The global pharmaceutical Contract Development and Manufacturing Organization (CDMO) market was valued at $146.05 billion in 2023 and is expected to reach $315.08 billion by 2034, growing at a steady compound annual growth rate (CAGR) of 7.24% from 2024 to 2034.
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Pharmaceutical companies often face numerous challenges when researching and developing new therapeutic ingredients. The journey of bringing new drugs to market can be complex and costly. This is where partnering with a contract development and manufacturing organization (CDMO) becomes essential. By outsourcing manufacturing and development to a CDMO, pharma companies can access specialized expertise, save on costs, and scale production without investing heavily in infrastructure. Many companies rely on CDMOs to gain access to advanced technology, extra capacity, or specialized skills they lack in-house, ultimately reducing risk and streamlining the process.
In October 2024, Strides Pharma Science secured Rs 801 crore in equity during its pre-listing phase, attracting both domestic and international institutional investors to its affiliate company.
In June 2023, Saudi Arabia’s Public Investment Fund (PIF) launched Lifera, a new commercial-scale CDMO aimed at establishing Saudi Arabia as a global leader in pharmaceutical manufacturing. This initiative will strengthen national resilience and support the growth of the regional biotech and pharmaceutical sectors.
In March 2023, Pharmaron invested £151 million, backed by a UK Government grant, to expand its UK-based Gene Therapy CDMO. This expansion will increase its facilities by over 8,000 square meters to meet growing demand for viral vector and DNA production.
Looking ahead, the pharmaceutical CDMO market is set to benefit from the growing demand for personalized medicine. Traditional manufacturing methods are not equipped to meet the specific needs of custom treatments. As a result, collaborating with a CDMO that specializes in small-scale, complex projects will be crucial. These organizations will play a vital role in delivering treatments that are safe, effective, and tailored to individual patient needs.
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