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Topical Drugs Contract Development And Manufacturing Organization (CDMO) Market Key Trends And Strategies For Expansion 2024-2033
Topical Drugs Contract Development And Manufacturing Organization (CDMO) Market Strategies
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According to The Business Research Company's, The topical drugs contract development and manufacturing organization (CDMO) market size has grown rapidly in recent years. It will grow from $45.47 billion in 2023 to $52.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to chronic disease prevalence, advanced drug delivery technologies, cost-efficient outsourcing, regulatory demands, and growth in dermatology and cosmetics.
The topical drugs contract development and manufacturing organization (CDMO) market size is expected to see rapid growth in the next few years. It will grow to $97.26 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to personalized medicine, biologics expansion, increased R and D investments, rising skin disorder prevalence, and advanced manufacturing technologies. Major trends in the forecast period include increasing demand for innovative formulations, advancements in drug delivery technologies, rising investment in dermatological research, a surge in outsourcing by pharmaceutical companies, a focus on personalized medicine, stringent regulatory requirements necessitating specialized expertise, and the growing consumer preference for over-the-counter (OTC) skincare products.
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Market Drivers and Trends:
The increasing number of cancer cases is expected to propel the growth of the radiation dose management market going forward. Cancer is a group of diseases characterized by the uncontrolled growth and spread of abnormal cells in the body, which can form a mass or lump called a tumor. The increase in cancer cases is due to several complex and interrelated causes, such as family history, lifestyle decisions, genetic factors, environmental exposures, and the aging population. Radiation dose management solutions are used in cancer care to get an accurate diagnosis and effective treatment to minimize the risks associated with radiation exposure. For instance, in February 2024, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, it is anticipated that there is expected to be over 35 million new cases of cancer in 2050, a 77% increase over the projected 20 million cases in 2022. Therefore, the increasing number of cancer cases is driving the growth of the radiation dose management market.
Major companies operating in the topical drugs contract development and manufacturing organization (CDMO) market are focused on developing state-of-the-art manufacturing facilities to sustain their position in the market. A state-of-the-art manufacturing facility is a specialized production site equipped with the latest technology and advanced processes tailored for the development and manufacturing of topical pharmaceutical products. For instance, in November 2023, SOHM Inc., a US-based pharmaceutical company, launched a CDMO GMP manufacturing facility. The new Carlsbad facility will offer ample space for manufacturing topical products and SOHM's operations, with 2,500 square feet dedicated to storing finished products. Initially, it will have a daily capacity of 500 gallons (1,892 liters) for manufacturing topicals. By the end of Q1 2024 or the start of Q2 2024, it is expected to expand its capacity to include soft-gel suppositories.
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Major Key Players of the Market:
Evonik Industries AG, Eurofins Scientific SE, SGS SA, The Lubrizol Corporation, Lonza Group AG, Catalent Inc., Bora Pharmaceuticals Co. Ltd., Recipharm AB, Pierre Fabre S.A., Piramal Pharma Solutions, Cambrex Corporation, LTS Lohmann Therapie-Systeme AG, PCI Pharma Services, Famar S.A., Contract Pharmaceuticals Limited, UPM Pharmaceuticals Inc., CoreRx Inc., Halo Pharmaceutical Inc., Tapemark Company, Groupe PARIMA Inc., MedPharm Ltd, Tergus Pharma LLC, Dow Development Laboratories LLC, NextPharma Technologies Holding Limited, Tedor Pharma Inc.
Topical Drugs Contract Development And Manufacturing Organization (CDMO) Market 2024 Key Insights:
• The topical drugs contract development and manufacturing organization (CDMO) market size is expected to see rapid growth in the next few years. It will grow to $97.26 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Rising Skin Disease Prevalence Fuels Growth In The Topical Drugs CDMO Market
• Focus On State-of-the-Art Manufacturing Facilities In The Topical Drugs CDMO Market
• Asia-Pacific was the largest region in the topical drugs contract development and manufacturing organization (CDMO) market in 2023
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