26.Jul.2017

Biopharmaceutical CMO and CRO market worth $37.8 bn by 2025

The global biopharmaceutical contract manufacturing and clinical research market is expected to reach $37.8 billion by 2025, according to a new report by Grand View Research, Inc.

The report mentions lack of adequate capacity and budget constraints. These factors have convinced many traditional drug developers to take advantage of cost-saving benefits associated with contract services. Biopharmaceutical players are observed to choose outsourcing manufacturing and research activities rather than making an investment of expensive capital in production equipment and hiring skilled labor.

Outsourcing services play critical role in overcoming trade barriers for firms. These services are growing and becoming more strategic, targeted, and better planned. Outsourcing solutions are recognized as “strategic competitive weapon” within the biopharmaceutical sphere.

Source: Grand View Research