Contract Biomanufacturing Services Global Market - Forecast to 2027

The contract biomanufacturing global market is expected to grow at double digit CAGR to reach $48.8 billion by 2027. Biomanufacturing is a widely used term to describe the manufacture of biologic molecules for various stages of drug development right from pre-clinical stage to commercial supply. The biologic drug manufacturing is a complex process involving huge capital and sound technical expertise. Many large and small pharmaceutical companies are turning to outsource the drug manufacture process to reduce capital investments on capacities and focus more on their core competencies.