Biotechnology & Pharmaceutical Services Outsourcing Market Is Expected To Expand At A CAGR Of 5.5% From 2022 To 2030

 Biotechnology & Pharmaceutical Services Outsourcing Industry Overview

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.


Biotechnology & Pharmaceutical Services Outsourcing Market Segmentation

Grand View Research has segmented the global biotechnology and pharmaceutical services outsourcing market based on service, end-use, and region:

Based on the Service Insights, the market is segmented into Consulting, Auditing and assessment, Regulatory affairs, Product maintenance, Product design & development, Product testing & validation, Training & education, and Others.

  • The consulting services segment dominated the market and accounted for the largest revenue share of 19.5% in 2021. The segment is expected to maintain its position over the forecast period. This can be attributed to the increasing M&A activities and constantly changing regulatory protocols. However, pharma and biotech market have witnessed the continuous entry of new players such as Signa Medical Writing, bioSyntagma, and Fieve Clinical Research, Inc.
  • The other services segment was valued at USD 10,649.1 million in 2021 and is expected to witness a higher CAGR of 6.4% over the forecast period owing to rising outsourcing of generics and biosimilar manufacturing as CMOs are offering services at lower cost. Other segment is inclusive of contract manufacturing, product upgrade and IT consulting.

 

Based on the End-use Insights, the market is segmented into Pharma, and Biotech.

  • The pharma segment dominated the market and accounted for the largest revenue share of 55.7% in 2021. The segment is expected to register a CAGR of 5.7% over the forecast period. An increase in R&D spending by pharmaceutical companies for the development of potential novel products and a rise in investments by CROs for the development of core capabilities are expected to drive the market in the region in the coming years.
  • The CROs and CMOs offer highly sophisticated development and manufacturing services, such as preclinical development, clinical development, commercial manufacturing, clinical manufacturing, precision injection molding, high-speed automation, assembly, fill/finish, and others for a range of pharma products.

 

Biotechnology & Pharmaceutical Services Outsourcing Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is very competitive. Some of the players operating in this market are The Quantic Group, IQVIA, Parexel International Corporation, Charles River Laboratories. The main factor affecting this competitive nature are quick adoption of merger and acquisition, collaboration, regional expansion, service portfolio expansion, and competitive pricing as the key strategies to sustain in the highly competitive environment and acquire a higher market share. For instance, Parexel International Corporation formed a strategic partnership with Veeva in April 2021 to accelerate clinical trials by leveraging technology and process innovation. The collaboration can help improve study efficiency and accelerate the delivery of new therapies to patients. Some of the prominent players in the biotechnology and pharmaceutical services outsourcing market include:

  • 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

 

Order a free sample PDF of the Biotechnology & Pharmaceutical Services Outsourcing Market Intelligence Study, published by Grand View Research.

 

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.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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