Market Research Report
Biopharmaceutical CMO And CRO Market Size, Share & Trends Analysis Report By Source (Mammalian, Non-mammalian), By Service (Contract Manufacturing, Contract Research), By Product, And Segment Forecasts, 2022 - 2030
|Biopharmaceutical CMO And CRO Market Size, Share & Trends Analysis Report By Source (Mammalian, Non-mammalian), By Service (Contract Manufacturing, Contract Research), By Product, And Segment Forecasts, 2022 - 2030|
Published: January 6, 2022
Grand View Research, Inc.
Content info: 180 Pages
Delivery time: 2-10 business days
The global biopharmaceutical CMO and CRO market size is expected to reach USD 54.1 billion by 2030, registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Post-pandemic the market is being driven by the growing interest of conventional drug developers in the biological therapeutics. At present, outsourcing has become a cost-saving strategy for small- to medium-sized biomanufacturers, as it helps in eliminating the need for establishing costly specialized facilities or hiring and training personnel. The post-pandemic recovery has started owing to positive pipeline developments across modalities.
For instance, Lonza and Moderna announced a ten-year collaboration for the commercial manufacturing of the COVID-19 vaccine. Such developments compensated for minor delays in clinical trials that occurred during the first half of 2020. The contract manufacturing organization segment is projected to unlock lucrative growth opportunities over the foreseeable future. The decline in R&D productivity and increased development costs have resulted in high pressure on biopharmaceutical manufacturers pertaining to short-term earnings and profit margins. This, in turn, has created lucrative opportunities for the CMOs & CROs to accelerate their business operations.
The robustness of venture capital investments is one of the important supportive factors that has created opportunities for the growth of CMOs. Venture capital funds are considered more reliable than public equity. An increase in the availability of venture funds for life sciences is expected to bolster the growth of CMOs. However, these CMOs & CROs are expected to face competition from in-house departments of pharmaceutical & biotechnology companies. Several big pharma companies like Novartis announced to maintain and expand their biomanufacturing processes in-house over the coming years.