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Global Pharmaceutical CMO, Industry Report, Market Dynamics
Pharmaceutical CMO, Global Market Trends
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According to The Business Research Company's, The pharmaceutical contract development & manufacturing organization (cmo) market size has grown strongly in recent years. It will grow from $139.92 billion in 2023 to $149.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rising healthcare expenditure, increase in pharmaceutical research and development (r&d) expenditure and increasing preference for outsourcing..
The pharmaceutical contract development & manufacturing organization (cmo) market size is expected to see rapid growth in the next few years. It will grow to $298.03 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to increasing government support, increase in healthcare access, increase in investments and increase in biopharmaceutical development will drive the market. . Major trends in the forecast period include increased focus on sustainability, focus on integration of artificial intelligence and digitalization, innovative products with focus on resilience, increasing investments and strategic partnerships and collaborations among market players..
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Market Drivers and Trends:
The growth of the pharmaceutical contract development and manufacturing market is driven by the increase in the demand for medicines across the globe. The high prevalence of diseases and the need for a longer lifespan increased the demand for medicines pushing the pharmaceutical companies to increase the production of existing drugs and raise the investment in their R&D to promote the development of new drugs. This impels pharmaceutical companies to collaborate with contract manufacturing organizations (CMOs) as a way to lower operational costs, thus, increasing the demand for pharmaceutical contract development and manufacturing market. According to Alkermes PLC., a biopharmaceutical company indicates that pharmaceutical contract manufacturing will emerge as a strategic option for many companies ranging from very large to smaller specialty pharma entities and this mostly will happen because the pharmaceutical companies are looking for cost-cutting.
The companies in the pharmaceutical contract development and manufacturing market are investing in acquiring and forming alliances with other companies in the market. The Pharmaceutical contract development and manufacturing companies are following the trend of merger and acquisition to expand their global market reach to meet client needs, increase their production capabilities while maintaining cost efficiencies, and get access to the latest technology and new services. The high levels of merger and acquisition activities are resulting in the consolidation of the contract service providers. For instance, in July 2022, Pharma Nobis, a US-based provider of contract manufacturing and private label services, acquired Fagron's U.S. contract manufacturing business for an undisclosed amount. Through this acquisition, Pharma Nobis is expected to offer contract manufacturing and private label services to American retailers and consumer healthcare corporations. 20% of the company will continue to be owned by Fagron.
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Major Key Players of the Market:
Frontdoor Inc, Mr. Appliance, Furniture Medic, Lee Company, Home-Tech Consolidated, Inc, NuShoe, Pride Air Conditioning & Appliance, Inc., Arista Air Conditioning Corp., One Hour Heating & Air Conditioning, Bhangar Wala Enterprises Private Limited, Finvictus India Private Limited, Rich Life Trading Private Limited, Imexture Trade India Private Limited, Shanxi Sida Yungui Mechanical & Electrical Engineering Co., Ltd, Zhejiang Materials Industry, Zhejiang Yasha Decoration Co., Ltd, Melbourne Digital Television Services, D.K Computer Solution, Shanghai Trendzone Construction Decoration Group Co., Ltd, Huizhou Huijinlong Mechanical & Electrical Repairing Co., Ltd, Domex appliances services, Glotech repairs, capital Repairs, UK Service home AEID services, MESURE PROCESS, Libre Service Casiers Maintenance, Slak, Hamitouche Hayat, Depannage, SARL Arcade Multiservices, Repair World Direct, Square Trade, Electronix Services, Meggitt PLC, MRO services, Feba Electronics Repair Service, Hilti Group, Holcim, Lufthansa Technik, Ufa, Mendtronix Inc, The Cableshoppe Inc, uBreakiFix, iCracked, Inc, P.C. Richard & Son, Inc, Daikin Holdings America Inc, Otis Worldwide Corporation, Terminix Global Holdings, Inc, Schindler Elevator Corporation, Evernex, Quanta services, Emcor Group Inc, MYR Group, MMR Group INC, Encompass Supply Chain Solutions, B2X Care Solutions, Moduslink Global Solutions, Redington Services, Quest International Inc
Pharmaceutical Contract Development And Manufacturing Organization (CMO) Market 2024 Key Insights:
• The pharmaceutical contract development & manufacturing organization (cmo) market size is expected to see rapid growth in the next few years. It will grow to $298.03 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%.
• Rising Demand For Medicines Fuels Growth In Pharmaceutical Contract Development And Manufacturing Market
• Strategic Mergers And Acquisitions Shape The Landscape Of The Pharmaceutical Contract Development And Manufacturing Market
• North America was the largest region in the global pharmaceutical contract development and manufacturing market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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