May 05, 2022
According to the research report titled ‘Global Biologics CDMO Market (2022 Edition) - Analysis By Type (Mammalian, Non-Mammalian), Product Type (Biologics, Biosimilars), By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global biologics CDMO market was worth USD 9.9 billion in the year 2020 and is expected to observe robust growth through 2026.
The growing geriatric population, technological breakthroughs, increasing trend of outsourcing the drug development processes, and mounting R&D activities by key market players are some of the major factors driving the growth of the global biologics CDMO market. Rising global healthcare expenditure, increasing per capita disposable income, and escalating demand for new therapeutic drugs in the market will also stimulate the overall industry outlook.
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Increased pervasiveness of infectious diseases has impelled the demand for new drugs, which in turn will result in increased technology penetration. To that effect, the outbreak of the COVID-19 pandemic has positively influenced this marketplace owing to rising demand for therapeutic antibodies and vaccines, further prompting government bodies to increase funding for vaccine development on a global scale.
The geographical analysis of this business space extends to Middle East & Africa, North America, Asia-Pacific, Europe, and Latin America, with major emphasis on countries such as South Korea, China, India, Japan, Australia, France, the U.K., Germany, U.S., and Canada.