Global Biotechnology & Pharmaceutical Services Outsourcing Market Is Expected To Grow At A CAGR Of 5% From 2022 To 2030

Posted on 2022-09-01 by Fact.MR in Internet & Online // 0 Comments

Rockville, United States, 2022-Sep-01 — /EPR Network/ —

Biotechnology and pharmaceutical companies are adopting the consulting services owing to factors such as; the growing number of discrepancies in intellectual property rights and fraudulent cases. Owing to such causes, the adoption of these services is on a rise, making it a lucrative market for the players. The estimation reveals that the industry is projected to secure a market value of US$ 112.31 Bn by 2032.

Biopharmaceutical and pharmaceutical investments in novel and innovative therapies, for instance, regenerative medicine, are driving the R&D activity together with drug development services. The high demand for biologics along with small molecules has led to the expansion of service portfolios of Contract Manufacturing Organizations (CMOs)/Contract Research Organizations (CROs) for biotechnology and pharmaceutical production.

The biotechnology & pharmaceutical services outsourcing, primarily for Contract Manufacturing Organizations (CMOs) and Contract Research Organizations (CROs), has grown in popularity since last decade, and it is expected to grow in the near future. The new outsourcing industry sectors, such as rising screening services, have grown to be prosperous businesses, and many operations that were once considered essential, such as in-house spontaneous animal toxicology testing, are now rare within biotechnology & pharmaceutical services outsourcing market players.

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Growing Demand for Low-Cost Drug Development to Boost Medical Outsourcing

Contract research and manufacturing allow low-cost product manufacturing and development. The growing application of machine learning-based platforms such as; automation in drug manufacturing, artificial intelligence, and innovative trial designs are anticipated to transform the CMO and CRO sphere in the forecast period.

Growing pricing pressure, regulatory challenges, and patent expiration have led to shrinking margins in the biotech and pharmaceutical industry. Contract services offer cost saving to their clients and also help save time utilized in operations and management of a production & research facility. Furthermore, outsourcing services assist in overcoming trade barriers and facilitate the entry of firms into foreign markets. Owing to these advantages, several firms choose to outsource services rather than investing capital in production equipment and hiring skilled labor.

Competitive Landscape

The players of the market are focusing to increase their global influence and adopt strategies such as; acquisition, collaboration, and partnerships. Some of the recent key developments among key players are:

In April 2021, Paraxel International Corporation announced a strategic partnership with Veeva. The partnership aims to increase clinical trials by leveraging process innovation and technology.
In August 2020, Pfizer signed a three-year agreement with PPD. The agreement aims to offer drug development services.
In October 2020, MediPharm Labs Corp. announced that it had signed a new white-label supply agreement with Sunco Green Pharmaceutical Pty Ltd. It is MediPharm Labs’ 12th supply agreement. As per the two-year agreement, MediPharm Labs Australia will supply specially formulated CBD and THC Cannabis oil products. It will be sold under the Sunco Green Label.

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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

Key Market Segments Covered in the Global Biotechnology and Pharmaceutical Services Outsourcing Market

By End Use
- Pharmaceutical Services Outsourcing
- Biotechnology Services Outsourcing
By Service
- 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
  - Others
- Biotechnology & Pharmaceutical Services Outsourcing for Consulting
  - Remediation
  - Quality management systems consulting
  - Regulatory compliance
  - Others
- Biotechnology & Pharmaceutical Services Outsourcing for Others

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global Biotechnology & Pharmaceutical Services Outsourcing Market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Service (Product Testing & Validation, Training & Education, Product Design & Development, Product Maintenance, Regulatory Affairs, Consulting) & research institutes and others (CROs and CMOs)) across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).

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Fact.MR’s Domain Knowledge in Healthcare

Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

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