The report is titled as ‘Pharmaceutical CRO & CDMO Market: Opportunity Analysis and Future Assessment 2022-2030’. An overview of conceptual frameworks, analytical approaches of the pharmaceutical CRO & CDMO market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. Pharmaceutical CRO & CDMO market is expected to grow with significant rate in the near future.
In 2020, global pharmaceutical CRO & CDMO market was valued at US$ 69,682.6 Mn and expected to grow significantly at a CAGR of 7.2% over the forecast period
Pharmaceutical CRO & CDMO Introduction
The past five years has witnessed the contract research organization (CRO) and pharmaceutical contract development and manufacturing organization (CDMO) industries thrive with regards to the significance and value of merger and acquisition (M&A) deals. There are several factors that are driving the pharmaceutical CRO and CDMO market comprising higher use of pharmaceuticals, downsizing of supply chains to regional and national manufacturing centers, and emergence of novel advanced medicines urging robust investor interest in these business domains. CRO and CDMO basically supports the biotechnology and/or the pharmaceutical industries by way of outsourced services.
The only difference between these two is, the contract research organization (CRO) offers the research and development services, whereas the contract development and manufacturing organization (CDMO) focuses on providing an entire comprehensive service from research and commercial manufacture.
Moreover, Covid-19 has also been the most crucial factor in the life sciences industry in the past couple of years. The pharmaceutical CRO/CDMO sector has been witnessed as a significant source of advanced and innovative solutions for this global pandemic, swiftly developing and deploying various immensely effective novel vaccines.
Pharmaceutical CRO & CDMO Market Dynamics
Growing focus on capacity expansion among key players to serve the growing market is a major factor driving growth of the global pharmaceutical CRO/ CDMO market. For instance, in August 2020, Samsung Biologics has announced an investment of around US$ 1.7 Bn for the new biologics facility development. The facility is expected to become full operational by 2023. However, the company is going to start production from the end of 2022.
In addition, in June 2020, Fujifilm Diosynth Biotechnologies has announced investment of US$ 928 Mn in company site located in Hillerød, Denmark. The company has made this investment to enhance the manufacturing capacity and labelling & packaging services.
Also, the company has announced an investment of US$ 55 Mn in 2020 for the construction of new advanced therapies innovation center in College Station, Texas. These kind of initiatives by key players are expected to contribute in the overall global market growth in the near future.
Moreover, rising strategic initiatives among key players is another major factor supporting growth of the target market. For instance, in 2020, the Recipharm AB has completed the acquisition of Consort Medical – a contract development and manufacturing organization located in the UK that owns Bespak and Aesica. The acquisition was announced by Recipharm AB in November 2019. This acquisition is considered as a big move for Recipharm to increase their overall turnover.
Furthermore, in May 2021 Wuxi AppTec has announced the completion of the acquisition of drug-product and drug-substance manufacturing facility of Pfizer located in Hangzhou, China. Another acquisition completed is a biologics CDMO - CMAB Biopharma located in Suzhou, China. The third acquisition completed by the company is biomanufacturing site of Bayer in Wuppertal, Germany.
Pharmaceutical CRO & CDMO Market Segmentation
The global pharmaceutical CRO & CDMO Market is segmented on the basis of type, formulation, therapeutic area, molecule type, and region.
By Therapeutic Area:
By Molecule Type:
Pharmaceutical CRO & CDMO Market Key Players
Catalent, Inc., Recipharm AB, Jubilant Life Sciences Ltd., Patheon Inc., Boehringer Ingelheim Group, Pfizer Inc., Aenova Holding GmbH, Famar SA, Baxter Biopharma Solutions, Lonza Group AG, IQVIA, LabCorp, and Parexel International are some of the key participating players in the global pharmaceutical CRO & CDMO Market
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