The global contract manufacturing organization market size is projected to reach USD 188.07 billion by the end of 2026. The increasing emphasis on the R&D of newer drugs and therapeutic procedures will bode well for the market in the coming years. The market was worth USD 92.42 billion in 2018 and will exhibit a CAGR of 9.4% during the forecast period, 2019-2026. The market in North America held the largest market share in 2018. The presence of several large scale companies has had a massive impact on the growth of the regional market. As of 2018, the market in North America was worth USD 32.60 billion and this value is projected to increase further in the coming years.
KEY INDUSTRY DEVELOPMENTS:
September2017 –Catalent Inc. announced acquisition of Pharmica LLC, an integrated provider of drug substance and drug product manufacturing and related services
June 2017 – Lonza Group AG Acquired PharmaCell B.V., one of the most respected cell and gene con-tract manufacturer in Europe.
A contract manufacturing organization is an organization that provides drug development services to companies operating in the pharmaceutical industry. These organizations are involved in the entire development p5rocess, right from the clinical trial and phases till the commercialization of the drugs. The high investment in the drug development processes is an indication of high prevalence of serious chronic diseases.
The severity of these diseases and their potential to have a direct impact on the life expectancy has benefited the contract manufacturing companies across the world. Recent advances in molecular biological concepts have allow3d operations and therapeutic procedures of the highest calibre as well as efficiency. The advances in clinical trials of several drugs associated with the disease will have a direct impact on the growth of the market in the coming years.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Source: Globenews Wire