Contract manufacturing organizations (CMOs) and contract development and manufacturing organizations (CDMOs) are biotechnology firms that offer a variety of services to pharmaceutical and biotechnology firms. Drug development, production, testing, and packaging are among the services provided. The Outsourced Biologics Manufacturing market is expanding due to the rising demand for outsourcing services in the pharmaceutical and biotech industries.
The global revenue from the Outsourced Biologics Manufacturing Market is anticipated to be US$ 10.2 Bn in 2022, with the global market expected to increase at a CAGR of 11.6% to a valuation of roughly US$ 34.1 Bn by the end of 2033. CMOs and CDMOs provide pharmaceutical and biotech firms with a variety of services such as medication discovery, formulation, manufacturing, packaging, and testing. These services enable pharmaceutical and biotech businesses to concentrate on their core capabilities while outsourcing medication manufacture to CMOs and CDMOs.