Avid Bioservices(US:CDMO) GlobeNewswire News Roomยท2024-11-13 16:32Market Overview - The global semi-solid dosage CDMO market is projected to reach USD 67.4 billion by 2030, growing at a CAGR of 11.80% from 2024 to 2030 [1][8] - The market was valued at USD 31.1 billion in 2023 [8] Drivers of Market Growth - The increasing trend towards personalized medicine and demand for innovative drug delivery systems are key drivers [2] - Patients favor semi-solid formulations like creams, gels, and ointments for their ease of application and rapid absorption [2] - The rising prevalence of skin disorders, particularly acne affecting approximately 50 million people in the U.S. annually, is driving demand for topical formulations [3] - Technological advancements, including nanotechnology and advanced emulsion techniques, have improved the efficacy and stability of semi-solid formulations [4] - The growing prevalence of chronic diseases and an aging population are contributing to the demand for effective semi-solid formulations [5] Market Segmentation - The topical segment dominated the market with a share of 88.48% in 2023, particularly effective for localized treatments [6] - Creams and lotions led the route of administration in 2023, offering benefits such as ease of application and enhanced skin absorption [6] - The contract manufacturing segment accounted for the largest revenue share in 2023, as pharmaceutical companies increasingly outsource manufacturing to focus on R&D [6] - The pharmaceutical companies segment also held the largest revenue share in 2023 due to rising demand for innovative therapeutic solutions [6] Regional Insights - North America dominated the market with a share of 41.12% in 2023, driven by the increasing prevalence of chronic diseases and demand for advanced therapeutic solutions [6] Competitive Landscape - Key players in the semi-solid dosage CDMO market include The Lubrizol Corporation, Cambrex Corporation, Contract Pharmaceuticals Limited, Bora Pharmaceutical, and others [7]