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According to the latest report by IMARC Group, titled "Vaccine Contract Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global vaccine contract manufacturing market exhibited strong growth during 2015-2020. Vaccine contract manufacturing involves outsourcing of large-scale production of vaccines to Contract Manufacturing Organizations (CMOs) to offer cost-saving benefits to their clients. These contract organizations offer a vast array of services, including stability studies, pre-clinical activities, pre-formulation work, formulation development, registration batches, method development, and commercial manufacturing. The outsourcing of these services also assists in saving time and resources related to operations and management of production and research facilities. The CMOs also offer innovative technologies that aid in expanding the production chain of pharmaceutical companies.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vaccine Contract Manufacturing Market:
The global market is primarily driven by the increasing incidences of infectious diseases, such as coronavirus disease (COVID-19) and hepatitis-B, across the globe. Along with this, the rising awareness regarding the pivotal role of vaccines in improving health and boosting immunity has resulted in the growing demand for vaccine contract manufacturing on the global level. This is further supported by the reduced development costs and complex production protocols of vaccines. The market is also driven by the increasing demand for vaccine development from the private and government sectors. Numerous organizations are also undertaking initiatives to spread awareness regarding the importance of vaccination, which is creating a positive outlook for the market. Apart from this, the widespread integration of advanced technologies with contract manufacturing is also providing an impetus to the market growth. For instance, the advent of expression systems, including the EB66 and GPEx and cell culture media platforms, are acting as major growth-inducing factors. Some of the other factors contributing to the market growth include lack of skilled labor in numerous countries and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of around 9% during 2021-2026.
Market Summary:
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