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Follow on Google News | Rise of Biopharmaceutical Outsourcing How CMOs and CROs Are Revolutionizing Drug DevelopmentThe Biopharmaceutical CMO and CRO Market Size accounted for USD 34.7 Billion in 2023 and is estimated to achieve a market size of USD 61.5 Billion by 2032 growing at a CAGR of 6.6% from 2024 to 2032.
By: Acumen Research The biopharmaceutical industry is undergoing rapid transformation, driven by increasing demand for biologics, personalized medicine, and cost-efficient drug development. In this evolving landscape, Contract Manufacturing Organizations (CMOs) and Contract Research Organizations (CROs) play a pivotal role in accelerating drug discovery, clinical trials, and commercial-scale production. The global Biopharmaceutical CMO and CRO Market is experiencing robust growth, fueled by advancements in biotechnology, outsourcing trends, and the need for specialized expertise. Key Market Drivers 1. Rising Demand for Biologics and Biosimilars The shift from small-molecule drugs to biologics (e.g., monoclonal antibodies, recombinant proteins) has increased the need for specialized manufacturing facilities. Additionally, the biosimilars market is expanding, requiring CMOs with expertise in complex biologics production. 2. Growth in Cell & Gene Therapies Advanced therapies like CAR-T cells, CRISPR-based treatments, and viral vector manufacturing require highly specialized facilities. Many biotech firms partner with CMOs to overcome technical and regulatory challenges. 3. Cost and Time Efficiency in Drug Development Developing a new drug can cost $2.6 billion and take over 10 years. Outsourcing to CROs and CMOs helps reduce costs, improve efficiency, and accelerate regulatory approvals. Click here for more details: https://www.globenewswire.com/ Market Challenges Despite strong growth, the industry faces hurdles:
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