Pharmaceutical Contract Manufacturing Market worth $319.6 billion by 2029 driven by Rising Tech Innovations | MarketsandMarkets

CHICAGO, Aug. 2, 2024 /PRNewswire/ -- The global Pharmaceutical Contract Manufacturing Market is expected to grow from USD 200.9 billion in 2024 to USD 319.6 billion by 2029, at a CAGR of 9.7%. The pharmaceutical contract manufacturing market is expanding due to the rising costs of in-house drug development, advancements in CMO technology, and the integration of AI to enhance efficiency and quality in drug development and manufacturing. Key drivers include the high expenses associated with drug R&D and regulatory compliance, while challenges include varying regulatory requirements and the complexities of serialization. Emerging markets, particularly in Asia, present significant growth opportunities, especially with the shift from China to India due to the Biosecure Act. The market is dominated by pharmaceutical manufacturing services and is expected to see the highest growth in large pharmaceutical companies. North America led the market in 2023, followed by Europe and Asia Pacific. Major players include Thermo Fisher Scientific, Lonza Group, and WuXi Apptec, among others.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=201524381

Browse in-depth TOC on "Pharmaceutical Contract Manufacturing Market"

148 - Tables
60 - Figures
415 - Pages

Thermo Fisher Scientific, Inc.: Market Leader in Pharmaceutical Contract Manufacturing

Thermo Fisher Scientific, Inc. stands as a dominant force in the pharmaceutical contract manufacturing market, holding the largest market share in 2023. The company excels with a comprehensive suite of services, including formulation development, process development, analytical services, and commercial manufacturing. Thermo Fisher's substantial market presence is supported by its broad service offerings and strong regional and brand recognition. The company's commitment to organic growth and innovation, such as the introduction of advanced cold and ultra-cold storage solutions in March 2024, reinforces its market leadership and supports global clinical trial and biorepository needs.

Catalent, Inc.: Leading CDMO with Advanced Delivery Systems

Catalent, Inc. is a prominent contract development and manufacturing organization (CDMO) known for its development solutions across medicines, biologics, consumer and animal health products, and sophisticated delivery methods. The company offers a diverse range of oral, injectable, and respiratory delivery systems, complemented by patented technologies and services. Catalent's global network of industrial plants, development hubs, and sales offices, combined with its focus on collaboration, underscores its strong position and adaptability in meeting the needs of the pharmaceutical and biotechnology sectors.