Pharmaceutical Contract Manufacturing Market worth $319.6 billion by 2029 driven by Rising Tech Innovations | MarketsandMarkets™

CHICAGO, Aug. 2, 2024 /PRNewswire/ -- The global Pharmaceutical Contract Manufacturing Market is expected to grow from USD 200.9 billion in 2024 to USD 319.6 billion by 2029, at a CAGR of 9.7%. The pharmaceutical contract manufacturing market is expanding due to the rising costs of in-house drug development, advancements in CMO technology, and the integration of AI to enhance efficiency and quality in drug development and manufacturing. Key drivers include the high expenses associated with drug R&D and regulatory compliance, while challenges include varying regulatory requirements and the complexities of serialization. Emerging markets, particularly in Asia, present significant growth opportunities, especially with the shift from China to India due to the Biosecure Act. The market is dominated by pharmaceutical manufacturing services and is expected to see the highest growth in large pharmaceutical companies. North America led the market in 2023, followed by Europe and Asia Pacific. Major players include Thermo Fisher Scientific, Lonza Group, and WuXi Apptec, among others.