmaceutical Manufacturing

The Lonza Group, based in Switzerland, provides integrated solutions across the pharmaceutical, biotech, consumer health, and specialty chemical industries. As a leading contract manufacturing organization (CMO), Lonza offers end-to-end services from molecule to patient, utilizing various technologies to support the pharmaceutical value chain. The company serves a wide range of users, including government research organizations, biotech firms, pharmaceutical companies, and healthcare product manufacturers. Lonza's strategic focus on geographic expansion in 2023 highlights its commitment to broadening its global footprint and enhancing its market position.

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Service Segmentation: Pharmaceutical Manufacturing Services Lead

In 2023, the pharmaceutical contract manufacturing market was segmented into drug development services, pharmaceutical manufacturing services, biologic manufacturing services, packaging & labeling services, fill-finish services, and other services. The pharmaceutical manufacturing services segment led the market, driven by the increasing demand for specialized production facilities, tools, and expertise. Pharmaceutical companies focusing on their core activities have increasingly outsourced operations such as API production, further fueling the dominance of this segment.

End-User Segmentation: Big Pharmaceutical Companies in the Forefront

The market is divided into big pharmaceutical companies, small & mid-sized pharmaceutical companies, generic pharmaceutical companies, and other end users like academic institutes, small CDMOs, and CROs. The big pharmaceutical companies segment held the largest share, thanks to the high demand for comprehensive end-to-end services, pricing pressures, and pipeline challenges that drive a shift toward outsourcing. This segment's substantial growth is attributed to major players seeking cost-effective and efficient solutions.

Regional Insights: North America Leads

The pharmaceutical contract manufacturing market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, North America captured the largest market share, supported by a robust pharmaceutical industry, numerous ongoing clinical trials, high R&D expenditures, and significant developments in the biosimilars and generics markets. The presence of major pharmaceutical companies like Pfizer, Abbott Laboratories, AbbVie, and Johnson & Johnson, along with increasing investment in new treatments and research, bolsters North America's leading position. Meanwhile, other regions are also expanding, with Asia Pacific expected to grow rapidly due to increasing demand for outsourcing and biopharmaceutical manufacturing.

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Related Reports:

Contract Research Organization Services Market

Peptide Synthesis Market

Clinical Trial Supplies Market

Bioanalytical Testing Services Market

Bioprocess Containers Market

Get access to the latest updates on Pharmaceutical Contract Manufacturing Companies and Pharmaceutical Contract Manufacturing Market Share

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