Biopharmaceutical CMO Market Size to reach USD 26.49 Billion

The global biopharmaceutical CMO market size reached USD 9.64 billion in 2020. The market valuation is slated to rise from USD 11.56 billion in 2021 to USD 26.49 billion in 2028 at a CAGR of 12.6% during the forecast duration. The market expansion will be influenced by the increasing number of novel drug development projects entering clinical pipelines. As per data published by Contract Pharma in 2019, overall drug development capacity is set to increase by more than 60% as more and more CMOs invest to help meet the future demand. Fortune Business Insights presents this information in its report titled “Biopharmaceutical CMO Market, 2021-2028.”    A biopharmaceutical Contract Manufacturing Organization (CMO) is a firm that serves other companies in the biopharmaceutical sector on a contract basis. CMOs offer a wide portfolio of services ranging from manufacturing to packaging. Relying on such organizations allows biopharmaceutical companies to outsource their production operations, allowing them to emphasize more on drug discovery, development, and marketing. Many small biotechnology and biopharmaceutical companies outsource their fill and finish manufacturing needs as they lack the required in-house production capacity. Outsourcing also enables them to reduce the need for capital expenditures. Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/sample/biopharmaceutical-cmo-market-103346 Notable Industry Developments: June 2021 – Danaher completed the acquisition of Aldevron, a biotech contract manufacturing and development organziation. April 2021 – Thermo Fisher Scientific acquired PPD, Inc., one of the world’s leading providers of clinical research and pharmaceutical manufacturing services. COVID-19 Impact: Emerging Opportunities amid Accelerated COVID-19 Vaccine Development Efforts Contract manufacturing services have experienced positive demand during the pandemic owing to increased allocation of biopharmaceutical contracts to CMOs between 2019 and 2020. The pandemic saw major biopharmaceutical companies accelerate the development of safe and effective COVID-19 vaccines as well as new therapies for the treatment of those infected. As of September 2021, there are over 1,000 vaccine development efforts in progress for COVID-19, the Global Data Pharma Intelligence Center reports. Also, more than 230 contract manufacturing agreements for COVID-19 vaccine development have been disclosed publicly. The aforementioned factors have augmented the biopharmaceutical CMO market growth during the pandemic