Biologics CDMO Market To Reach $31,839.7 Million by 2030, says P&S Intelligence
NEW YORK, May 12, 2022 /PRNewswire/ -- Due to the increasing elderly population, growing demand for medicines, rising investment in healthcare, and the constant introduction of new products, the global biologics CDMO market was valued at $13,173.7 million in 2021. This is expected to reach $31,839.7 million by 2030, at a CAGR of 10.3% from 2021 to 2030, according to P&S Intelligence. With the rise in the cases of infections among people, pharma companies are engaging in partnerships with CDMOs for meeting the demand for antibiotics.
A share of 50% in the biologics CDMO market was held by drug substances in 2021, and this trend is expected to continue in the years to come. This will be because of the rising number of biologics approvals, predominantly by the FDA, along with the strong clinical pipelines and dipping rates of biologic drug development failures. The highest subcontracting revenue from drug substance production attributes to the monoclonal antibody (mAb).
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Key Findings of Biologics CDMO Market Report
- Mammalian cell culture is likely to contribute revenue of $17,983.2 million in 2030, progressing with a CAGR of over 10% in the coming years, due to the growing production of bi- and tri-specific antibodies and antibody–drug conjugates.
- During COVID-19, the increasing requirement for vaccines and therapeutic antibodies has had a positive effect on the biologics CDMO market. Additionally, the pandemic exposed the flaws in the supply chain and the world's dependence on developing markets for APIs and generics.
- The demand for clinical services is on the rise because of the outsourcing by the biopharmaceutical industry. To lessen the risks associated with this phase of drug development, biologics CDMOs' low drug costs and extensive experience are being leveraged by biopharma firms.
- APAC is the largest and fastest-growing region in the market, with a CAGR of 10% during 2021?2030. This is attributable to an immense and quickly growing population demanding better access to medical drugs.
- Furthermore, a surge in the GDP, government healthcare programs, and an increase in the rate of urbanization have extended the access to medical professionals and pharmacies for a large number of people.
- As per the EFPIA, the pharmaceutical industry invested $46,144 million in 2020 in Europe for research, development, and introduction of new medicines.
Browse detailed report on Global Biologics CDMO Market Size and Demand Forecast Through 2030
India is a good prospect for the CDMO market as it has the FDA approval for a large number of medicines and is home to a highly competent workforce. With the improvement of healthcare ecosystem in emerging economies and growth of generic drug manufacturers, there will be a mammoth surge in the business of local CDMOs, as India has the potential to handle a vast number of products more lucratively.
The key players in the biologics CDMO market include Sandoz International GmbH (Novartis AG), JRS Pharma LP, BINEX Co. Ltd., Parexel International Corporation, Toyobo Co. Ltd., FUJIFILM Diosynth Biotechnologies U.S.A. Inc., Lonza Group Ltd., Samsung Biologics, WuXi Biologics (Cayman) Inc., and Boehringer Ingelheim. Many of them are involved in mergers and acquisitions to better their standing in the market.
Biologics CDMO Market Segmentation Analysis
By Product Type
- Drug Product
- Drug Substance
By Cell Line Type
- Viral Vector & Other Modalities
By Service Type
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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