(PharmaNewsWire.Com, June 02, 2020 ) The global pharmaceutical contract development and manufacturing market is projected to reach USD 126.6 billion by 2024 from USD 90.0 billion in 2019, at a CAGR of 7.1%. The rising demand for generics, increasing investments in pharmaceutical R&D, and investments in advanced manufacturing technologies by CDMOs are the primary growth factors for this market. The increasing demand for biological therapies, growing focus on specialty medicines, growth in the nuclear medicines sector, and advancements in cell and gene therapies are expected to offer significant growth opportunities for players in this market. However, the introduction of serialization and changing trade policies between countries are some of the major market challenges.
Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Lonza Group Ltd (Switzerland), Recipharm AB (Sweden), Vetter Pharma International GMBH (Germany), FAMAR Health Care Services (Greece), AbbVie Inc. (US), Aenova Group (Germany), Consort Medical plc (UK), Almac Group (UK), Siegfried Holding AG (Switzerland), Boehringer Ingelheim International GmbH (Germany), and Evonik Industries AG (Germany) are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
Thermo Fisher Scientific (US) is one of the prominent players operating in the pharmaceutical contract development and manufacturing market. The company has a strong geographic footprint and serves over 400,000 customers in pharmaceutical and biotech companies. It also has an extensive distribution channel across the globe. Thermo Fisher Scientific offers CDMO services through Pantheon. The company focuses on expanding its manufacturing capabilities for delivering the highest-quality medicines. In line with this, the company and invested USD 150 million in its pharma services business segment for the expansion of its manufacturing capacity for sterile liquids and lyophilized product development & commercial manufacturing. The company’s extensive R&D activities enable it to increase its capabilities in technologies, software, and services.
Catalent (US) is one of the leading providers of advanced delivery technologies and development solutions for drugs, biologics, and consumer health products. It mainly focuses on service launches, expansions, acquisitions, partnerships, and collaborations for growth. For instance, in May 2019, the company launched its new OneBio SuiteSM for the integrated development, manufacturing, and the clinical supply of biologic drugs at the BIO International Convention in Philadelphia, US. Catalent also focuses on investing in its facilities and technologies for the further expansion of its manufacturing capabilities—for example, the company invested USD 27 million for the commercialization of its oral disintegrating tablet technology, Zydis Ultra. Through such innovative investments, the company further focuses on diversifying its offerings and services. Catalent has also worked toward strengthening its geographical footprint in the pharmaceutical contract development and manufacturing market.
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