Biopharmaceutical CMO & CRO Market Size, Share, Growth Analysis, By Source(Mammalian, Non-mammalian), By Service(Contract Manufacturing (Process Development, Downstream, Upstream, Fill & Finish Operations), By Product(Biologics (Monoclonal antibodies (MAbs), Recombinant Proteins, Vaccines, Antisense), By Region - Industry Forecast 2024-2031

Biopharmaceutical CMO & CRO Market size was valued at USD 30.59 billion in 2019 and is poised to grow from USD 32.4 billion in 2023 to USD 54.27 billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).

The acronyms for biopharmaceutical contract manufacturing companies and contract research organisations, respectively, are biopharmaceutical CMO and CRO. A contract manufacturing organisation (CMO) is a company that works with other pharmaceutical companies to provide full-service drug manufacturing in order to create new medications. Contract research organisations (CROs) provide research services to the pharmaceutical, biotechnology, and medical device sectors on a contract basis. This encompasses biopharmaceutical development, the creation and marketing of biological assays, preclinical testing, and clinical trials. The CMO and CRO of the biopharmaceutical sector are critical to the industry's success. The biopharmaceutical business directly affects the CMO and CRO. The biopharmaceutical industry's spectacular growth has been fueled by rising consumer demand for biopharmaceutical therapies. Globally, the biopharmaceutical sector is rapidly developing and already accounts for more than 20% of the overall pharmaceutical industry.

The COVID-19 epidemic caused tremendous growth in 2019. Rising investments in the biopharmaceutical business by key participants to improve productivity and efficiency have prompted bio producers to place a greater emphasis on outsourcing operations. Currently, biopharma businesses are beginning to outsource resource and capital-intensive processes, and in some cases, the whole biomanufacturing chain, increasing demand for contract-based services. The Australian government has partnered with Sandoz to invest approximately 50 million euros in integrated antibiotic manufacturing in Europe. CMOs can now provide integrated bioprocessing services to their clients as a result of mergers and acquisitions, making CMOs/CROs an appealing and practical choice for quick product launches.

US Biopharmaceutical CMO & CRO Market is poised to grow at a sustainable CAGR for the next forecast year.