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Growing Demand For Pharmaceuticals Drives The Contract Development Manufacturing Organizations Market

Contract Development Manufacturing Organizations Market Report 2021: COVID-19 Growth And Change

Contract Development Manufacturing Organizations Global Market Report 2021: COVID-19 Growth And Change

The Business Research Company’s Contract Development Manufacturing Organizations Global Market Report 2021: COVID-19 Growth And Change

LONDON, GREATER LONDON, UK, February 22, 2021 /EINPresswire.com/ -- New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports

Read More On The Global Contract Development Manufacturing Organizations Market Report: https://www.thebusinessresearchcompany.com/report/contract-development-manufacturing-organizations-global-market-report

The growing demand for pharmaceutical products due to the increase in the chronic diseases and geriatric population contributed to the growth of the contract development manufacturing organizations market as per the pharmaceutical contract development market report. Rising chronic diseases and geriatric population has enabled pharmaceutical companies to manufacture biologics and biosimilars quickly, and most pharmaceutical firms have contract production and manufacturing organizations operating on a contractual basis to handle and coordinate the company's tasks, operations and tests. For instance, according to the World Health Organization, the prevalence of chronic diseases rose by 57% in 2020, and by 2050 the world's population of 60 years and older is projected to rise to 2 billion. Therefore, the growing demand for pharmaceutical products is projected to drive the growth of the contract development and manufacturing organizations market.

The global contract development manufacturing organizations market is expected to grow from $158.72 billion in 2020 to $176.19 billion in 2021 at a compound annual growth rate (CAGR) of 11%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. TBRC’s CDMO market report states that it is expected to reach $267.74 billion in 2025 at a CAGR of 11%.

The major players covered in the global CDMO industry are Recipharm AB, Patheon Inc., Boehringer Ingelheim International, Catalent Inc., Lonza Group Ltd., Thermo Fisher Scientific Inc., Aenova Holding, Almac Group, Vetter, Covance Inc., Pfizer CentreSource, Jubilant Life Sciences Ltd., Abbvie Contract Manufacturing, The Lubrizol Corp., Famar SA, Baxter, Evotec AG, CMIC Holdings Co. Ltd.

Contract Development Manufacturing Organizations Global Market Report 2021: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides contract development manufacturing organizations market overview, forecast contract development manufacturing organizations market size and growth for the whole market, contract development manufacturing organizations market segments, and geographies, contract development manufacturing organizations market trends, contract development manufacturing organizations market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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