According to The Insight Partners market research study of ‘Biopharmaceuticals Contract ManufacturingMarket to 2027 – Global Analysis and Forecasts by Product, and Service.’ The report provides trends prevailing in the global biopharmaceuticals contract manufacturing marketand the factors driving market along with those that act as hindrances.
Biopharmaceuticals contract manufacturing refers to pharmaceutical companies outsourcing the development and manufacturing of drugs. CMOs have become a known name among pharmaceutical companies due to their cost effective services. The CMOs offer a wide range of services including research and development, analytical services and final dosage preparation and packaging. Moreover, growing biopharma industry is offering lucrative opportunities for the growth of the market. The growth of the Biopharmaceuticals Contract Manufacturing market is attributed to the some key driving factors such as increase demand of biologics, growing biosimilar pipeline, stringent regulation and increasing outsourcing activities. However, increasing competition in the industry is expected to restraint the growth of the market during the forecast years.
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Leading companies operating in the biopharmaceuticals contract manufacturing marketare Lonza Group AG, Boehringer Ingelheim International GmbH, Inno Biologics Ventures Sdn Bhd,Thermo Fisher Scientific, AbbVie Inc., and WuXi Biologics, General Electric, Samsung Biologics, Merck KGaA, Ajinomoto Co., Inc. among others.
The biopharmaceuticals contract manufacturing market is expected to grow, owing to the increasing outsourcing by pharmaceutical companies, growing biologics pipeline and growth in emerging markets. However, increasing competition among contract manufacturers is expected to restraint the growth of the market during the forecast years.
Increasing Demand of Biologics
The contract manufacturing market for biologics is growing at an unprecedented rate owing to increasing biologics pipeline, manufacturing complexity, and companies shifting their focus towards core activities. Presently, many pharmaceutical and biotechnology companies outsource varied services from early-stage drug development to commercial-scale manufacturing. The outsourcing is required to expedite research and development, speed up market entry, give access to novel technologies, regulatory expertise, and reduces risks at a competitive cost. Complexities in biologics development and production and increasingly stringent quality standards have driven drug manufactures to prefer contract manufacturer services. Moreover, many companies are opting CMOs services to speed up the development process and lower production costs. For instance, in 2019, Dyadic International, Inc. agreed with Luina Bio Pty Ltd for the development and commercialization of its specific targeted antigen and biological products.
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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The global biopharmaceuticals contract manufacturing market, based on the product, is segmented into biologics and biosimilars.The biologicssegment held the largest share of the market in 2019. Whereas, the biosimilar segment is estimated to register the highest CAGR in the market during the forecast period owing to increasing demand of biologics, increasing research activities in niche markets and growing biologics pipeline. Moreover, many big pharmaceutical companies prefer contract manufacturers to scale up their production and manage operating expenses.
The biopharmaceuticals contract manufacturing market, by service, is segmented into development process, final dosage operations, analytical and quality control and final packaging. In 2019, the development process accounted for the largest market share in the global biopharmaceuticals contract manufacturing market owing to cutting edge technologies, risk becomes higher for small drug manufactures. However, analytical and quality control services are expected to grow at a significant CAGR in the forecast period owing to stringent regulatory regulation and complex manufacturing requirements of biologics.
Product launches and expansion strategy is commonly adopted by companies to expand their footprint worldwide and meet the growing demand. This strategy is most commonly adopted by the market players in order to expand its product portfolio.
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