Global CDMO Outsourcing Market 2019-2023 | 8% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Sep 12, 2019--
The global contract development and manufacturing organization (CDMO) outsourcing market is poised to reach USD 36.51 billion by 2023, according to a new report by Technavio, progressing at a CAGR of close to 8% during the forecast period.
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Technavio has announced its latest market research report titled global contract development and manufacturing organization (CDMO) outsourcing market 2019-2023. (Graphic: Business Wire)
“Poor lifestyles have increased the number of diseases such as diabetes and other cardiac diseases. The high demand for drugs to treat these diseases is driving many pharma and biotech companies to outsource some of their processes to CDMOs. Many CDMOs engaging in M&As to improve their market share and penetrate in new regions. These are some of the factors influencing the growth of the global CDMO outsourcing market”, says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the growth of the pharmaceutical industry. In addition, the increasing demand for one-stop-shop CDMOs is anticipated to further boost the expansion of the global CDMO outsourcing market during the forecast period.
The rising prevalence of many lifestyle-influenced diseases such as diabetes, obesity, and heart diseases are creating a strong demand for pharmaceutical products. This has necessitated many pharma and biotech companies to expand their manufacturing capabilities. However, several small pharma and biotech companies cannot afford to expand their manufacturing facilities due to financial constraints. This is why they prefer to outsource some of their processes to CDMOs so as to cater to the growing demand in the market. Moreover, improving technical capabilities and expertise of CDMOs are encouraging many enterprises to outsource the manufacturing and development of large molecules in biologics. This is helping enterprises manufacture large number of drugs in a short period, driving the expansion of the global CDMO outsourcing market.
Many pharma and biotech companies are shifting their focus toward engaging with one-stop-shop CDMOs to gain a competitive edge in the global market. Such CDMOs provide support through all stages of drug formulation and development and also offer secondary packaging services, including customization of packaging based on various requirements. They also assist enterprises in developing strategies to optimize capital cost during development, test drug product to meet regulatory requirements, and preserve scarce APIs. These benefits offered by one-stop-shop CDMOs is allowing enterprises to focus more on core areas. The growing demand for one-stop-shop CDMOs is expected to fuel the growth of the global CDMO outsourcing market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Aenova Holding GmbH
- Almac Group Ltd.
- Catalent Inc.
- FAMAR Health Care Services
- FAREVA SA
- Lonza Group Ltd.
- Recipharm AB
- Siegfried Holding AG
- The Lubrizol Corp.
- Thermo Fisher Scientific Inc.
Market Segmentation by Product:
- Small molecules
Key Regions for the CDMO Outsourcing Market:
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.Request a free sample report
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH
SOURCE: Technavio Research
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PUB: 09/12/2019 07:45 AM/DISC: 09/12/2019 07:45 AM