CMO/CDMO Biotechnology Market to be Worth $ 199.09 Billion by 2034: Fact.MR Report
Increasing Outsourcing by Pharmaceutical Companies to Save Costs Driving CMO/CDMO Biotechnology Market Growth
Rockville , March 20, 2024 (GLOBE NEWSWIRE) — The global CMO/CDMO biotechnology market, estimated at US$ 67.21 billion for 2024, is forecasted to expand at a noteworthy CAGR of 11.5% from 2024 to 2034, due to the growing demand for biologics and generic medications.
Pharmaceutical and biotechnology businesses can create their novel drug compounds and obtain comprehensive, fully integrated drug development and manufacturing solutions and services with the assistance of a contract manufacturing organization, or CMO.
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CMOs and CDMOs assist in pharmacological research and commercial production. With their state-of-the-art machinery and highly skilled workforce, CMOs can assist pharmaceutical and biotechnology businesses save money on the production of new pharmaceuticals, whether they are made from small or large molecules. Formulation development, supply chain management, clinical trial services, regulatory support, and product packaging are just a few of the many services that CDMOs provide.
There will be a greater need for services from contract manufacturing and contract development manufacturing organizations as more businesses in the pharmaceutical industry consider outsourcing.
| Report Attribute | Details |
| Value Projection (2034) | US$ 199.09 Billion |
| Growth Rate (2024-2034) | 11.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 30 Tables |
| No. of Figures | 127 Figures |
Key Takeaways from Market Study
- The global CMO/CDMO biotechnology market is estimated at US$ 67.21 billion in 2024.
- Demand for CMO/CDMO biotechnology solutions is forecasted to increase at a CAGR of 11.5% from 2024 to 2034.
- The market is projected to reach US$ 199.09 billion by 2034-end.
- The market in East Asia is predicted to expand at a CAGR of 11.2% from 2024 to 2034.
- Demand for standalone services is projected to rise at a CAGR of 12.2% through 2034.
- North America is estimated to account for 36.2% share of the global market in 2024.
“As a growing percentage of people choose natural and locally sourced products over established brands and explore alternative resources, there is an increasing need for cutting-edge technology. Pharmaceutical companies are increasingly relying on CMO/CDMO services to meet this demand,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Laboratory Corporation of America Holdings
- Boehringer Ingelheim GmbH
- Toyobo Co., Ltd.
- Samsung Biologics
- Thermo Fisher Scientific Inc.
- ICON Plc.
Adoption of CMO/CDMO Business Models for Manufacturing of Innovative Biologics and Biosimilars
The market is expanding rapidly as a result of the adoption of CMO and CDMO business models and an emphasis on cutting operational expenses. Operational efficiency can be increased by contracting with CMOs or CDMOs to handle biopharmaceutical R&D and commercialization. The CMO/CDMO biotechnology market has significant growth potential in the manufacturing of novel biologics and biosimilars. Technological improvements in CDMOs are made possible by scientific advancements in biopharmaceuticals.
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Recent Development
A significant number of market participants are focusing on strategic cooperation to improve their standing about the services they offer. They can also penetrate emerging markets and broaden their geographic reach with these initiatives.
- Biofarma Srl C.F. partnered with Nutrilinea in February 2020 to improve the development and manufacturing of healthcare goods.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the CMO/CDMO biotechnology market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on service (standalone services, integrated developments), product (large molecules, small molecules), organization (small, medium, large), scale of operation (preclinical, clinical, commercial), and expression system (mammalian, microbial), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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