Contract Research And Manufacturing Services (CRAMS) Global Market Report 2023
Major players in the contract research and manufacturing services (CRAMS) market are Boehringer Ingelheim International GmbH, Catalent Inc., Lonza Group Ltd., Pharmaceutical Product Development LLC, Baxter BioPharma Solutions, AbbVie, Grifols International S.
New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Contract Research And Manufacturing Services (CRAMS) Global Market Report 2023" - https://www.reportlinker.com/p06285820/?utm_source=GNW
A., and Dalton Pharma Services.
The global contract research and manufacturing services (crams) market grew from $120.23 billion in 2022 to $129.97 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The contract research and manufacturing services (crams) market is expected to grow to $183.81 billion in 2027 at a CAGR of 9.1%.
The contract research and manufacturing services (CRAM) market includes revenues earned by entities by minimizing cost and focusing on more functional areas.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Contract research and manufacturing services (CRAMS) refer to the practise of contracting out product development and research services to businesses that can do so at a reasonable price. It is a procedure whereby the product’s parent firm does not actually produce the item themselves.
North America was the largest region in the contract research and manufacturing services (CRAMS) market in 2022.Asia-Pacific region is expected to grow at a faster pace in the forecast period.
The regions covered in contract research and manufacturing services (CRAMS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of services provide by contract research and manufacturing services (CRAMS) are manufacturing and research.Manufacturing services include outsourcing drug development services to companies operating in the pharmaceutical or biotechnology industry on a contract basis.
The contract manufacturing organizations are involved in the entire development process, right from the clinical trial and phases till the commercialization of the drugs.Research services outsourcing of research services such as clinical trial data management, database design and build, data entry and validation, medicine and disease coding, project management, quality, and metric reporting, safety and efficacy summaries, statistical analysis plans and reports, on a contract basis.
The contract research and manufacturing services (CRAMS) are used by pharmaceutical & biotechnology companies, medical device companies, and academic institutes.
The rising aging population with various chronic diseases is expected to have a positive impact on the growth of the contract research and manufacturing services market in the forecast period.The world’s aging population is growing rapidly and is expected to continue over the forecast period.
With the increase in the geriatric population, the prevalence of various diseases like cancer, diabetes, Alzheimer’s, arthritis, and other diseases will also rise, and the demand for various drugs or medicines will increase, as a result, the need for contract research and manufacturing services will grow. For instance, as of 2020, there were 727 million people above the age of 65 years, which constituted 9.3% of the world population and it is expected to increase to around 16.0 % in 2050. According to the National Center for Biotechnology Information, about 60% of cancer cases occur in people 65 years of age and older and 70% of deaths are caused by cancer at this stage. Therefore, the increasing aging population with various chronic diseases will drive the contract research and manufacturing services market growth
Artificial Intelligence (AI) is increasingly being used by the contract research and manufacturing services (CRAMS) market to strengthen its market position.Artificial Intelligence is a branch of computer science dealing with the simulation of human behavior in machines.
AI can help to avoid costly maintenance by predicting when maintenance is needed by supporting the healthcare system.For instance, in May 2021, the Center for Artificial Intelligence, a part of the Saudi Data and Artificial Intelligence Authority (SDAIA) signed a memorandum of understanding (MOU) with IQVIA for exploring opportunities of mutual interest to advance innovation in the field of healthcare data in the Kingdom by developing common ideas and research in the field of data and artificial intelligence.
In addition, IQVIA launched the Avacare clinical research network in February 2020, a technology-based global site network that provides an opportunity for more clinical trials at experienced clinical and research sites. Avacare uses innovative clinical technology with advanced analytics to deliver artificial intelligence-based patient recommendations and data-driven registration.
In April 2021, Thermo Fisher Scientific, a US-based company offering scientific instrumentation, reagents, consumables, and software services announced the acquisition of the clinical research services provider PPD for a total of $17.4 billion. Through this acquisition, PPD will become part of Thermo Fisher’s laboratory products and services business and will provide pharmaceutical and biotechnology customers with a series of clinical research and laboratory services to help them improve the efficacy of drug development. Pharmaceutical Product Development (PPD), was founded in 1985 and is headquartered in the United States. It is a global contract research organization (CRO) that provides comprehensive and integrated services in the fields of drug development, laboratory, and lifecycle management.
The countries covered in the contract research and manufacturing services (CRAMS) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced.It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The contract research and manufacturing services (CRAMS) market research report is one of a series of new reports that provides contract research and manufacturing services (CRAMS) market statistics, including contract research and manufacturing services (CRAMS) industry global market size, regional shares, competitors with a contract research and manufacturing services (CRAMS) market share, detailed contract research and manufacturing services (CRAMS) market segments, market trends and opportunities, and any further data you may need to thrive in the contract research and manufacturing services (CRAMS) industry. This contract research and manufacturing services (CRAMS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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