Report: Biotech Manufacturing Market to Reach $24.8 Billion by 2028
This would signify an 8.3% CAGR over the next five years.
According to a report published by MarketsandMarkets, the biotech contract manufacturing market in terms of revenue was estimated to be worth $16.6 billion in 2023, and it is predicted to reach $24.8 billion by 2028, growing at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2028.
The growth of this market is driven by the rising demand for biologics and biosimilars, the growing focus on personalized medicine, and advancements in manufacturing technologies. Also, the complex structure of biologics makes it more difficult to manufacture, which is likely to increase the outsourced manufacturing, supporting the market growth. Rising demand for novel therapies like cell therapies and gene therapies—along with the expansion of biologics manufacturing capacities by contract manufacturing organizations (CMOs)—are expected to provide growth opportunities for biotechnology contract manufacturers in the near future.
