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Contract Development Manufacturing Organizations Market Key Trends And Forecast Report 2024-2033
Contract Development Manufacturing Organizations Market Key Trends
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According to The Business Research Company's, The contract development manufacturing organizations market size has grown rapidly in recent years. It will grow from $222.5 billion in 2023 to $249.96 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to growing complexity and specialization in drug development, increased demand for outsourcing in the pharmaceutical industry, cost containment and efficiency pressures, advancements in biotechnology and pharmaceutical research, globalization of the pharmaceutical and biopharmaceutical industries..
The contract development manufacturing organizations market size is expected to see rapid growth in the next few years. It will grow to $403.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to accelerated adoption of personalized medicine, rising demand for biologics and biosimilars, increased focus on research and development outsourcing, regulatory changes impacting pharmaceutical manufacturing. Major trends in the forecast period include technological advancements in manufacturing processes, integration of digital technologies in manufacturing processes, shift towards sustainable and environmentally friendly practices, rise of virtual and decentralized cdmo models, growing importance of data analytics in optimizing manufacturing operations..
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Market Drivers and Trends:
The growing demand for pharmaceutical products due to the increase in chronic diseases and the geriatric population contributed to the growth of the contract development manufacturing organizations market. Rising chronic diseases and geriatric population has enabled pharmaceutical companies to manufacture biologics and biosimilars quickly, and most pharmaceutical firms have contracted contract production and manufacturing organizations operating on a contractual basis to handle and coordinate the company's tasks, operations and tests. For instance, according to the World Health Organization, the prevalence of chronic diseases rose is expected to grow 142.66 million by 2050 and the world's population of 60 years and older is projected to rise to 2 billion. Therefore, the growing demand for pharmaceutical products is projected to drive the growth of the contract development manufacturing organizations market .
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Recipharm AB, AbbVie Contract Manufacturing LLC, Almac Group Limited, Baxter BioPharma Solutions LLC, Boehringer Ingelheim International GmbH, Catalent Pharma Solutions Inc., CMIC Holdings Co. Ltd., Covance Inc., Evotec SE, Famar Health Care Services Madrid SA, Jubilant Life Sciences Limited, Lonza Group Ltd., Patheon UK Limited, Pfizer CentreOne, The Lubrizol Corporation, Thermo Fisher Scientific Inc., Vetter Pharma International GmbH, Advanced BioScience Laboratories Inc., Adare Pharmaceuticals Inc., Aenova Holding GmbH, Ajinomoto Bio-Pharma Services, Albany Molecular Research Inc, Cambrex Corporation, CordenPharma International GmbH, EirGen Pharma Limited, Grand River Aseptic Manufacturing, Grifols Engineering SA, Hovione LLC, Metrics Contract Services, NextPharma Technologies Holding Limited, Nitto Avecia Pharma Services Inc., Piramal Pharma Solutions Inc., Siegfried Holding AG, Sterling Biotech Limited, Therapure Biopharma Inc., Velesco Pharmaceutical Services, WuXi PharmaTech (Cayman) Inc.
Contract Development Manufacturing Organizations Market 2024 Key Insights:
• The contract development manufacturing organizations market size is expected to see rapid growth in the next few years. It will grow to $403.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Driving Forces Of Growth In The Contract Development Manufacturing Organizations Market
• Custom Solutions And Collaborations Is Transforming The Landscape Of Contract Development And Manufacturing
• North America was the largest region in contract development manufacturing organizations market in 2023
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