Biotechnology & Pharmaceutical Services Outsourcing Market Size Worth $91.4 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, Feb. 10, 2021 /PRNewswire/ -- The global biotechnology and pharmaceutical services outsourcing market size is expected to reach USD 91.4 billion by 2028 registering a CAGR of 5.2%, according to a new report by Grand View Research, Inc. 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. Small pharma/biotech companies are facing challenges while performing in-house development, regulatory affairs, product maintenance, product design & development, product testing & validation, and training & education, such as lack of substantial expertise and expensive capability. This, in turn, has created lucrative opportunities for the growth of CMOs & CROs. Contract services are growing and becoming strategic, targeted, and planned. These factors are expected to play a pivotal role in enhancing the share of CMOs/CROs in the overall market.
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Key suggestions from the report:
-- The consulting service segment led the market in 2020 and will retain
its dominant position throughout the forecast period
-- Biotechnology and pharmaceutical companies are increasingly opting for
consulting services due to factors, such as the increasing number of
fraudulent cases and discrepancies in intellectual property rights
-- The pharma end-use segment is expected to lead the market in terms of
revenue share as well as CAGR over the forecast period as the pharma
companies outsource internal activities at a larger scale due to rising
pricing pressure and increasing competition
-- North America was the dominant regional market in 2020 due to the
presence of biotechnology and pharmaceutical companies and the high
quality of services offered by the CROs and CMOs in the region
-- However, Asia Pacific is anticipated to register the fastest CAGR over
the forecast period owing to improved regulatory frameworks, the high
scope for cost savings, availability of cheap labor & skilled personnel,
and rapid growth of the biotechnology and pharmaceutical industry in the
region
Read 110 page research report with ToC on "Biotechnology & Pharmaceutical Services Outsourcing Market Size, Share & Trends Analysis Report By Service (Consulting, Regulatory Affairs), By End-use (Pharma, Biotech), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/biotechnology-pharmaceutical-services-outsourcing-market
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.
The coronavirus outbreak is having a considerable impact on biotech and pharma third-party service providers as well as clinical trials, resulting in trial delays, suspensions, and terminations. The global crisis has emphasized the need for virtual trials and leveraging on technology & software solutions. Increasing adoption of machine learning-based platforms & Artificial Intelligence (AI), innovative trial designs, and automation in drug manufacturing are projected to transform the CRO and CMO landscape in the coming years. Biopharmaceutical & pharmaceutical investments in novel and innovative therapies, for instance, regenerative medicine, are driving the R&D activity together with drug development services.
The biologics industry has grown substantially in recent years to include novel product types including nanobodies, rDNA, synthetic vaccines, fusion proteins, soluble receptors, immunoconjugates, and immunotherapeutics. Owing to the revolutionization of disease therapy through biologics, this sector has also provided many opportunities to explore hybrid structures that combine biologics with well-defined chemical entities. The significant growth of biologics is expected to drive the demand for outsourcing of biologics development and manufacturing.
Grand View Research has segmented the global biotechnology and pharmaceutical services outsourcing market on the basis of service, end-use, and region:
-- Biotech & Pharma Services Outsourcing Service Outlook (Revenue, USD
Million, 2016 - 2028)
-- Consulting
-- Regulatory Compliance
-- Remediation
-- Quality Management Systems Consulting
-- Others
-- Auditing & Assessment
-- Regulatory Affairs
-- Clinical Trial Applications & Product Registration
-- Regulatory Writing & Publishing
-- Legal Representation
-- Others
-- Product Maintenance
-- Product Design & Development
-- Product Testing & Validation
-- Training & Education
-- Others
-- Biotech & Pharma Services Outsourcing End-use Outlook (Revenue, USD
Million, 2016 - 2028)
-- Pharma Companies
-- Biotech Companies
-- Biotech & Pharma Services Outsourcing Regional Outlook (Revenue, USD
Million, 2016 - 2028)
-- North America
-- U.S.
-- Canada
-- Europe
-- U.K.
-- Germany
-- France
-- Italy
-- Spain
-- Asia Pacific
-- Japan
-- China
-- India
-- Australia
-- South Korea
-- Latin America
-- Brazil
-- Mexico
-- Argentina
-- Middle East & Africa
-- South Africa
-- Saudi Arabia
-- UAE
List of Key Players of Biotechnology & Pharmaceutical Services Outsourcing Market
-- The Quantic Group
-- IQVIA
-- Parexel International Corp.
-- Lachman Consultant Services, Inc.
-- GMP Pharmaceuticals Pty Ltd.
-- Concept Heidelberg GmbH
-- Covance, Inc.
-- Charles River Laboratories
-- PRA Health Sciences
-- ICON plc
Find more research reports on Pharmaceuticals Industry, by Grand View Research:
-- Product Design And Development Services Market - The global product
design and development services market size is expected to reach USD
18.6 billion by 2028. The market is expected to expand at a CAGR of
11.6% from 2021 to 2028.
-- Regulatory Affairs Outsourcing Market - The global regulatory affairs
outsourcing market size is expected to reach USD 14.9 billion by 2028.
It is expected to expand at a CAGR of 11.9% from 2021 to 2028.
-- Medical Writing Market - The global medical writing market size is
expected to reach USD 7.7 billion by 2027. It is expected to expand at a
CAGR of 10.9% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
