Global Biopharmaceutical CMO and CRO Market: Current Analysis and Forecast (2022-2028)
Biopharmaceutical CMO is the abbreviation used for a biopharmaceutical contract manufacturing organization which is an organization that caters to the biopharmaceutical industry and provides clients services, from drug development to manufacturing. A contract research organization is a service biotechnology industries in the form of outsourced pharmaceutical research services. The rising number of chronic diseases and increasing investments of the major biopharmaceutical industry in the upsurging of production capabilities attributes to the market growth of the biopharmaceutical CMO and CRO market.
The Biopharmaceutical CMO and CRO Market are expected to grow at a steady rate of around 7% owing to the increased participation of major companies and the rising number of CROs and CMOs in the market. For instance, in January 2023, RQM+ launched its clinical trial services division to complete its complement of medtech contract research organization (CRO) services.
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