Biotechnology & Pharmaceutical Services Outsourcing Market Is Likely To Up Demand At A USD 108.0 Billion By 2030

 San Francisco, 26 May 2022: The Report Biotechnology & Pharmaceutical Services Outsourcing Market Size, Share & Trends Analysis Report By Services (Consulting, Auditing And Assessment, Regulatory Affairs), By End Use (Pharma, Biotech), By Region, And Segment Forecasts, 2022 - 2030

The global biotechnology and pharmaceutical services outsourcing market size is expected to reach USD 108.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2022 to 2030. The COVID-19 pandemic has significantly impacted Biotechnology and Pharmaceutical third-party service providers as well as clinical trials, resulting in trial delay, suspensions, and terminations. The global crisis has stressed the need for virtual trials and leveraging technology and software solutions. The recovery from the pandemic has led to increasing adoption of machine learning-based platforms, artificial intelligence, automation in drug manufacturing, and innovative trial designs are projected to transform the CRO and CMO landscape in the coming years.

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. Small pharma/ biotech companies are facing challenges while performing in-house development, manufacturing, regulatory affairs, product maintenance, product design and development, product testing and validation, and training and education such as lack of substantial expertise and expensive capability. This in turn has created lucrative opportunities for the growth of CMOs and 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.

Growing pricing pressure, regulatory challenges, and patent expiration have led to shrinking margins in the biotech and pharmaceutical industry. Contract services are considered a “strategic competitive weapon” among the companies, as these services help overcome these issues. These services offer cost saving to their clients as choosing sustainable suppliers could lead to reduced costs in the long run. They also help save time utilized in the operations and management of a production and research facility. Contract research and manufacturing allows low-cost product development and manufacturing cost of a product. Furthermore, outsourcing services assist in overcoming trade barriers and facilitate the entry of firms into the foreign market. Owing to these advantages, several firms choose to outsource services rather than investing capital in production equipment and hiring skilled labor.

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.

Access Research Report of Biotechnology & Pharmaceutical Services Outsourcing Market @ https://www.grandviewresearch.com/industry-analysis/biotechnology-pharmaceutical-services-outsourcing-market

Biotechnology & Pharmaceutical Services Outsourcing Market Report Highlights

• The consulting segment is expected to dominate the market with a share of 19.5% in 2021. Owing to the increase in the number of fraudulent cases, discrepancies in intellectual property rights, and rise in technological innovations
• Based on service, the others segment is expected to witness the highest CAGR of 6.4% over the forecast period owing to increasing focus on generic and biosimilar in developing regions
• The pharma segment is expected to witness a CAGR of 5.7% over the forecast period as the pharmaceutical companies outsource internal activities at a larger scale due to rising pricing pressure, and growth of generics in the industry
• North America dominated the market and accounted for the largest revenue share of 53.8% in 2021 due to the presence of a large number of biotechnology and pharmaceutical companies and the quality of services offered by the CROs and CMOs in the region
• In Asia Pacific, the market is anticipated to register the highest CAGR of 6.1% over the forecast period owing to improved regulatory frameworks, the high scope for cost savings, and the presence of cheap skilled personnel

List of Key Players of Biotechnology & Pharmaceutical Services Outsourcing Market

• Parexel International Corporation
• The Quantic Group
• IQVIA
• Lachman Consultant Services, Inc.
• GMP Pharmaceuticals Pty Ltd.
• Concept Heidelberg GmbH
• Covance Inc.
• Charles River Laboratories
• PRA Health Sciences
• ICON plc

Access Press Release of Biotechnology & Pharmaceutical Services Outsourcing Market @ https://www.grandviewresearch.com/press-release/global-biotechnology-pharmaceutical-services-outsourcing-market