Over the past few years, reliance on drugs and medicines have increased significantly. With increased demand for innovative drugs and limited number of blockbuster drugs, large pharmaceutical companies are trying to stay competitive by conducting faster drug development with corresponding cost containment. Moreover, after the regulatory approval of drug, companies are left with less time to deliver drug in the market in considerable quantity. Such factors are leading to greater outsourcing of manufacturing facilities to contract manufacturers. Influx of virtual and small startups with negligible manufacturing capacity is further propelling the market growth during the assessment period. Also, rising demand for next-generation biological therapies is opening doors for manufacturers, thereby driving the market across the globe.