New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biopharmaceuticals Contract Manufacturing Global Market Report 2023" - https://www.reportlinker.com/p06466671/?utm_source=GNW
, Binex Co. Ltd., AbbVie Inc., Catalent Inc, Pfizer Inc., Merck KGaA, Pressure BioSciences, Novartis AG, Cambrex Corporation, and Emergent BioSolutions.
The global biopharmaceuticals contract manufacturing market is expected to grow from $16.54 billion in 2022 to $18.31 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The biopharmaceuticals contract manufacturing market is expected to reach $26.88 billion in 2027 at a CAGR of 10%.
The biopharmaceutical contract manufacturing market includes revenues earned by entities providing services such as formulation development, GMP manufacturing and supply chain management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Biopharmaceutical contract manufacturing refers to a process in which a biopharmaceutical company hires a third-party manufacturer to produce their drugs or biologic products on their behalf.It is utilised when pharmaceutical businesses employ the facilities of other companies to manufacture pharmaceuticals under their own brand.
It is identical to private label or third-party production.
North America was the largest region in the biopharmaceutical contract manufacuring market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in biopharmaceutical contract manufacturing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of biopharmaceutical contract manufacturing include biologics, monoclonal antibodies (mABs), recombinant proteins, vaccines, antisense, mai and molecular therapy and biosimilars.Monoclonal antibodies (MABs) refer to lab-made proteins that function in human bodies similarly to antibodies.
They are sourced from mammalian and non-mammalian and the services offered include process development, fill and finish operations, analytical and QC studies and packaging for applications in clinical and commercial purposes.
The increasing demand for biologics is expected to propel the growth of the biopharmaceutical contract manufacturing market going forward.Biologics are products manufactured from living organisms or containing pieces made from them, such as those derived from humans, animals, or microbes, using biotechnology.
They are utilized to treat various diseases and ailments and provide the most cutting-edge therapies currently available.The biologics contract manufacturing industry is expanding due to the expanding biologics pipeline, the complexity of the production process, and firms focusing on their core capabilities, several pharmaceutical and biotechnology businesses are currently outsourcing a wide range of tasks, from commercial-scale manufacturing to early-stage drug research.
For instance, in December 2021, IQVIA Inc, a US-based provider of commercial outsourcing and biopharmaceutical development services, released a report stating that by 2021, biologics will account for 34% of all medical expenditures in Europe, with a value of €78.6 billion (US $86.29 billion) with a five-year compound annual growth rate (CAGR) of 10.5%. Therefore, the increasing demand for biologics is driving the growth of the biopharmaceutical contract manufacturing market.
Product innovations are a key trend gaining popularity in the biopharmaceuticals contract manufacturing market.Major companies operating in the biopharmaceutical contract manufacturing market are developing innovative products to sustain their position in the market.
For instance, in February 2023, Thermo Fisher Scientific, a US-based biotechnology research company, and Elektrofi, a US-based biotechnology company specializing in drug formulation and delivery innovations, entered into a strategic contract manufacturing agreement to support the commercial production of Elektrofi’s ground-breaking ultra-high concentration subcutaneous products.Elektrofi’s proprietary microparticle technology enables small-volume injections of biologics such as monoclonal antibodies, therapeutic proteins, and other large-molecule medications important for human health.
Elektrofi’s platform technology allows patients to self-inject medicines at home rather than in a hospital setting, overcoming the difficulties of administering biologic-based medications.
In June 2022, Asahi Kasei Medical Co. Ltd., a Japan-based chemical company, acquired Bionova Scientific, LLC, for an undisclosed amount. With the acquisition of Bionova Scientific, Asahi Kasei Medical will be able to expand its bioprocess business by adding a biopharmaceutical CDMO (contract development and manufacturing organization) and reaching a broader customer base, including those developing the most cutting-edge next-generation biopharmaceuticals. Bionova Scientific, LLC is a US-based company that offers biopharmaceutical firms contract process development services and GMP-compliant contract manufacturing services.
The countries covered in the biopharmaceutical contract manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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