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Contract Research And Manufacturing Services (CRAMS) Market Research Report 2024-2033: Size, Growth, Demand, Trends
Contract Research And Manufacturing Services (CRAMS) Market
Contract Research And Manufacturing Services (CRAMS) Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $214.51 billion In 2028 At A CAGR Of 10.2% :
The contract research and manufacturing services (CRAMS) market size has grown strongly in recent years. It will grow from $132.8 billion in 2023 to $145.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to increasing outsourcing trend, rising complexity in drug development, strategic focus on core competencies, regulatory pressures, globalization of pharmaceutical industry.
The contract research and manufacturing services (CRAMS) market size is expected to see rapid growth in the next few years. It will grow to $214.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increasing drug development pipelines, focus on time and cost efficiency, advancements in biopharmaceuticals, customization of services. Major trends in the forecast period include shift towards integrated services, technological advancements in manufacturing, increased demand for contract manufacturing, flexible business models, focus on sustainable and green practices.
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Contract Research And Manufacturing Services (CRAMS) Market Major Segments
The contract research and manufacturing services (CRAMS) market covered in this report is segmented -
1) By Services: Manufacturing, Research
2) By End User: Pharmaceutical & Biotechnology Companies, Medical Device Companies, Academic Institutes
Key Driver - CRAMS Market Thrives On Ageing Population And Chronic Diseases
The rising ageing population with various chronic diseases is expected to have a positive impact on the growth of the contract research and manufacturing services (CRAMS) market in the forecast period. The world's ageing population is growing rapidly and is expected to continue over the forecast period. With the increase in the geriatric population, the prevalence of various diseases like cancer, diabetes, Alzheimer's, arthritis, and other diseases will also rise, and the demand for various drugs or medicines will increase. As a result, the need for contract research and manufacturing services will grow. For instance, as of 2020, there were 727 million people above the age of 65, which constituted 9.3% of the world population, and it is expected to increase to around 16.0 % in 2050. According to the National Center for Biotechnology Information, about 60% of cancer cases occur in people 65 years of age and older, and 70% of deaths are caused by cancer at this stage. Therefore, the increasing age of the population with various chronic diseases will drive the growth of contract research and manufacturing services (CRAMS) market.
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Prominent Trend - AI Revolution In Contract Research And Manufacturing Services (CRAMS) Market
Artificial intelligence (AI) is increasingly being used by the contract research and manufacturing services (CRAMS) market to strengthen its market position. Artificial intelligence is a branch of computer science dealing with the simulation of human behavior in machines. AI can help to avoid costly maintenance by predicting when maintenance is needed by supporting the healthcare system. For instance, in May 2021, the Center for Artificial Intelligence, a part of the Saudi Data and Artificial Intelligence Authority (SDAIA), signed a memorandum of understanding (MOU) with IQVIA for exploring opportunities of mutual interest to advance innovation in the field of healthcare data in the Kingdom by developing common ideas and research in the field of data and artificial intelligence. In addition, IQVIA launched the Avacare clinical research network in February 2020, a technology-based global site network that provides an opportunity for more clinical trials at experienced clinical and research sites. Avacare uses innovative clinical technology with advanced analytics to deliver artificial intelligence-based patient recommendations and data-driven registration.
Contract Research And Manufacturing Services (CRAMS) Market Players
Major companies operating in the contract research and manufacturing services (CRAMS) market report are Pfizer Inc., Johnson & Johnson, Siemens AG, Roche Holding AG, Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi SA, Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., AstraZeneca plc, GlaxoSmithKline plc, 3M Company, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Baxter BioPharma Solutions, Celgene Corporation, Lonza Group Ltd., Grifols International S.A., Catalent Inc., Aché Laboratórios Farmacêuticos S.A., Aurobindo Pharma Ltd., Dr. Reddy's Laboratories Ltd., Cipla Ltd., Almirall S.A., Glenmark Pharmaceuticals Ltd., Pharmaceutical Product Development LLC, Dalton Pharma Services, Alkem Laboratories Ltd., Lupin Ltd., Sun Pharmaceutical Industries Ltd., Torrent Pharmaceuticals Ltd., Wockhardt Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the contract research and manufacturing services (CRAMS) market in 2023. Asia-Pacific region is expected to grow at a faster pace in the forecast period. The regions covered in the contract research and manufacturing services (crams) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Contract Research And Manufacturing Services (CRAMS) Market Report Structure
3. Contract Research And Manufacturing Services (CRAMS) Market Trends And Strategies
4. Contract Research And Manufacturing Services (CRAMS) Market - Macro Economic Scenario
5. Contract Research And Manufacturing Services (CRAMS) Market Size And Growth
…..
27. Contract Research And Manufacturing Services (CRAMS) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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