Biologics Contract Development Market Worth $11.2 Billion By 2027 | Global and Regional Forecast | Grand View Research, Inc.
The global biologics contract development market size is expected to reach USD 11.2 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.8% over the forecast period. The market comprises of organizations that offer services such as the development of cell lines, upstream and downstream processes, analytical methods, and formulations. These organizations specialize in developing and manufacturing stable cell lines that are extensively used in a number of important applications including drug screening, gene functional studies, and biologics production. The market is segmented on the basis of biological source, product service (Upstream and Downstream), and disease indication. Factors such as increasing adoption of advanced technologies for biologic development, favorable environment for clinical trials in developing countries, and an increase in outsourcing of R&D activities are paving way for the growth of the market.
Growing M&A and collaboration activities between biopharma companies and CDOs are yet another factor assisting in market growth, allowing more financial stability and amalgamation of advanced and specialized technologies. For instance, in February 2020, LakePharma, Inc., and NJ Biopharmaceuticals LLC, a CRO, providing integrated chemistry and biology services, announced a strategic alliance to offer streamlined Antibody-Drug Conjugate (ADC) development solutions for biotechnology and pharmaceutical sectors. Many biopharma and pharma companies are increasingly looking for outsourcing their activities as it helps accelerate workflow (speed) of the company, provides unique specialized services, decreases drug manufacturing costs, and provides expertise. These factors are expected to boost the biologics contract development and manufacturing organization market growth in the coming years.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/biologics-contract-development-market
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