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(Medical-NewsWire.com, October 24, 2023 ) The report "Pharmaceutical Contract Manufacturing Market by Service (Pharmaceutical (API, FDF - Tablet, Capsule, Injectable)), Biologic (API, FDF), Drug Development), End User (Big Pharma, Small & Medium-sized Pharma, Generic Pharma) - Global Forecasts to 2028", size is projected to reach USD 258.3 billion by 2028 from 176.5 billion in 2023, at a CAGR of 7.9% during the forecast period. Factors such as growth in the biosimilars and generics markets, and the increased outsourcing of preclinical/clinical drug development and manufacturing services are driving the growth of this market. However, challenges associated with regulatory compliances is the major factors restraining the growth of this market.
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Pharmaceutical manufacturing services accounted for the largest share of the service segment in the pharmaceutical contract development and manufacturing market in 2022.
Based on service, the pharmaceutical contract development and manufacturing market is broadly segmented into pharmaceutical manufacturing services, drug development services, and biologic manufacturing services. In 2022, pharmaceutical manufacturing services accounted for the largest share of the pharmaceutical contract development and manufacturing market for service. This segment's large share can be attributed to factors such as growing investments in developing novel therapies & pharma research. Further, growth in the pharma outsourcing trend is supported by the increased demand for lower-cost alternatives, which is likely to support the market growth.
The pharmaceutical API manufacturing services accounted for the largest share of the type segment in the pharmaceutical contract development and manufacturing market in 2022.
Based on type, the pharmaceutical manufacturing services is categorized into two sub-segments—pharmaceutical API manufacturing services and pharmaceutical FDF manufacturing services. In 2022, pharmaceutical API manufacturing services accounted for the largest share of the pharmaceutical manufacturing services segment. Factors such as the demand for API manufacturing are growing due to the looming patent expiries in several countries. Furthermore, pharma companies have shown a growing focus on conducting core activities that have pushed them to outsource API manufacturing.
Asia Pacific is likely to grow at the highest growth rate during the forecast period.
Based on the region The global pharmaceutical contract development and manufacturing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional segment. The Asia Pacific region is estimated to grow at the highest CAGR in the pharmaceutical contract development and manufacturing market during the forecast period. The growth of the pharmaceuticals and biopharmaceuticals market in the region is primarily driven by the rising prevalence of chronic disease conditions, the presence of a large number of CDMOs in the region, and significant investments in pharmaceutical R&D.
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Some of the prominent players in the pharmaceutical contract development and manufacturing market are Thermo Fisher Scientific, Inc. (US), Catalent, Inc. (US), Lonza Group (Switzerland), Abbvie, Inc. (US), WuXi AppTec (China), and among others.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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