July 03, 2020
According to the research report titled ‘Global Biopharmaceutical CMO Market – Analysis By Product Type, By Region, By Country (2020 Edition): Opportunities and Forecast (2020-2025) - By Region, By Country, available with Market Study Report LLC, global biopharmaceutical CMO market was valued at USD 13296.29 million in the year 2019 and is expected to showcase substantial demand over the forecast period 2020-2025.
Rise in the number of patients that are suffering from several diseases along with increasing investments by the government in the healthcare sector in large economies and rising awareness among people about the effect of various viruses on health are expected to grow the global biopharmaceutical CMO market during the forecast years.
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Based on the product segment, the market is segmented into microbial and others. Others segment is expected to experience a substantial market share due to the rising partnerships among various pharmaceutical companies and the leading CMOs which support by providing medicines, biologics delivery along with technological advancements and efficient labor force with growing investments for geographical expansion is expected to drive the global biopharmaceutical CMO market growth in the forthcoming years.
With regards to the regional overview, the market is divided into Asia-Pacific, North America, and Europe. Europe is expected to experience remarkable market share followed by Asia Pacific and North America owing to the presence of major countries like Norway, Switzerland, Denmark, UK, that feature efficient healthcare system which is supported by increasing number of patients. Surging need for developing medicine for various viruses along with increasing number of mergers and acquisitions between CMOs and pharma companies in the region, is expected to drive the biopharmaceutical CMO market during the forecast period. Key players operating in the global biopharmaceutical CMO market include Wuxi Biologics, Lonza, Samsung Biologics, and Boehringer Ingelheim among others.