Dublin, May 21, 2024 (GLOBE NEWSWIRE) -- The "Biopharmaceuticals Contract Manufacturing Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The biopharmaceuticals contract manufacturing market has grown rapidly in recent years. It will grow from $18.31 billion in 2023 to $20.23 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The expansion observed during the historic period can be linked to several factors, including the heightened development of biopharmaceuticals, the pursuit of cost efficiency and risk mitigation strategies, the burgeoning pipeline of biologics, the globalization of the biopharmaceutical industry, and the implementation of flexible manufacturing solutions. These elements collectively contributed to the growth and advancement within the biopharmaceutical sector.
The biopharmaceuticals contract manufacturing market is expected to see rapid growth in the next few years. It will grow to $29.97 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth in the forecasted period is expected to be driven by several key factors, including the rising trend of outsourcing, the development of biosimilars, the demand for shorter time-to-market requirements, the expansion of global markets, and a dedicated focus on specialized services within the biopharmaceutical industry.
The biopharmaceutical contract manufacturing market is experiencing substantial growth owing to the rising demand for biologics. Biologics, derived from living organisms through biotechnology, present cutting-edge therapies for various diseases. This surge in demand is fueled by an expanding biologics pipeline, the intricate production process, and companies concentrating on core competencies. As evidenced by IQVIA Inc's 2021 report, estimating that by 2021, biologics would represent 34% of medical expenditures in Europe, valuing at €78.6 billion (US $86.29 billion) with a five-year CAGR of 10.5%. Consequently, the escalating need for biologics is steering the growth of the biopharmaceutical contract manufacturing market.
The growth trajectory of the biopharmaceuticals contract manufacturing market is strongly influenced by the increasing number of clinical trials. These trials, crucial for assessing medical interventions, rely on efficient production and supply of investigational drugs facilitated by biopharmaceutical contract manufacturing. As indicated by Xtalks in May 2023, there has been a substantial rise in registered clinical trials globally on ClinicalTrials.gov, reaching 452,604, a significant increase from early 2021's over 365,000. Hence, the upsurge in clinical trials directly propels the biopharmaceuticals contract manufacturing market.
A prominent trend shaping the biopharmaceuticals contract manufacturing market is product innovation. Major industry players are investing in innovative products to maintain their market position. An example is the strategic contract manufacturing agreement between Thermo Fisher Scientific and Elektrofi in February 2023. This collaboration aims to support the commercial production of Elektrofi's pioneering ultra-high concentration subcutaneous products using innovative microparticle technology. This advancement allows patients to self-administer biologics at home, revolutionizing the delivery of crucial medications.
A significant focus within the biopharmaceutical contract manufacturing market is the development of monoclonal antibodies using advanced platforms such as the go-to cell line platform. KBI Biopharma Inc's launch of SUREmAb in September 2023 exemplifies this focus. Leveraging KBI's SUREtechnology Platform, SUREmAb streamlines processes, enabling swift research cell bank development and a rapid transition from DNA to GMP drug substance. The collaboration between KBI Biopharma and Selexis contributed to this operational optimization, enhancing monoclonal antibody development.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Product: Biologics; Monoclonal Antibodies (MABs); Recombinant Proteins; Vaccines; Antisense, RNAi, And Molecular Therapy; Biosimilars
- By Source: Mammalian; Non-mammalian
- By Service: Process Development; Fill And Finish Operations; Analytical And QC studies; Packaging
- By Application: Clinical; Commercial
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Companies Profiled
- Boehringer Ingelheim GmbH
- Lonza Group Ltd.
- Inno Biologics Sdn Bhd
- Rentschler Biopharma SE
- Samsung Biologics Co. Ltd.
- AGC Biologics
- ProBioGen AG
- FUJIFILM Diosynth Biotechnologies
- Thermo Fisher Scientific Inc.
- Binex Co. Ltd.
- AbbVie Inc.
- Catalent Inc
- Pfizer Inc.
- Merck KGaA
- Pressure BioSciences
- Novartis International AG
- Cambrex Corporation
- Emergent BioSolutions Inc.
- JRS Pharma GmbH & Co. KG
- WuXi Biologics
- Siegfried Holding AG
- Toyobo Co. Ltd.
- ADMA Biologics Inc.
- UCB S.A.
- AstraZeneca PLC
- Johnson & Johnson
- Takeda Pharmaceutical Company Limited
- Shire Pharmaceuticals LLC
- Baxter International Inc.
- Becton Dickinson and Company
- Polyphor Ltd.
- Patheon Inc.
- Alcami Corporation
For more information about this report visit https://www.researchandmarkets.com/r/4rv1xk
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