According to the report titled ‘Global Pharmaceutical Contract Manufacturing Market Size study, by Services (Pharmaceutical Manufacturing Services, Drug Development Services and Biologics Manufacturing Services), End-Use (Big, Medium and Small Pharmaceutical Companies, Generic Pharmaceutical Companies And Others) and Regional Forecasts 2021-2027,’ available with Market Study Report, global pharmaceutical contract manufacturing market was worth USD 99.8 billion in 2020 and is slated to exhibit a y-o-y growth rate of 7.5 % during 2021-2027, thereby accumulating USD 165.57 by the end of study period.
 

Rising demand for drugs and biologics, along with surging investment towards research & development of drugs are aiding the progress of global pharmaceutical contract manufacturing market. According to the data released by Statista, in 2019, research & development expenditure in the global pharmaceutical industry totaled USD 186 billion, showing a notable increase from the R&D spending of USD 136 billion in 2012.
 

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In addition, increased production of generics after expiration of drug patents is expected to further stimulate the industry outlook.
 

For the unversed, pharmaceutical contract manufacturing refers to the arrangement in which pharma companies rely on other contract organizations for drug development, biologic manufacturing, or API manufacturing. The outsourcing is aimed at providing quality & affordable products to the customers, while paving a way for the overall expansion and development of the business.
 

On the contrary, issues related to serialization of drugs on every step of the supply chain might slow down the market development in the ensuing years.
 

Speaking of geographical landscape, North America, Latin America, Europe, and Asia Pacific are notable benefactors to worldwide pharmaceutical contract manufacturing industry remuneration. Among these, North America has captured a significant market share, owing to presence of major pharmaceutical companies in the region, and increasing per capita income.
 

On the other hand, Asia Pacific market size is anticipated to expand considerably through 2027, due to high production rate, growing demand for drugs and biologics, rise in disposable income of the masses, and favorable government initiatives to make the region a major hub for pharmaceuticals.
 

Major players operating in global pharmaceutical contract manufacturing market are Baxter Pharmaceutical Solutions LLC, IQVIA (Quintiles and IMS Health, Inc.), LabCorp (Covance, Inc.), Albany Molecular Research, Inc. (AMRI), Charles River Laboratories International, Inc., Pfizer CentreOne (Pfizer, Inc.), Jubilant Life Sciences Limited, Grifols, S.A., Lonza Group AG, and Boehringer Ingelheim GmbH.