Accelerating advancement in research and technology is generating opportunities for biopharma to develop innovative small molecule drugs, a report shows.
According to a report by Future Market Insights, the small molecule innovator contract development and manufacturing organisation (CDMO) market is projected to value $48.09 billion in 2023 and $89.43 billion in 2033.
Sales in the small molecule innovator CDMO market is expected to grow at a compound annual growth rate (CAGR) of 6.4 percent during the forecast period.
Factors expected to influence the market include increased demand for small molecule drugs, higher costs of R&D and the need for specialist knowledge during drug development and manufacture. Additionally, the trend for outsourcing the development and manufacture of pharmaceutical drugs is also driving the market, due to companies seeking specialised expertise and to lower costs.
Staying competitive in the small molecule CDMO market
to remain competitive, [small molecule innovator CDMO market] players must maintain awareness of novel technologies and regulatory requirements”
The report highlighted that to remain competitive, market players must maintain awareness of novel technologies and regulatory requirements, the report stated.
The rising demand for small molecule drugs was noted in the report to be because of their ease of manufacture and lower cost, compared to biologics. Particularly, advances in synthetic biologic and biocatalysis are facilitating efficient and sustainable production of small molecules. This has therefore driven demand for CDMO services in this area.
Between 2023 and 2033, the report found that the biotech sector is expected to grow at an annual rate of 4.8 percent. Accelerating advancement of research and technology in biopharma are generating opportunities for the industry to develop innovative small molecule drugs. For example, automation, AI and machine learning are all contributing to the optimisation of small molecules.
According to the research, the market is made up of many small players and several key players. There has been a trend of larger companies in the market acquiring smaller companies to expand their capabilities.
Increased prevalence age-related disease is also impacting the expansion of the small molecule innovator CDMO market. Also, more funding being given to small molecule oncology therapies is further driving market growth.
Key players in the small molecule innovator CDMO market include Lonza, Catalent, Thermo Fisher Scientific and Patheon.
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