Global Biopharmaceutical CMO market share 2024, Forecast To 2033
25 Jan, 2024
The biopharmaceutical CMO market has witnessed rapid growth, surging from $21.72 billion in 2023 to $24.68 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period is attributed to the increasing demand for biopharmaceuticals, globalization, a rise in healthcare expenditure, regulatory support, and increased research funding. Anticipating rapid growth ahead, the market is projected to reach $41.87 billion in 2028, maintaining a robust CAGR of 14.1%. The forecasted growth is driven by the rise in telehealth and remote trials, global health initiatives, increased disposable income, and various industry trends, including the dominance of advanced therapies, digitalization, continuous manufacturing, and sustainability practices.
Global Biopharmaceutical CMO Market Key Driver
The biopharmaceutical CMO market anticipates growth, propelled by heightened venture capital investments in the life science sector. Notably, the UK witnessed a record £1.9 billion raised in venture capital between June and August 2021, reaching £4.25 billion YTD. This robust investment trend is poised to drive the biopharmaceutical CMO market in 2023, maintaining its momentum in 2024 and 2028.
Get A Free Sample Of The Global Biopharmaceutical CMO Market ReportGlobal Biopharmaceutical CMO Market Segments
The global biopharmaceutical cmo market covered in this report is segmented –
1) By Product: Biologics, Biosimilars
2) By Source: Mammalian, Non-Mammalian
3) By Service: Manufacturing, Fill And Finish Operations, Analytical And QC Studies, Packaging
By Geography: The regions covered in the Biopharmaceutical CMO market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Major Biopharmaceutical CMO Industry Players
Lonza Group AG, Fujifilm Diosynth Biotechnologies USA Inc., Thermo Fisher Scientific Inc., Samsung BioLogics Co. Ltd., WuXi Biologics Co. Ltd., Lonza Ltd., JRS Pharma Group, CMC Biologics AS, Catalent Inc., Boehringer Ingelheim GmbH, Rentschler Biopharma SE, AGC Biologics Inc., Abzena Ltd., AbbVie Inc., AstraZeneca plc, Bayer AG, Biogen Inc., Bristol-Myers Squibb Co., Eli Lilly and Company, Gilead Sciences Inc., GlaxoSmithKline plc, Johnson & Johnson, Merck & Co., Novartis AG, Pfizer Inc., Roche Holding Ag, Sanofi SA, Takeda Pharmaceuticals Co., Teva Pharmaceutical Industries Ltd., Vertex Pharmaceuticals Company, Moderna BioTechnology Company
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Biopharmaceutical CMO Market Overview
Biopharmaceutical CMO is a business that provides manufacturing services, with the capacity to produce small quantities for preclinical research and development and more significant numbers needed for clinical trials and commercialization. The biopharmaceutical CMO assists in lowering overall operational risk and time to market.
Biopharmaceutical CMO Global Market Report 2023 provides data on the global biopharmaceutical cmo market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biopharmaceutical cmo market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.