Since March 2020, the global contract manufacturing market has grown at an exponential rate owing to the COVID-19 pandemic. Pharma companies, in particular, are struggling with the rising ubiquity of chronic diseases and constant demand for medicines, leading them to free their in-house resources for different projects and improve timeline and supply chain flexibility. The emerging stringent pharma regulations are also compelling companies to outsource the manufacturing of their products to CMOs. This has led to the mushrooming of contract manufacturing organizations (CMOs) capable of boosting the manufacturing efficiencies of pharma companies.
Therefore, to address the increasing demand for outsourcing, several new companies are entering the market with advanced manufacturing solutions. This trend is resulting in some of the major pharmaceutical companies outsourcing their production to service providers. Looking ahead, advances in clinical trials of several drugs will have a direct impact on the growth of the market over the coming years. In fact, the global pharmaceutical CMO market was valued at $120.29 billion in 2020 and is expected to reach $195.70 billion by 2026, registering a CAGR of 7.85 percent from 2021 to 2026.
At this juncture, several CMOs are entering the industry with some of the most advanced offerings. This edition of Pharma Tech Outlook has compiled a list of some of the most prominent players in the CMO market to aid the pharmaceutical companies in improving their outcomes and facilitating growth. Besides, the magazine also includes insights and advice from thought leaders on the industry trends, best practices, and recent innovations for aspiring business leaders.
We present to you Pharma Tech Outlook’s “Top 10 CMOs/CDMOs in Europe — 2022.”