Biopharmaceutical CMO Market Size to reach USD 26.49 Billion
The global biopharmaceutical CMO market size reached USD 9.64 billion in 2020. The market valuation is slated to rise from USD 11.56 billion in 2021 to USD 26.49 billion in 2028 at a CAGR of 12.6% during the forecast duration. The market expansion will be influenced by the increasing number of novel drug development projects entering clinical pipelines. As per data published by Contract Pharma in 2019, overall drug development capacity is set to increase by more than 60% as more and more CMOs invest to help meet the future demand. Fortune Business Insights presents this information in its report titled “Biopharmaceutical CMO Market, 2021-2028.” A biopharmaceutical Contract Manufacturing Organization (CMO) is a firm that serves other companies in the biopharmaceutical sector on a contract basis. CMOs offer a wide portfolio of services ranging from manufacturing to packaging. Relying on such organizations allows biopharmaceutical companies to outsource their produc...