Pharmaceutical Contract Manufacturing Market is projected to reach USD 258.3 billion by 2028

"The pharmaceutical contract development and manufacturing market is projected to grow at a CAGR of 7.9% during the forecast of 2023-2028"

The global pharmaceutical contract development and manufacturing market size is projected to reach USD 258.3 billion by 2028 from USD 176.5 billion in 2023, at a CAGR of 7.9% during the forecast period. Factors such as increasing demand for generics due to their low cost and the looming patent expiry of blockbuster medications have pushed companies to focus on core functions, supporting the demand for CDMO services, and driving the market growth at a faster pace.

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"The biologic manufacturing service segment is likely to grow at the highest CAGR during the forecast period of 2023-2028."

On the basis of service, the pharmaceutical contract development and manufacturing market is segmented into pharmaceutical manufacturing service, drug development service, and biologic manufacturing service. The biologic manufacturing service segment is projected to grow at the highest CAGR during the forecast period. The growth is attributed to the rising demand for biologics, targeted drug therapies, and increase in the number cell & gene therapy pipeline studies. These factors are likely to have a positive impact on segmental growth.

"The big pharmaceutical companies segment is likely to grow at the highest CAGR during the forecast period of 2023-2028."

Based on end user, the pharmaceutical contract development and manufacturing market is segmented into big pharmaceutical companies, small and midsized pharmaceutical companies, generic pharmaceutical companies, and other end users (Academic Institutes, Small CDMOs, and CROs). The big pharmaceutical companies segment held a dominant share of the pharmaceutical contract development and manufacturing market, in 2022. The large share of this segment is attributed to the growing focus of pharma giants on core activities like increasing R&D for the discovery & development of new molecules, pushing them to outsource the manufacturing services. This is one of the major factors anticipated to project market growth.

"Asia Pacific region is likely to grow at a faster pace."

The pharmaceutical contract development and manufacturing market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the dominant share of the pharmaceutical contract development and manufacturing market. The dominance of the region is attributable to various factors such as the presence of leading players in the region coupled with the ongoing research activities of pharmaceutical contract development and manufacturing. Asia Pacific region is likely to grow at a faster pace owing to various factors such as the growing awareness of personalized therapeutics,rising government initiatives for generic medicines in the region, and the emergence of new market players in the pharmaceutical contract development and manufacturing market.

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This release was published on openPR.