A Jefferies report highlights robust growth prospects for contract development and manufacturing organizations (CDMOs), projecting the market to expand from $173 billion in 2024 to $323 billion by 2033, driven predominantly by biologics manufacturing, which grows at approximately 15% annually. The report notes the increasing outsourcing of drug manufacturing globally, rising from 34% to 49% over the last decade. Growing antibody and antibody-drug conjugate markets underpin this demand. Despite optimistic long-term outlooks, challenges such as foreign exchange volatility and tariffs could temper growth.