Biopharmaceutical CMO & CRO Market Size, Trends, Forecast 2030
The global biopharmaceutical CMO and CRO market size is expected to reach USD 54.1 billion by 2030, registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Post-pandemic the market is being driven by the growing interest of conventional drug developers in the biological therapeutics. At present, outsourcing has become a cost-saving strategy for small- to medium-sized biomanufacturers, as it helps in eliminating the need for establishing costly specialized facilities or hiring and training personnel. The post-pandemic recovery has started owing to positive pipeline developments across modalities. For instance, Lonza and Moderna announced a ten-year collaboration for the commercial manufacturing of the COVID-19 vaccine. Such developments compensated for minor delays in clinical trials that occurred during the first half of 2020. The contract manufacturing organization segment is projected to unlock lucrative growt...