DUBLIN--(BUSINESS WIRE)--The "Pharmaceutical Contract Development and Manufacturing Market by Service (Pharmaceutical, Biologics, Active Pharma Ingredients, Tablet, Capsule, Parenteral, Oral Liquid), End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering
The pharmaceutical contract development and manufacturing market is expected to reach USD 126.6 billion by 2024 from an estimated USD 90.0 billion in 2019, at a CAGR of 7.1%.
The rising demand for generics, increasing investments in pharmaceutical R&D, and investments in advanced manufacturing technologies by CDMOs are the primary growth factors for this market. The increasing demand for biological therapies, growing focus on specialty medicines, growth in the nuclear medicines sector, and advancements in cell and gene therapies are expected to offer significant growth opportunities for players in this market. However, the introduction of serialization and changing trade policies between countries are major market challenges.
The biologics manufacturing segment is expected to grow at the highest rate during the forecast period
On the basis of service, the pharmaceutical contract development and manufacturing market is segmented into pharmaceutical manufacturing, biologics manufacturing, and drug development services. The biologics manufacturing segment is projected to witness the highest growth in the pharmaceutical contract development and manufacturing market during the forecast period. Growth in this segment is largely driven by the growing generics market and the impending patent cliff in the pharmaceutical industry, which have propelled interest toward biologics.
The big pharma end user segment is expected to account for the largest market share in 2019
The big pharma end-user segment holds the largest share of the pharmaceutical contract development and manufacturing market. The emergence of new medicines and therapy forms, pricing pressure, pipeline challenges, and the growing opportunities in emerging markets are factors contributing to the larger share of this segment.
The Asia Pacific is likely to be the fastest-growing market for players operating in the pharmaceutical contract development and manufacturing market
Although Europe accounted for the largest share of the global pharmaceutical contract development and manufacturing market in 2018, the Asia Pacific is expected to witness the highest CAGR during the forecast period. The growth of its manufacturing sector, favorable government regulations, expansions by leading companies, increasing emphasis on off-patent drugs, and its highly skilled workforce are factors driving the growth of this regional segment.
- Growing Demand for Generics
- Increasing Investments in Pharmaceutical R&D
- Investments in Advanced Manufacturing Technologies By CDMOs
- Increasing Demand for Biological therapies
- Growing Focus on Specialty Medicines
- Growth in the Nuclear Medicine Sector
- Growing Demand for Cell and Gene therapies
- Introduction of Serialization
- Changing Trade Policies Between Countries
- Increasing CDMO Manufacturing Footprint in Asian Countries
- CDMO Industry Consolidation
- Increasing Outsourcing of Clinical Trials to Emerging Markets
- Abbvie Inc.
- Aenova Group
- Almac Group
- Boehringer Ingelheim International GmbH
- Catalent, Inc.
- Consort Medical Plc
- Evonik Industries AG
- Famar Health Care Services
- Lonza Group Ltd
- Recipharm AB
- Siegfried Holding AG
- Thermo Fisher Scientific Inc.
- Vetter Pharma International GmbH
For more information about this report visit https://www.researchandmarkets.com/r/rmo6oh