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Active Pharmaceutical Ingredient CDMO Market Trends
- Report ID: GMI9272
- Published Date: Apr 2024
- Report Format: PDF
Active Pharmaceutical Ingredient CDMO Market Trends
- The rise in the demand and approval for generic drugs is one of the major factors that boost the growth of the market. Also, countries such as China and India are hotspots for developing and manufacturing generic drugs. For instance, as per the report published by Food and Drug Administration in 2023, a generic drug program by the U.S. FDA Office of Generic Drugs (OGD) approved 90 first generic medicines.
- In addition, a generic drug costs 30% to 90% less than branded drugs because the cost and time required from developing to commercializing novel drugs are high. Therefore, the increasing demand for generic drugs worldwide, fueled by the expiration of patents on branded drugs, is driving the need for cost-effective API manufacturing that is expected to boost the market growth.
Frequently Asked Questions (FAQ) :
Active pharmaceutical ingredient CDMO market size was USD 101.4 billion in 2023 and is expected to register 6.6% CAGR from 2024-2032 owing to rising prevalence of chronic disease such as cancer, cardiovascular disease, diabetes, and various other related disease worldwide.
Active pharmaceutical ingredient CDMO industry from the chemical APIs segment reached USD 60 billion in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to rise in the research and development activities by pharmaceutical and biotechnology companies.
The U.S. active pharmaceutical ingredient CDMO industry is expected to register 6.8% CAGR from 2024-2032 due to rise in the demand for specialty & biologic drugs and rising pharmaceutical companies in the country.
Catalent, Inc., CordenPharma International, Kymanox Corporation, Lonza AG, Primal Pharma Solutions, Recipharm AB, Samsung Biologics, Siegfried Holding AG, and Thermo Fisher Scientific Inc., are some of the major active pharmaceutical ingredient CDMO companies worldwide.
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