According to a recent Fact.MR study, the global biotechnology and pharmaceutical services outsourcing market is projected to secure a market value of US$ 112.31 Bn by 2032, expanding at a growth rate of about 5%. The increasing demand for low-cost drug development is projected to propel market growth during the forecast period.
Since contract research and manufacturing allow cheaper manufacturing and development of the drug, it is a preferred option by the players. Further, the increasing adoption of machine learning-based platforms such as artificial intelligence and automation in drug manufacturing are expected to offer significant opportunities for expansion to the market in the forthcoming period.
Moreover, outsourcing of pharmaceutical and biotechnology services helps in saving time used in the management and operations of production, which is a salient factor bolstering the market growth in the forecast period. Also, the robust investment in R & D by pharma companies is predicted to augment the industry size notably.
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Key Market Segments Covered in the Global Biotechnology and Pharmaceutical Services Outsourcing Market
By End Use
- Pharmaceutical Services Outsourcing
- Biotechnology Services Outsourcing
- Biotechnology & Pharmaceutical Services Outsourcing for Product Testing & Validation
- Biotechnology & Pharmaceutical Services Outsourcing for Training & Education
- Biotechnology & Pharmaceutical Services Outsourcing for Product Design & Development
- Biotechnology & Pharmaceutical Services Outsourcing for Product Maintenance
- Biotechnology & Pharmaceutical Services Outsourcing for Auditing and Assessment
- Biotechnology & Pharmaceutical Services Outsourcing for Regulatory Affairs
- Regulatory writing & publishing
- Legal representation
- Clinical trial applications & product registration
- Biotechnology & Pharmaceutical Services Outsourcing for Consulting
- Quality management systems consulting
- Regulatory compliance
- Biotechnology & Pharmaceutical Services Outsourcing for Others
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Key Takeaways from the Market Study
- Global market for biotechnology and pharmaceutical services outsourcing to reach US$ 70 Bn in 2022
- North America to account for the maximum revenue share of 53% in 2021
- Asia Pacific to expand at a CAGR of 5.5% during the forecast period.
- The pharma segment to have procured the largest market share of 55% in 2021
- The consulting services segment is anticipated to have secured a market share of 19% in 2021
“Attributed to mounting healthcare research costs, developed countries are increasingly outsourcing biotechnology and pharmaceutical services to developing regions, especially across Asia Pacific, expected to yield substantial growth opportunities,“ – says an analyst at Fact. MR.
The players of the global biotechnology and pharmaceutical services outsourcing market adopt various strategies to enhance their reach in the market. Methods like partnerships, collaborations, and acquisitions are some of the most adopted strategies. Some recent key developments among key players are:
- In October 2020, MediPharm Labs Corp. announced a new white-label supply agreement with Sunco Green Pharmaceutical Pty Ltd. According to the two-year agreement, MediPharm Labs Australia will give THC Cannabis oil products and specially formulated CBD. The products will be sold under the name of Sunco Green Label.
- In April 2021, Paraxel International Corporation disclosed a business partnership with Veeva. The initiative focuses to grow clinical trials by leveraging process innovation and technology.
- In August 2020, Pfizer signed a three-year agreement with PPD. The agreement focuses on offering drug development services.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the biotechnology and pharmaceutical services outsourcing market presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of end-use (biotech and pharma) and by service (product testing & validation, training & education, product design & development, product maintenance, auditing and assessment, regulatory affairs, consulting and others), across five major regions (North America, MEA, Latin America, Europe and Asia-Pacific).
For More Insight- https://www.factmr.com/article/124/latest-trends-in-the-healthcare-industry-how-has-it-transformed-businesses
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