DUBLIN--(BUSINESS WIRE )--The "Pharmaceutical Contract Manufacturing and Research Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The Pharmaceutical Contract Manufacturing and Research Services Market is expected to register a CAGR of nearly 7% over the forecast period, 2022-2027.
The COVID-19 pandemic has significantly impacted the pharmaceutical contract manufacturing and research manufacturing research services market. The pandemic affected the supply chain and distribution channels in pharmaceutical industry that negatively impacted the market growth. However, the pandemic also boosted the demand for contract manufacturing and research services.
For instance, in December 2020, a CDMO, Recipharm signed an agreement with a pharmaceutical company Moderna. As per the agreement, Recipharm supported the fill-finish part of the Moderna COVID-19 vaccine for supply to countries outside the United States. Additionally, in January 2021, ICON PLC collaborated with Pfizer Inc. and BioNTech to provide clinical trial services for the development of Pfizer and BioNTech's investigational COVID-19 vaccine program. As a part of this program, ICON worked in more than 153 sites in Europe, South Africa, the United States, and Latin America for the recruitment of 44,000 participants for the clinical trial studies. It also provided site training, document management, and operational support for patient informed consent form review. Thus, the COVID-19 pandemic positively impacted the market growth.
The major factors attributing to the market growth are growing demand to develop pharmaceutical drugs, low manufacturing cost and improving economic conditions of developing countries as well as rising use of biologics.
Growing demand to develop pharmaceutical drugs is driving the demand for pharmaceutical contract manufacturing and research services market. The several market players are engaged in the implementation of strategic initiatives. For instance, in October 2020, PPD Inc. reported its expansion by opening a new multipurpose clinical research laboratory in Suzhou, China, to offer bioanalytical, biomarker, and vaccine services for clinical trials across all phases of pharmaceutical development, thereby contributing to the market growth. Also, in October 2021, CTI Clinical Trial & Consulting Services (CTI), a global contract research organization (CRO) specializing in personalized curative therapies and complex clinical programs, signed a formal, worldwide partnership agreement with BioAgilytix, a leading global contract research organization focused on supporting pharmaceutical and biotech partners in all phases of drug development.
Additionally, as per the September 2020 update by the Pharmaceutical Research and Manufacturers of America (PhRMA), the PhRMA members had invested nearly USD 83 billion in R&D activities in 2019. Furthermore, as per the same source, more than 260 vaccines are in the pipeline by the biopharmaceutical companies for various diseases, including COVID-19, as per PhRMA, 2020. Moreover, as per the Organization for Economic Co-Operation and Development (OECD), pharmaceutical spending as a percentage of gross domestic product (GDP) in 2020 was 6.9% in the Netherlands, 7.2 % in Norway, 11.1 % in Iceland, 12.4% in Finland and 19.3% in South Korea.
However, regulatory issues pertaining to the drug approval and limited outsourcing opted by pharmaceutical companies are the factors impeding the market growth.
The pharmaceutical contract manufacturing and research services market is competitive with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Thermo Fisher Scientific (PPD, Inc. ), AbbVie, Baxter BioPharma, Dalton Pharma Services and Boehringer Ingelheim Biopharmaceuticals GmbH.
1.1 Study Assumptions and Market Definition
4.2.1 Growing Demand To Develop Pharmaceutical Drugs
4.2.2 Low Manufacturing Cost And Improving Economic Condition of Developing Countries
4.3.1 Regulatory Issues Pertaining to the Drug Approval
4.3.2 Limited Outsourcing Opted by Pharmaceutical Companies
5 MARKET SEGMENTATION (Market Size by Value- USD million)
5.1.2 Advanced Drug Delivery Formulations Packaging
6.1.1 Thermo Fisher Scientific (PPD, Inc.)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/n2it01
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900