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Pharmaceutical Contract Development and Manufacturing Market Growing at a CAGR of 7.3% – Research Provides Detailed Analysis of Trends, Growth and Forecast

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Pharmaceutical Contract Development and Manufacturing Market Growing at a CAGR of 7.3% – Research Provides Detailed Analysis of Trends, Growth and Forecast

August 03
18:48 2022
In 2021, Samsung BioLogics (South Korea) entered into a Development and Manufacturing Agreement with Kineta (US) for Anti-VISTA Antibody Immunotherapy.

The Pharmaceutical Contract Development and Manufacturing Market is projected to reach USD 171.3 billion by 2026 from USD 120.6 billion in 2021, at a CAGR of 7.3% between 2021 and 2026.

Patent expiry and increasing demand for generic drugs;

Generics are cost-effective drugs with therapeutic effectiveness and safety profiles that are similar to their branded counterparts. The increasing pressure on reducing the rising healthcare costs is one of the major factors driving the growth of the generics market. Considering such cost benefits, governments across various countries are promoting the use of generic drugs.

The patent expiry of several drugs is another major factor driving the growth of the generics market. In developing countries such as South Korea, around 62 patents for 158 pharmaceutical products are scheduled to expire in 2021. Although generic erosion because of the patent cliff has resulted in significant revenue and volume losses for the branded drugs industry, patent expiration enables the entry of several cheaper generic counterparts in the market (which will boost the volume of drugs sold). This is a positive indicator of market growth, as generics companies outsource around 80% of their production to CDMOs.

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The Pharmaceutical Contract Manufacturing Market growth is driven mainly by factors such as rising demand for generics, increasing investments in pharmaceutical R&D, and investments in advanced manufacturing technologies by CDMOs. 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 also expected to offer market growth opportunities in the coming years.

The pharmaceutical manufacturing services segment accounted for the largest share of the service segment in the pharmaceutical contract development and manufacturing market in 2020.

On the basis of service, the pharmaceutical contract manufacturing market is broadly segmented into pharmaceutical manufacturing, biologics manufacturing, and drug development services. In 2020, the pharmaceutical manufacturing services segment accounted for the largest share of the market. The large share of this segment can be attributed to the limited finances of pharma manufacturers, capacity constraints, need for reductions in the time-to-market, complex manufacturing requirements, large investments required for establishing manufacturing facilities, and the growing pipeline, all of which have prompted the shift toward pharmaceutical contract manufacturing.

The big pharmaceutical companies segment accounted for the largest share of the end user segment in the pharmaceutical contract development and manufacturing market in 2020.

Based on end users, the pharmaceutical contract development market is segmented into big pharmaceutical companies, small & medium-sized pharmaceutical companies, generic pharmaceutical companies, and other end users. In 2020, big pharmaceutical companies accounted for the largest share of the pharmaceutical contract manufacturing market, and this trend is expected to continue during the forecast period. The large share of this end-user segment can be attributed to factors such as the high demand for end-to-end services in big pharmaceutical companies, rising pricing pressure and pipeline challenges in their operations (resulting in a shift toward contract development and manufacturing), and the growing need to streamline execution costs as a result of the patent expiry of blockbuster drugs.

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The Asia Pacific region is the fastest-growing region of the pharmaceutical contract development and manufacturing market in 2020.

The Asia Pacific region is estimated to grow at the highest CAGR in the pharmaceutical contract development market during the forecast period, this is mainly due to factors such as increasing investments and expansions by big pharma companies in countries such as China, India, and South Korea.

Some of the prominent players in the pharmaceutical contract development and manufacturing market include Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Lonza Group Ltd. (Switzerland), Recipharm AB (Sweden), AbbVie Inc. (US), Aenova Group (Germany), Almac Group (UK), Siegfried Holding AG (Switzerland).

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Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
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Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/pharmaceutical-contract-manufacturing-market-201524381.html

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