Market Trends of Global Pharmaceutical Contract Manufacturing and Research Services
This section covers the major market trends shaping the Pharmaceutical Contract Manufacturing & Research Services Market according to our research experts:
Oncology Segment is Expected to Hold a Major Market Share in the Pharmaceutical Contract Manufacturing and Research Services Market
The oncology segment is expected to hold a major share in the market. The oncology segment is expected to show growth owing to the factors such as the increasing prevalence of cancer and a growing number of initiatives undertaken by the market players.
For instance, according to the World Health Organization (WHO), cancer accounted for approximately 10 million deaths in 2020, nearly one in six. Also, per the GLOBOCAN 2020, the estimated number of new cancer cases worldwide is predicted to reach 30.2 million by 2040. Such high numbers indicate that the estimated rising prevalence of cancer contributes to the increasing need for pharmaceutical contract research services, proliferating market growth.
In addition, several market players are primarily engaged in implementing strategic initiatives, thereby fueling the market's growth. For instance, in February 2021, Parexel, one of the leading providers of solutions to accelerate the development and delivery of innovative therapies to improve world health, from clinical through commercialization, and NeoGenomics, Inc., one of the leading providers of cancer-focused genetic testing services and global oncology contract research services, entered a strategic partnership to advance the application of precision medicine in oncology clinical trials by applying real-world genomics data to accelerate patient matching and optimize trial design, site selection, clinical development, and translational research.
Thus, the market is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
Within North America, the United States has held the major share of the market. It can be attributed to the growing burden of chronic diseases and key regional players, especially in the United States.
For instance, as per the 2022 American Cancer Society, an estimated 1.9 million new cancer cases will be diagnosed and 609,360 cancer deaths in the United States in 2022. Such a high burden of cancer leads to increased production of drugs for cancer treatment, for which the drug manufacturing companies are entering into partnerships with pharmaceutical contract manufacturing and research services companies that are augmenting the market growth.
In addition, in May 2020, the United States Department of Commerce's National Institute of Standards and Technology (NIST) funded around USD 8.9 million to the highly impacted biopharmaceutical manufacturing projects in response to the outbreak. This factor further contributes to the growth of pharmaceutical contract manufacturing and research services.
Moreover, several market players implement strategic initiatives, thereby contributing to market growth. For instance, in January 2022, Recro Pharma Inc., contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, reported being awarded a new formulation development and cGMP manufacturing contract from a key department of the United States government.
Thus, the market is expected to witness significant growth over the forecast period due to the abovementioned developments.
Global Pharmaceutical Contract Manufacturing and Research Services Report Snapshots
- Global Pharmaceutical Contract Manufacturing and Research Services Market Size
- Global Pharmaceutical Contract Manufacturing and Research Services Market Share
- Global Pharmaceutical Contract Manufacturing and Research Services Market Trends
- Global Pharmaceutical Contract Manufacturing and Research Services Companies
