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The global pharmaceutical contract development and manufacturing market is projected to grow at a CAGR of 7.1%

NEW YORK, Nov. 12, 2019 /PRNewswire/ -- The global pharmaceutical contract development and manufacturing market is projected to grow at a CAGR of 7.1%. Read the full report: https://www.reportlinker.com/p05803740/?utm_source=PRN
The pharmaceutical contract development and manufacturing market is expected to reach USD 126.6 billion by 2024 from an estimated USD 90.0 billion in 2019, at a CAGR of 7.1%. The rising demand for generics, increasing investments in pharmaceutical R&D, and investments in advanced manufacturing technologies by CDMOs are the primary growth factors for this market. The increasing demand for biological therapies, growing focus on specialty medicines, growth in the nuclear medicines sector, and advancements in cell and gene therapies are expected to offer significant growth opportunities for players in this market. However, the introduction of serialization and changing trade policies between countries are major market challenges.
The biologics manufacturing segment is expected to grow at the highest rate during the forecast period.
On the basis of service, the pharmaceutical contract development and manufacturing market is segmented into pharmaceutical manufacturing, biologics manufacturing, and drug development services.The biologics manufacturing segment is projected to witness the highest growth in the pharmaceutical contract development and manufacturing market during the forecast period.

Growth in this segment is largely driven by the growing generics market and the impending patent cliff in the pharmaceuticals industry, which have propelled interest toward biologics.
The big pharma end user segment is expected to account for the largest market share in 2019.
The big pharma end-user segment holds the largest share of the pharmaceutical contract development and manufacturing market. The emergence of new medicines and therapy forms, pricing pressure, pipeline challenges, and growing opportunities in emerging markets are factors contributing to the larger share of this segment.

The Asia Pacific is likely to be the fastest-growing market for players operating in the pharmaceutical contract development and manufacturing market.
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