Global Contract Development Service Market - High R&D activities related to biologics and players approach towards outsourcing are major factors expected to drive the growth.
LOS ANGELES, Dec. 07, 2020 (GLOBE NEWSWIRE) -- The global contract development service market is anticipated to grow at a CAGR of around 15.2% during the forecast period 2020 to 2027 and to reach around US$ 4.4 Bn by 2027.
The market in North America is expected to account for major revenue share in the global contract development service market due to high government spending on development of healthcare sector. In addition, increasing adoption of advanced technologies for biological production and high investment by major players for R&D activities are among other factors expected to augment the growth of target market. Major players operating in the country are investing high for drug development they are focused on acquiring various contract and agreements that would help the company to increase the revenue share.
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- In 2020, Ology Bioservices Inc., a biologics contract development and manufacturing organization (CDMO) signed a contract to advance development of anti-botulinum neurotoxin monoclonal antibodies (mAb) by the Department of Defense (DOD). The contract was worth US$ 46.3 Mn and is expected to help the company to enhance the business presence.
Increasing government focus on development of biologics medicines in order to enhance the treatment of various diseases
- According to Avalere Health for the Biosimilars Council shows that 1.2 million U.S. patients could gain access to biologics by 2025 as the result of biosimilar availability. More than 200 biologic products are now approved for use in the United States. Sales of these biologics have increased 65 percent since 2011, reaching more than $105 billion in 2016, as a variety of new biologic treatments for autoimmune disorders, immunology and cancer have come to market.
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The market in Asia Pacific is expected to witness faster growth in the target market due to presence of large number of players operating in the country such as China and India and high investment for R&D activities. Major players are focused on enhancing the business presence through strategic acquisitions also in order to increase the capabilities they are investing in manufacturing plants overseas.
- In 2020, WuXi Biologics a global open-access biologics technology platform company offering end-to-end solutions for biologics discovery, development and manufacturing entered into collaboration with Vir Biotechnology, Inc. for the development & manufacturing of human monoclonal antibodies for the potential treatment of COVID-19. This is expected to help the company to enhance the business.
- In 2020, the company finalized the acquisition with Bayer Company for a drug product manufacturing plant in Leverkusen, Germany. This acquisition is expected to help the company to enhance the business presence.
- In 2019, WuXi Vaccines a subsidiary of WuXi Biologics that is engaged in human vaccine Contract Development and Manufacturing Organization (CDMO) business invested US$ 240 Mn for the manufacturing of new vaccine facility in Ireland. This investment follows the 20-year manufacturing Letter of Intent (LOI) signed by WuXi Vaccines earlier this year.
- In 2019, Samsung Biologics signed a Contract Development Organization (CDO) contract for immunochemotherapy with GI Innovation. This is expected to help the company to enhance the product portfolio and increase the revenue share.
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Rapid technological advancements in healthcare sector, increasing R&D activities in biologics drugs, and major players approach towards outsourcing the R&D activities are factors expected to drive the growth of global contract development service market. In addition, high government spending on development of healthcare infrastructure in order to strengthen the R&D capabilities and emergence of small and mid-size biotech enterprises is expected to support the growth of target market.
However, factors such as high cost associated to R&D and issues related to intellectual property rights are expected to hamper the growth of global contract development service market. In addition, stringent government regulation and lack of advanced infrastructure in developing countries are factors expected to challenge the growth of target market.
Players operating in the global contract development service market Abzena Ltd., Fujifilm Diosynth Biotechnologies, KBI Biopharma, AGC Biologics, SE Thermo Fisher, LakePharma, Genscript Biotech Corporation, Bionova Scientific, WuXi Biologics, Boehringer Ingelheim BioXcellence, and STC Biologics, Inc. The market is highly competitive due to presence of large number of players operating on global level.
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