Biotechnology Contract Manufacturing Market is Expected to Reach $24.8 billion

In the near future, the biotechnology contract manufacturing industry is poised to undergo a transformative evolution, fueled by rapid advances in genetic engineering, personalized medicine, and pharmaceutical innovation. This industry, already experiencing substantial growth, is expected to become a pivotal player in the biopharmaceutical landscape.

With a surge in demand for custom-designed biologics, vaccines, and gene therapies, contract manufacturers will harness cutting-edge automation, synthetic biology, and data analytics to deliver scalable, cost-effective solutions. Collaboration between biotech firms and contract manufacturers will intensify, leading to streamlined production processes, shorter development timelines, and enhanced flexibility.

As a result, the biotechnology contract manufacturing sector is on the cusp of revolutionizing the production of life-saving therapies, making healthcare more accessible, and accelerating the development of groundbreaking treatments for a myriad of diseases.

Biotechnology Contract Manufacturing market in terms of revenue was estimated to be worth $16.6 billion in 2023 and is poised to reach $24.8 billion by 2028, growing at a CAGR of 8.3% from 2023 to 2028 according to a latest report published by MarketsandMarkets™.

The growth of this market is majorly driven by the rising demand for biologics and biosimilars, the growing focus on personalized medicine, and advancements in manufacturing technologies. Further, the complex structure of biologics makes it more difficult to manufacture, which is likely to increase the outsourced manufacturing, supporting the market growth.

Additionally, rising demand for novel therapies like cell therapies and gene therapies and the expansion of biologics manufacturing capacities by CMOs will provide growth opportunities for biotechnology contract manufacturers in the near future.

Source: Yahoo Finance

https://finance.yahoo.com/news/biotechnology-contract-manufacturing-market-expected-123000047.html

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