Global CMO/CDMO market to reach $38.87 billion by 2032 driven by increasing pharmaceutical complexity.

From GlobeNewswire: 2024-12-12 08:00:00

The CMO/CDMO Market reached USD 23.32 billion in 2023 and is projected to grow to USD 38.87 billion by 2032 at a CAGR of 5.86%. The market is driven by increasing pharmaceutical complexity, demand for biologics, and outsourcing drug development and manufacturing.

Pharmaceutical and biotech industries are outsourcing drug development and manufacturing to specialized providers due to increasing complexity and demand for cost-effective production. Services like contract manufacturing and development are growing rapidly to meet the needs of personalized medicine and specialized drug formulations.

The CMO/CDMO market has shown strong growth as companies rely on third-party manufacturers for drug development and production. Outsourcing allows companies to focus on research while leaving manufacturing to specialist partners. Demand for these services has increased with the rise of specialized drug development focusing on biologics and personalized medicine.

Contract manufacturing dominated the CMO/CDMO market in 2023, accounting for 60% of the market share. Contract development services are expected to grow rapidly, driven by the complexity of drug formulations and the need for specialized expertise. Solid dosage forms like tablets and capsules were the most common in 2023, while the creams segment is expected to experience the fastest growth. The CMO/CDMO Market is segmented by service (Contract Development, Contract Manufacturing, Others) and form (Solid Form & Powder, Lotions, Creams, Others). Recent developments include Samsung Biologics investing billions in plant expansion, FDA approval for McGuff Pharmaceuticals’ new facility, and WuXi AppTec opening a biologics manufacturing facility in Singapore.

North America leads the CMO/CDMO market due to a growing pharmaceutical industry. Asia-Pacific, particularly India and China, are expected to see significant growth. Europe is also a key market, with a focus on innovation and personalized medicine driving CMO/CDMO growth.

For in-depth analysis, access the CMO/CDMO Market report with key points covering market dynamics, statistical insights, regional analysis, company profiles, and more. Buying options include various report packs and subscriptions. SNS Insider is a top market research and consulting agency providing accurate data and insights for confident decision-making.



Read more at GlobeNewswire: Global CMO/CDMO Market to Reach USD 38.87 Billion by 2032,