Contract Research And Manufacturing Services (CRAMS) Industry Outlook 2025-2029: Market Set to Cross $237.88 Billion Milestone

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What Is the Expected CAGR for the Contract Research And Manufacturing Services (CRAMS) Market Through 2025?
The market size for contract research and manufacturing services (CRAMS) has seen considerable growth in recent years. Projected figures indicate that it will increase from $143.71 billion in 2024 to $157.07 billion in 2025, showcasing a compound annual growth rate (CAGR) of 9.3%. The growth observed during the historic period can be associated with the growing trend of outsourcing, increased intricacy in drug development, an emphasis on core competencies, regulatory pressures, and the globalization of the pharmaceutical industry.

What's the Projected Size of the Global Contract Research And Manufacturing Services (CRAMS) Market by 2029?
In the coming years, the contract research and manufacturing services (CRAMS) market is projected to experience swift expansion. By 2029, it is estimated to reach $237.88 billion, with a compound annual growth rate (CAGR) of 10.9%. The anticipated growth during this forecasted period is due to factors such as expanding drug development pipelines, an emphasis on time and cost efficiencies, breakthroughs in biopharmaceuticals, and the customization of services. Key trends for this period include a shift to integrated services, advancements in manufacturing technology, a growing demand for contract manufacturing, adaptable business models, and a focus on sustainability and green practices.

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Top Growth Drivers in the Contract Research And Manufacturing Services (CRAMS) Industry: What's Accelerating the Market?
The predicted rise in the elderly population suffering from a range of chronic ailments is set to positively influence the expansion of the contract research and manufacturing services (CRAMS) market during the predicted period. The global ageing demographic is expanding at a fast pace and this trend is likely to persist throughout the forecast period. As the elderly demographic expands, there will be a higher prevalence of various diseases such as cancer, diabetes, Alzheimer's, arthritis, among others. This will subsequently lead to an uptick in the demand for assorted drugs or medicines, thereby escalating the need for contract research and manufacturing services. For example, in September 2023, the Australian Bureau of Statistics, an Australian national statistical agency, predicted that Australia's population, which stood at 26 million in 2022, could soar to anywhere between 34.3 million and 45.9 million by 2071. Besides, the median age, currently at 38.5 years, is expected to inch upwards to anywhere between 43.8 and 47.6 years. Consequently, the growing aged population is expected to spur the growth of the contract research and manufacturing services (CRAMS) market.

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What Trends Will Shape the Contract Research And Manufacturing Services (CRAMS) Market Through 2029 and Beyond?
The use of Artificial intelligence (AI) within the contract research and manufacturing services (CRAMS) market is on the rise, aiding in solidifying its market stand. As a subfield of computer science, AI focuses on mimicking human behavior in machines, providing a means to avert expensive maintenance by successfully predicting its necessity and supporting the healthcare system. An instance of this could be seen in June 2024 when a tech company based in the US, known as Medidata, introduced the Medidata clinical data studio. Its specialization lies in the unification and control of clinical trial data from a multitude of sources to enhance clinical research's efficiency and precision. It leverages artificial intelligence to ease data review and reconciliation, thus empowering study teams to identify potential data issues and safety signals more efficiently. The platform provides a comprehensive workspace for the integration, conversion, and management of data, consequently allowing users to implement robust risk-based quality management strategies while gaining access to real-time insights.

What Are the Main Segments in the Contract Research And Manufacturing Services (CRAMS) Market?
The contract research and manufacturing services (CRAMS) market covered in this report is segmented -

1) By Services: Manufacturing, Research
2) By End User: Pharmaceutical And Biotechnology Companies, Medical Device Companies, Academic Institutes

Subsegments:
1) By Manufacturing: Active Pharmaceutical Ingredient (API) Manufacturing, Finished Dosage Form (FDF) Manufacturing, Biologics Manufacturing, Contract Manufacturing Of Medical Devices, Formulation Development And Manufacturing, Packaging And Labeling Services, Analytical Testing And Quality Control, Custom Synthesis And Production
2) By Research: Preclinical Research, Clinical Research (Phase I-IV), Drug Discovery And Development Services, Regulatory Affairs And Consulting, Bioanalytical Testing Services, Toxicology Testing, Process Development And Optimization, Clinical Trial Management And Monitoring, Pharmacovigilance And Safety Services

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Which Top Companies are Driving Growth in the Contract Research And Manufacturing Services (CRAMS) Market?
Major companies operating in the contract research and manufacturing services (CRAMS) market include Lonza Group, Catalent Inc., WuXi AppTec, Boehringer Ingelheim, Charles River Laboratories, Jubilant Life Sciences, PRA Health Sciences, Syngene International Ltd., Samsung Biologics, Evotec AG, AMRI (Albany Molecular Research Inc.), Parexel International Corporation, ICON plc, IQVIA Holdings Inc., PPD (Pharmaceutical Product Development), Recipharm AB, Curia Global, Inc., Cambrex Corporation, Labcorp Drug Development, CordenPharma, Medpace Holdings, Inc., FAMAR Health Care Services, Rentschler Biopharma SE, PCI Pharma Services, Dishman Carbogen Amcis Ltd., Thermo Fisher Scientific Inc., ProPharma Group, Longevity Biotech Inc., Siegfried AG

Which Regions Will Dominate the Contract Research And Manufacturing Services (CRAMS) Market Through 2029?
North America was the largest region in the contract research and manufacturing services (CRAMS) market in 2024. 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.

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