SAN JOSE, Calif.--(BUSINESS WIRE)--The market for biopharmaceutical contract fill-and-finish services has grown at a compound annual rate of 8% over the past three years reaching $2.3 billion in 2017. This market will continue to expand and reach $3.4 billion by 2023 according to HighTech Business Decisions' latest report, "Biopharmaceutical Contract Fill-and-Finish: Best Practices Study 2018." On average, executives from contract manufacturing organizations expect annual market growth rate of 8% to 10% per year. Driving this growth is demand for biotechnology drugs, new investment in biotechnology projects, and new service offerings. The biotechnology industry continues to rely on fill-and-finish contract manufacturing organizations to provide filling and lyophilization capacity for both its commercial- and clinical-phase drug product production.
"Over the past few years we have seen strong industry growth for outsource fill-and-finish services for biopharmaceuticals," said William Downey, president of HighTech Business Decisions. "This has led to higher utilization rates, moderate increase in prices and improved margins. The biopharmaceutical contract fill-and-finish manufacturing organizations are optimistic about the demand for their services with market opportunities in personalized medicines, cell-based therapies and cytotoxic products. We expect to see biopharmaceutical companies engage with more CMOs for capacity and new capability needs. We also expect to see more consolidations and more CMOs offering one-stop-shop services."
HighTech Business Decisions just published the results from its study in "Biopharmaceutical Contract Fill-and-Finish: Best Practices Study 2018." The findings are based on in-depth interviews and inputs from leading pharmaceutical and biotechnology companies and contract manufacturing organizations. This 650-page industry report with over 175 summary data tables and charts analyzes both the commercial and technical factors affecting this industry. The report covers current and future market size, manufacturing technologies and practices, client outsourcing plans, contractor capacity, pricing, commercial terms and practices, underserved market needs, and industry trends. The analysis of these perspectives provides the readers with insights to understand current and future trends and equips one with tool to make strategic decisions.
About HighTech Business Decisions
HighTech Business Decisions is a market research and consulting firm specializing in biopharmaceutical contract manufacturing. The company has been producing in-depth public reports and customized benchmarking, market analysis and customer loyalty programs for 22 years. Visit us at www.HighTechDecisions.com