Contract Manufacturing Outsourcing of Sterile Injectable Drugs Market to Surpass US$24.2 Billion by 2024, Predicts New Market Research Report

News provided by

Dec 19, 2023, 19:30 ET

DUBLIN, Dec. 19, 2023 /PRNewswire/ -- The "Contract Manufacturing Outsourcing (CMO) of Sterile Injectable Drugs Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.

World revenue for Contract Manufacturing Outsourcing (CMO) of Sterile Injectable Drugs Market is forecast to surpass US$24.2 billion in 2024, with strong revenue growth through to 2034. The work identifies which organizations hold the greatest potential.

Increasing Investments in Pharmaceutical R&D and Increasing Demand for Biological are Driving the Market Growth

Research is substantially funded in the pharmaceutical industry, with forward-thinking businesses allocating 15% of their sales on average to R&D. Due to a growth in R&D investment on early-stage development and the volume of potential drugs at the preclinical stage, preclinical services are also in high demand among life science firms. Many pharmaceutical companies have increased their R&D spending to help with the development of new medicines and therapies. In 2022, the largest pharmaceutical firms, including Roche, Pfizer, Merck, and Bristol-Myers Squibb, would devote about one-fifth of their annual revenue to R&D efforts. As a result of the surge in pharmaceutical R&D spending, it is projected that the need for Contract Manufacturing Outsourcing (CMO) of Sterile Injectable Drugs will expand, providing CMOs with more opportunities to provide outsourcing services.

As a result, many people have investigated cost-cutting options, like outsourcing manufacturing. As more patents are slated to expire, more efforts are being made to uncover biologics and novel chemicals, and the expense of R&D is rising, drug makers and sponsors are under greater pressure to make up for the financial losses brought on by generics. This is making drug research even more expensive and complex. Even government organisations are turning to CROs to outsource their clinical production in order to have access to the necessary tools and expertise, as well as to cut costs and outsourcing timelines.

High Operational Costs Likely to Challenge Industry Growth

The high operational costs are impeding the rise of global revenue. Use of advanced equipment is necessary while producing sterile medications. For instance, a biotechnology business may need to create 3,000 vials of an injectable medicine (sterile fill and finish) in order to carry out a phase I-II clinical study in oncology. The projected costs to manufacture pharmaceutical items are as follows: project planning & management: $35,000; supplier management: $4,000; and drug product analytical development: $40,000. It is believed that the biotechnology company will assign the production task to a different contract drug manufacturing organization (CDMO). Furthermore, due to FDA requirements mandating extreme attention be taken in the manufacturing, packaging, storage, and distribution of sterile injectable pharmaceuticals, the operational cost burden is significant, which can hamper the CMO market growth.

Key Market Dynamics

Market Driving Factors

Growing Focus on Development to Treat Cancer
Rising Prevalence of Chronic Diseases
Rapid FDA Approvals of Sterile Injectable Drugs to Fuel Market Growth
As Manufacturers Invest in New Manufacturing Facilities, The Demand for Sterile Injectable is expected to Rise
Increasing Demand for Biological is Expected to Drive the Demand
Increasing Investments in Pharmaceutical R&D

Market Restraining Factors

Growing Competition from Small Manufacturers
High Operational Costs
Inadequate Healthcare Infrastructure Across Developing Economies Challenging Market Growth

Market Opportunities

Prefilled Syringes to Offer Lucrative Growth Prospects
Growing Investments
Expanding Clinical Trial Opportunities in the Asia Pacific Region

Forecasts to 2034 and other analyses reveal commercial prospects

In addition to revenue forecasting to 2034, this new study provides you with recent results, growth rates, and market shares.
You will find original analyses, with business outlooks and developments.
Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising Contract Manufacturing Outsourcing (CMO) of Sterile Injectable Drugs prices and recent developments.

Segments Covered in the Report

Molecule Type

Small Molecules
Large Molecules

Type

Monoclonal Antibodies
Cytokines
Insulin
Peptide Hormones
Vaccines
Immunoglobulins
Blood Factors
Peptide Antibiotics
Other Types

Application

Cancer
Diabetes
Cardiovascular diseases
CNS
Infectious
Others

Container Type

Bottles
Ampoules
Vials
Prefilled syringes
Bags

Route of Administration

Subcutaneous
Intravenous
Intramuscular
Other Route of Administration

Service

Bioanalytical Testing
Method Development & Validation
Stability Testing
Others

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 18 leading national markets.

The report also includes profiles and for some of the leading companies with a focus on this segment of these companies' operations.

Leading companies and the potential for market growth

Adare Pharma Solutions
Aenova Group
Almac Group
Avara Pharmaceutical Services
Boehringer Ingelheim International
Catalent
CordenPharma International
Evonik Industries
F. Hoffmann-La Roche
FAMAR Health Care Services
Fresenius Kabi
Grifols
Hikma Pharmaceuticals
Jubilant Pharmova
Lilly
Lonza
Nexus Pharmaceuticals
Patheon Pharma Services
Pfizer
Piramal Pharma Solutions
Recipharm
Siegfried Holding
Vetter Pharma
Wuxi AppTec

For more information about this report visit https://www.researchandmarkets.com/r/6awkc8

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets