Press release
Demand For Biotechnology & Pharmaceutical Services Outsourcing Market To Increase Substantially From Key -Use Industry Sectors : Fact.MR
According to a recent Fact.MR study, the global biotechnology and pharmaceutical services outsourcing market is projected to secure a market value of US$ 112.31 Bn by 2032, expanding at a growth rate of about 5%. The increasing demand for low-cost drug development is projected to propel market growth during the forecast period.Since contract research and manufacturing allow cheaper manufacturing and development of the drug, it is a preferred option by the players. Further, the increasing adoption of machine learning-based platforms such as artificial intelligence and automation in drug manufacturing are expected to offer significant opportunities for expansion to the market in the forcoming period.
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Moreover, outsourcing of pharmaceutical and biotechnology services helps in saving time used in the management and operations of production, which is a salient factor bolstering the market growth in the forecast period. Also, the robust investment in R & D by pharma companies is predicted to augment the industry size notably.
Key Market Segments Covered in the Global Biotechnology and Pharmaceutical Services Outsourcing Market
By End Use
Pharmaceutical Services Outsourcing
Biotechnology Services Outsourcing
By Service
Biotechnology & Pharmaceutical Services Outsourcing for Product Testing & Validation
Biotechnology & Pharmaceutical Services Outsourcing for Training & Education
Biotechnology & Pharmaceutical Services Outsourcing for Product Design & Development
Biotechnology & Pharmaceutical Services Outsourcing for Product Maintenance
Biotechnology & Pharmaceutical Services Outsourcing for Auditing and Assessment
Biotechnology & Pharmaceutical Services Outsourcing for Regulatory Affairs
Regulatory writing & publishing
Legal representation
Clinical trial applications & product registration
Others
Biotechnology & Pharmaceutical Services Outsourcing for Consulting
Remediation
Quality management systems consulting
Regulatory compliance
Others
Biotechnology & Pharmaceutical Services Outsourcing for Others
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Key Takeaways from the Market Study
Global market for biotechnology and pharmaceutical services outsourcing to reach US$ 70 Bn in 2022
North America to account for the maximum revenue share of 53% in 2021
Asia Pacific to expand at a CAGR of 5.5% during the forecast period.
The pharma segment to have procured the largest market share of 55% in 2021
The consulting services segment is anticipated to have secured a market share of 19% in 2021
Competitive Landscape
The players of the global biotechnology and pharmaceutical services outsourcing market adopt various strategies to enhance their reach in the market. Methods like partnerships, collaborations, and acquisitions are some of the most adopted strategies. Some recent key developments among key players are:
In October 2020, MediPharm Labs Corp. announced a new white-label supply agreement with Sunco Green Pharmaceutical Pty Ltd. According to the two-year agreement, MediPharm Labs Australia will give oil products and specially formulated. The products will be sold under the name of Sunco Green Label.
In April 2021, Paraxel International Corporation disclosed a business partnership with Veeva. The initiative focuses to grow clinical trials by leveraging process innovation and technology.
In August 2020, Pfizer signed a three-year agreement with PPD. The agreement focuses on offering drug development services.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the biotechnology and pharmaceutical services outsourcing market presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of end-use (biotech and pharma) and by service (product testing & validation, training & education, product design & development, product maintenance, auditing and assessment, regulatory affairs, consulting and others), across five major regions (North America, MEA, Latin America, Europe and Asia-Pacific).
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