Press release
Southeast Asia Pharmaceutical Contract Development and Manufacturing Market Projected to Reach $4.2 Billion by 2030, Reveals Exclusive Report by Meticulous Research®
The pharmaceutical contract development and manufacturing sector (CDMOs) play a vital role in partnering with pharmaceutical companies to provide contract-based manufacturing and drug development services. These organizations oversee the entire process from pre-formulation and formulation development to clinical trials and manufacturing. The utilization of CDMOs offers pharmaceutical companies various advantages, including reduced labor costs, enhanced product quality, accelerated timelines, and resource optimization.
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The burgeoning growth of the Southeast Asia pharmaceutical contract development and manufacturing market is attributed to several key factors. These include the intricate manufacturing demands of the pharmaceutical industry, escalating investments in pharmaceutical research and development, surging demand for generic medicines and biologics, patent expirations, and augmented government funding for drug development and research initiatives. Furthermore, the rising demand for cell and gene therapies, personalized medicines, and the expansion of high potency active pharmaceutical ingredients (HPAPI) and antibody-drug conjugates (ADC) markets are anticipated to present lucrative opportunities for market growth. Nevertheless, the market faces challenges stemming from the scarcity of skilled professionals.
The report also provides a comprehensive analysis of the strategic developments undertaken by leading market players from 2020 to 2023. Key participants in the Southeast Asia pharmaceutical contract development and manufacturing market include Aenova Group (Germany), Wuxi Biologics, Inc. (China), Vetter Pharma International GmbH (Germany), Catalent, Inc. (U.S.), Lonza Group Ltd. (Switzerland), Almac Group (U.K.), Scientific (France), Thermo Fisher Scientific, Inc. (U.S.), Jubilant Life Science Limited (India), Aurobindo Pharma Ltd. (India), APD Pharmaceutical (Singapore), and Esco Aster Pte. Ltd. (Singapore).
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The report offers a comprehensive evaluation of historical market data for the years 2021 and 2022, estimated current data for 2023, and forecasts for the year 2030. It categorizes the pharmaceutical contract development and manufacturing market by type, including pharmaceutical manufacturing services, drug development services, and biologics manufacturing services, as well as by end-user segments and countries.
Among the various segments analyzed in the report, the pharmaceutical manufacturing services segment is anticipated to dominate the market in 2023. This growth is driven by factors such as the increasing need to reduce manufacturing costs, the demand for high-quality bulk manufacturing, and the rising popularity of generic drugs and personalized medicines. Notably, Southeast Asia countries are witnessing significant advancements in generic drugs and personalized medicine, further propelling market growth.
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Furthermore, the generic pharmaceutical companies segment is projected to exhibit the highest CAGR among all end-user segments in 2023. Factors such as the escalating need for cost control, complex manufacturing requirements, and a preference for cutting-edge technologies contribute to this segment's prominence. Additionally, generic pharmaceutical companies are increasingly relying on contract development and manufacturing firms for high-quality manufacturing, packaging, and distribution services, thereby expanding their geographical reach.
Singapore is poised to emerge as the frontrunner in Southeast Asia's pharmaceutical contract development and manufacturing market, exhibiting the highest CAGR during the forecast period. The country's dominance is attributed to its conducive environment for developing and producing research-intensive, high-grade products. Moreover, the shift towards precision medicines and heightened competition from generics is compelling pharmaceutical and biotechnology companies to escalate their production and outsource their activities, thereby expediting the development process.
For instance, in 2017, the Government of Singapore introduced a 10-year National Precision Medicine Strategy, aimed at accelerating biomedical research, enhancing health outcomes, and fostering opportunities in the precision medicine sector.
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