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Contract manufacturing organizations (CMO) are companies that provide drug manufacturing services in the pharmaceutical industry on a contract basis. These organizations allow pharmaceutical companies to outsource some aspects of their business to save their valuable time to focus on drug discovery and drug marketing. Since outsourcing has become a cost-saving strategy for small to medium-sized bio manufacturers as it eliminates the need for establishing expensive specialized facilities and hiring or training personnel, the biopharmaceutical CMO market is expected to significantly grow during the forecast period. Also, increasing mergers and acquisitions among key players, the robustness of venture capital investments, and the increasing availability of venture funds are some other factors that are expected to drive the market growth in the upcoming years. For instance, in February 2017, Sanofi and Lonza entered into a strategic partnership to establish a large scale biologics production facility in Switzerland.
Increasing mergers and acquisitions among key players, the robustness of venture capital investments, and the increasing availability of venture funds are some of the factors that are driving the market growth.
However, growing competition from in-house departments of pharmaceutical and biotechnology companies is likely to decline the growth of the biopharmaceutical CMO market.
Key Market Driver -
Increasing mergers and acquisitions among key players, robustness of venture capital investments
Key Market Restraint -
Growing competition from in-house departments of pharmaceutical and biotechnology companies
By service type, the market can be segmented into process development, fill & finish operations, analytical & QC studies, and packaging. By process development, the market can be further segmented into downstream and upstream. By product, the market can be segmented into biologics, monoclonal antibodies, vaccines, recombinant proteins, antisense, RNAi, & molecular therapy, and others.
Geographically, the biopharmaceutical CMO market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global biopharmaceutical CMO market report includes Rentschler Biopharma SE, Lonza, Boehringer Ingelheim International GmbH., Kemwell Biopharma, Inno Bio Ventures Sdn Bhd, ProBioGen AG, FUJIFILM Diosynth Biotechnologies U.S.A., Inc., TOYOBO CO., LTD., and other prominent players.
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The global biopharmaceutical CMO market is expected to be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the global biopharmaceutical CMO market due to the rising demand for CMOs because of the presence of several small and mid-sized players with limited sources in this region. Europe is likely to have substantial market growth throughout the forecast period owing to the robustness of venture capital investments, and the increasing availability of venture funds. Asia Pacific is expected to witness growth with the highest CAGR during the forecast period due to the increasing mergers and acquisitions among key players and growing demand for CMOs. On the other hand, Latin America and the Middle East and Africa is projected to have a lucrative growth in the biopharmaceutical CMO market in the upcoming years.
By Service Type
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