Market Outlook Shows CDMOs Will Grow To A $24329 Billion Industry
Learn How the Changing Healthcare Landscape Is Changing the Economics of Pharmaceutical Development
What is a CDMO?
A Contract Development and Manufacturing Organization (CDMO) is a service provider that offers a range of services to pharmaceutical companies, from drug discovery and development to manufacturing and packaging. CDMOs play a vital role in the pharmaceutical industry, as they allow drug companies to access specialized expertise and infrastructure without having to invest in these capabilities themselves.
The pharmaceutical industry is undergoing a period of significant change, with the increasing development of complex biologics and personalized medicines. This is driving the demand for CDMOs, as they have the expertise and capabilities to handle these complex manufacturing processes.
Market Size and Growth Projections
The global market for pharmaceutical contract manufacturing is estimated at US$1124 billion in 2023 and is projected to reach US$24329 billion by 2024. This growth is being driven by a number of factors, including the increasing complexity of drug development, the rising cost of manufacturing, and the growing demand for personalized medicine as reported by Coherent Market Insights.
The CDMO market is highly competitive, with a number of large, global players as well as smaller, regional providers. The leading CDMOs include Lonza, Catalent, and Thermo Fisher Scientific.
Key Trends in the CDMO Market
There are a number of key trends shaping the CDMO market, including:
- The increasing use of biologics and personalized medicines
- The growing demand for CDMOs in emerging markets
- The consolidation of the CDMO industry
- The increasing use of technology in CDMO operations
These trends are expected to continue to drive the growth of the CDMO market in the coming years.
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