Global Custom Synthesis & Manufacturing Market 2023: Sector is Expected to Reach $474.94 Billion by 2028 at a CAGR of 9.78%
26 Apr 2023
DUBLIN, April 26, 2023 /PRNewswire/ -- The "Global Custom Synthesis & Manufacturing (CSM) Market: Analysis By Application (Pharmaceutical, Agrochemical, and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to
ResearchAndMarkets.com's offering.
The global custom synthesis and manufacturing market was valued at US$271.33 billion in 2022. The market value is expected to reach US$474.94 billion by 2028.
Custom synthesis manufacturing (CSM) refers to the process of manufacturing a specific chemical compound, material, or product according to the specific requirements and specifications of a customer. This process involves the synthesis of a desired compound or material that is not readily available in the market or cannot be obtained through standard manufacturing processes.
The contract synthesis and manufacturing (CSM) provides several benefits, including cost-effectiveness, specialization, flexibility, regulatory compliance, and speed to market. Custom Synthesis and Manufacturing (CSM) is on the rise across the world, driven by strong growth in end-use demand, innovators shifting focus to core competencies and outsourcing of production to low manufacturing cost destinations.
The CSM market is expected to continue to grow due to the increasing demand for pharmaceuticals, growing complexity of drugs, advancements in technology, increasing patent expiry, and growing trend of green manufacturing. The market is expected to grow at a CAGR of approx. 10% during the forecasted period of 2023-2028.
Market Dynamics:
Growth Drivers: The global custom synthesis and manufacturing market growth is predicted to be supported by numerous growth drivers such as the growing pharmaceutical industry, rising agrochemical industry growth, surging cases of cancer, escalating pharma research and development spending, increasing demand for specialty chemicals, increasing regulatory compliance requirement, increasing outsourcing trend, and many other factors. There are several regulatory compliance requirements that chemical and drug manufacturers must follow to ensure the safety and efficacy of their products. For instance, Good Manufacturing Practice ensures that drugs and APIs are consistently produced and controlled according to quality standards. Regulatory compliance requirements for the manufacturing of chemicals and drugs are becoming increasingly stringent, particularly in developed countries. As a result, many companies are turning to custom synthesis and manufacturing services to ensure compliance with regulations and reduce the risk of non-compliance.
Challenges: However, the market growth would be negatively impacted by various challenges such as cost pressure, talent shortage, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as integration of AI/MI, increasing patent expiry, technological advancement, green manufacturing, increasing role of automation and robotics, etc. When a drug or chemical's patent expires, it opens up opportunities for generic drug manufacturers and other companies to produce and sell the same drug or chemical. This often leads to increased competition, which in turn drives down the price of the drug or chemical. As a result, many pharmaceutical and chemical companies are increasingly turning to custom synthesis and manufacturing services to reduce costs and increase efficiency.
Competitive Landscape:
The global custom synthesis and manufacturing market is fragmented. The key players in the global custom synthesis and manufacturing market are:
Navin Fluorine International Ltd. (Manchester Organics Ltd.)
Matrix Fine Chemicals GmbH
Tokyo Chemical Industry Co., Ltd.
Some of the strategies among key players in the market are opening new facilities, mergers, acquisitions, and collaborations. Aragen operationalize cutting-edge formulation manufacturing facility in Hyderabad. The 12,000 square feet new facility would strengthen the company's ability to deliver clinical supplies to customers through the company's integrated drug substance and drug product development and manufacturing.
On the other hand, in 2023, Taros Chemicals announced a strategic partnership to provide clients with integrated drug discovery and development services spanning from hit generation to pre-clinical development. Through this unique partnership, global pharmaceutical and biotech companies would now take advantage of a one-stop-shop access to Taros' synthetic and medicinal chemistry expertise covering hit identification, hit to lead and lead optimization as well as drug design and molecular modelling services.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Custom Synthesis and Manufacturing (CSM): An Overview
2.1.1 Introduction to Custom Synthesis and Manufacturing (CSM)
2.1.2 Custom Synthesis and Manufacturing Advantages
2.2 Custom Synthesis and Manufacturing Segmentation: An Overview
2.2.1 Custom Synthesis and Manufacturing Segmentation
3. Global Market Analysis
3.1 Global Custom Synthesis and Manufacturing Market: An Analysis
3.1.1 Global Custom Synthesis and Manufacturing Market: An Overview
3.1.2 Global Custom Synthesis and Manufacturing Market by Value
3.1.3 Global Custom Synthesis and Manufacturing Market by Application (Pharmaceutical, Agrochemical, and Others)
3.1.4 Global Custom Synthesis and Manufacturing Market by Region (North America, Asia Pacific, Europe, and Rest of the World)
3.2 Global Custom Synthesis and Manufacturing Market: Application Analysis
3.2.1 Global Custom Synthesis and Manufacturing Market by Application: An Overview
3.2.2 Global Pharmaceutical Custom Synthesis and Manufacturing Market by Value
3.2.3 Global Agrochemical Custom Synthesis and Manufacturing Market by Value
3.2.4 Global Others Custom Synthesis and Manufacturing Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Global Custom Synthesis & Manufacturing Market
5.2 Post COVID-19 Impact on Global Custom Synthesis & Manufacturing Market
6. Market Dynamics
6.1 Growth Driver
6.1.1 Growing Pharmaceutical Industry
6.1.2 Rising Agrochemical Industry Growth
6.1.3 Increasing Cases of Cancer
6.1.4 Surging Pharma Research and Development Spending
6.1.5 Escalating Demand for Specialty Chemicals
6.1.6 Increasing Regulatory Compliance Requirement
6.1.7 Rising Outsourcing Trend
6.2 Challenges
6.2.1 Cost Pressure
6.2.2 Talent Shortage
6.3 Market Trends
6.3.1 Integration of AI/MI
6.3.2 Increasing Patent Expiry
6.3.3 Technological Advancements
6.3.4 Green Manufacturing
6.3.5 Increasing Role of Automation and Robotics
7. Competitive Landscape
7.1 India Custom Synthesis and Manufacturing Market: Key Comparison
7.2 Global Agrochemical Players by Market Share
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/lvzxj1
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