Biopharmaceuticals Contract Manufacturing Market Size, Share, Growth Analysis, By Source(Mammalian, Non-mammalian), By Service(Process Development, Fill & Finish Operations, Packaging, others), By Product Type(Interferon, Monoclonal Antibodies, Protein, Vaccines), By Therapeutic Applications(Oncology, Cardiovascular Diseases, Others), By Region - Industry Forecast 2024-2031

Biopharmaceuticals Contract Manufacturing Market size was valued at USD 17 billion in 2019 and is poised to grow from USD 17.88 billion in 2023 to USD 28.22 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).

The reduction in the investment required to developed new drug product, providing access to highly expensive technologies, greater flexibility, and fast entry of newly innovated products into the global market, are the key factors anticipated to drive the growth of the global biopharmaceuticals contract manufacturing market during the forecast period. For instance, Thermo Fisher Scientific announced about their investment of USD 180 million for constructing a new commercial manufacturing facility in Plainville. The new production facility will enable company to increase its production capacity and allow to fulfill growing consumer demand.

Furthermore, high technological advancements and introduction to new innovations in bioprocessing has paved a way in the progress and development of various contract service providers around the globe by overcoming from several manufacturing concerns like high production cost and need to changeover with every batch. Moreover, acquisitions, mergers, and increasing joint ventures among key market players of the global market has resulted in high growth and demand for these services globally. For instance, in March 2021, Baxter International Inc., has entered into an agreement with Baxter BioPharma Solutions for providing fill/finish sterile manufacturing solutions and supply packaging for around 60-90 million doses of the Moderna COVID-19 vaccine in the year 2021.

US Biopharmaceuticals Contract Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.