(prsubmissionsite) October 24, 2019 – The global contract development and manufacturing organization (CDMO) outsourcing market is poised to reach USD 36.51 billion by 2023, according to a new report by Technavio, progressing at a CAGR of close to 8% during the forecast period.
“Poor lifestyles have increased the number of diseases such as diabetes and other cardiac diseases. The high demand for drugs to treat these diseases is driving many pharma and biotech companies to outsource some of their processes to CDMOs. Many CDMOs engaging in M&As to improve their market share and penetrate in new regions. These are some of the factors influencing the growth of the global CDMO outsourcing market”, says a senior analyst at Technavio.
The market is driven by the growth of the pharmaceutical industry. In addition, the increasing demand for one-stop-shop CDMOs is anticipated to further boost the expansion of the global CDMO outsourcing market during the forecast period.
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The rising prevalence of many lifestyle-influenced diseases such as diabetes, obesity, and heart diseases are creating a strong demand for pharmaceutical products. This has necessitated many pharma and biotech companies to expand their manufacturing capabilities. However, several small pharma and biotech companies cannot afford to expand their manufacturing facilities due to financial constraints. This is why they prefer to outsource some of their processes to CDMOs so as to cater to the growing demand in the market. Moreover, improving technical capabilities and expertise of CDMOs are encouraging many enterprises to outsource the manufacturing and development of large molecules in biologics. This is helping enterprises manufacture large number of drugs in a short period, driving the expansion of the global CDMO outsourcing market.
Many pharma and biotech companies are shifting their focus toward engaging with one-stop-shop CDMOs to gain a competitive edge in the global market. Such CDMOs provide support through all stages of drug formulation and development and also offer secondary packaging services, including customization of packaging based on various requirements. They also assist enterprises in developing strategies to optimize capital cost during development, test drug product to meet regulatory requirements, and preserve scarce APIs. These benefits offered by one-stop-shop CDMOs is allowing enterprises to focus more on core areas. The growing demand for one-stop-shop CDMOs is expected to fuel the growth of the global CDMO outsourcing market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
· Aenova Holding GmbH
· Almac Group Ltd.
· Catalent Inc.
· FAMAR Health Care Services
· FAREVA SA
· Lonza Group Ltd.
· Recipharm AB
· Siegfried Holding AG
· The Lubrizol Corp.
· Thermo Fisher Scientific Inc.
Market Segmentation by Product:
· Small molecules
Key Regions for the CDMO Outsourcing Market:
· North America
· South America
Some of the key topics covered in the report include:
· Market ecosystem
· Market characteristics
· Market segmentation analysis
· Market definition
· Market size and forecast
· Vendors covered
· Vendor classification
· Market positioning of vendors
· Competitive scenario
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