PUBLISHER: Grand View Research | PRODUCT CODE: 1301065
PUBLISHER: Grand View Research | PRODUCT CODE: 1301065
The Latin America pharmaceutical contract manufacturing & research services market size is expected to reach USD 40.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2023 to 2030. The low manufacturing costs and growing demand for generics are the key factors driving the market growth. Moreover, factors, such as the growing pharmaceutical industry, rising investments in R&D, and technological advancements, are responsible for market growth. The shift from cost control to value-added solutions, the introduction of novel technologically equipped facilities, and risk-sharing between pharma and CMOs are also contributing to the industry growth.
Companies have started financing efforts to meet the rising demand for biological drugs, which, in turn, leads to an increase in the development of pharmaceutical products. This steady commercial success of biopharmaceuticals is expected to accelerate the growth of the regional market for pharmaceutical contract manufacturing & research services over the forecast period. Pharmaceutical contract manufacturing and research activities in Brazil are subject to severe requirements to maintain Good Manufacturing Practices (GMP) and Good Laboratory Practices (GLP) compliance. These laws cover a wide range of topics, such as facility requirements, quality control systems, documentation practices, and employee qualifications.
Contract manufacturing and research companies must receive the relevant authorizations and certificates from ANVISA, which includes a thorough review of their facilities, processes, and quality management systems. Technological advances in areas, such as biopharmaceutics, personalized medicine, and analytical methods, have increased the complexity of drug production and research processes. Outsourcing these functions to specialist contract service providers in Latin America can provide access to state-of-the-art facilities and expertise.