Visiongain’s new report the Biopharmaceuticals Contract Manufacturing Market Report 2019-2029: Forecasts by Service (Process Development {Downstream, Upstream}, Fill & Finish Operations, Analytical & Quality Control Studies, Packaging), by Product (Biologics { Monoclonal Antibodies (MAbs), Recombinant Proteins, Vaccines, Antisense, RNAi, & Molecular Therapy, Others}, Biosimilars), plus analysis of leading companies indicates that the global Biopharmaceuticals Contract Manufacturing market will attain $25.6 billion revenue by 2029.

Global Biopharmaceuticals Contract Manufacturing market is expected to grow on account of growing demand from biotech companies to outsource their production as they lack in house capacity. The market is expected to grow at a healthy CAGR of 7.2% over the projected period. Companies adopt outsourcing for different purposes. Outsourcing not only helps to avoid heavy capital expenditures but also reduces business risk to a significant amount. This has led big companies to offer innovative products and provide access to expensive technologies in the market.

The market for biopharmaceuticals continues to grow globally. Growth of pharmaceutical companies is attributed to the growth of biopharmaceutical companies and it will continue to boost the pharmaceutical industry in the coming 5 years. With the growing number of approvals for therapeutic biologics, the production of biopharmaceutical parenteral products has expanded in recent years. Biotechnology and Pharmaceutical companies continue to outsource to CMOs as a way to meet their fill & finish needs and reduce risk.

In 2019, the Asia Pacific Biopharmaceuticals Contract Manufacturing market accounted for more than 30% of overall market share. Major global players turn to Asia countries to fulfill outsourcing needs due to factors such as low labor cost, low manufacturing, and operating cost. With these factors developing economies like India, Japan, China and Korea continue to drive the market for biopharmaceuticals contract manufacturing and will continue to offer lucrative growth over the forecast period.

Notes for Editors
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