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Small Molecule Innovator CDMO Market Insights, Demand, and Forecast to 2033
Small Molecule Innovator CDMO Market Insights
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According to The Business Research Company's, The small molecule innovator cdmo market size has grown strongly in recent years. It will grow from $51.84 billion in 2023 to $56.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to rising demand for outsourcing, increasing complexity of small molecule drugs, increasing focus on time-to-market, cost pressures on pharma companies, stringent regulatory requirements.
The small molecule innovator cdmo market size is expected to see strong growth in the next few years. It will grow to $76.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to rise in personalized medicine and targeted therapies, increased focus on green chemistry and sustainability, demand for faster time-to-market for new drugs, expansion of biopharmaceutical pipeline, emergence of advanced therapies. Major trends in the forecast period include rise of virtual and remote development models, increased collaboration and partnerships in the pharma industry, expansion of cdmo services to emerging markets, utilization of single-use technologies in manufacturing, evolution of cdmos into strategic development partners.
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Market Drivers and Trends:
The rising prevalence of chronic diseases is expected to propel the growth of the small-molecule innovator CDMO market going forward. Chronic diseases are diseases that last a year or longer, necessitating continuing medical care, restricting everyday activities, or both. Small molecule innovator CDMO provides services and manufactures chronic disease medicines for pharmaceutical and biotech companies. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, it was projected that in the US by the year 2050, the number of individuals aged 50 years and older who have at least one chronic illness will surge by 99.5%, rising from 71.522 million in 2020 to 142.66 million. Therefore, the rising prevalence of chronic diseases is propelling the small-molecule innovator CDMO market.
Product innovations are a key trend gaining popularity in the small molecule CDMO market. Major companies operating in the small-molecule innovator CDMO market are adopting new innovative products to sustain their position in the market. For instance, in May 2023, Oxford Biomedica, a UK-based company, launched TetraVecta, the next-generation system for CDMO. Small-molecule innovator enterprises can overcome prior difficulties in medicinal development due to the payload's size, complexity, or interference to be delivered. Furthermore, the TetraVecta technology helps accelerate the development and implementation of in vivo gene treatments.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Boehringer Ingelheim International GmbH, Evonik Industries AG, Lonza Group Ltd. , Labcorp Drug Development, Catalent Inc., Wuxi AppTec Co. Ltd., Asymchem, Siegfried holdings, Recipharm AB, Almac Sciences Ltd., Curia Global Inc., Cambrex Corporation, Piramal Pharma Ltd., Hovione, Corden Pharma GmbH, Alcami Corporation, Lifecore Biomedical Inc., NovaTech LLC, Mikart LLC, Kymanox Corporation, August Bioservices LLC, Lyophilization Technology Inc., LGM Pharma LLC, INCOG BioPharma Services
Small Molecule Innovator CDMO Market 2024 Key Insights:
• The small molecule innovator cdmo market size is expected to see strong growth in the next few years. It will grow to $76.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Rising Prevalence Of Chronic Diseases Boosts Growth In The Small-Molecule Innovator Cdmo Market
• Oxford Biomedica Introduces Tetravecta Revolutionizing Small-Molecule Cdmo Capabilities
• Asia-Pacific was the largest region in the small molecule innovator CDMO market in 2023
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