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OverviewAPI
The Indian Contract Manufacturing Organization (CMO) sector is set to grow from USD 19.63 billion in 2023 to USD 38.92 billion by 2028, with a CAGR of 14.67%. The growth is driven by increasing profitability in injectable formulations, particularly in pharmaceutical and vaccine sectors, and government initiatives like SPI and PLI. However, challenges like regulatory environments and reduced approval rates may hinder market growth.

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