2025年四季度制药服务报告（英）
INDUSTRY RESEARCH Pharma Services Report PE trends and investment strategies Contents PE activity3 Institutional Research Group Pharma services PE ecosystem market map Ben RiccioResearch Analyst, Healthcareben.riccio@pitchbook.com pbinstitutionalresearch@pitchbook.com 2025 timeline12 Published on March 11, 2026 Segment data Outsourcing Clinical services15 Consulting services16 Manufacturing & distribution PE activity Momentum stalls for pharma services Pharma services—which encompasses contract and outsourced services provided to thebiopharmaceutical industry across the drug development and commercialization lifecycle— A lack of new capital flowing into early-stage biotech and flattening Big Pharma research &development (R&D) spending have slowed demand for outsourced services, with contract researchorganizations (CROs) and contract development and manufacturing organizations (CDMOs) being While tariffs and the BIOSECURE Act should provide a long-term tailwind to US service providers,shifting policies throughout the year complicated dealmaking. US President Donald Trump’s “LiberationDay” tariffs exempted pharmaceuticals, while later tariffs on branded therapeutics that were poisedto take effect in October were deferred for Most-Favored-Nation (MFN) pricing concessions. The Pharma services PE ecosystem market map This market map is an overview of PE-backed companies that have received private capital or other notable private investments. Pharma services PEinvestormap This investor map is a representative overview of active investors in global buyouts and growth equity. Investors are classified by the size of the fund out of which they primarily invest in pharma services. Manufacturing & distribution Note: The nutraceutical & cosmetic ingredients, packaging, and hub services & patient access subsegments are excluded due to low deal counts. Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights across Paul CondraSenior Director, Global Head of Private Markets Research James UlanDirector of Industry & Technology Research Additional research: Q4 2025 HealthcareServices Report Report created by: Ben RiccioResearch Analyst, Healthcare Download the reporthere Harrison WaldockSenior Data Analyst PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectives that Jenna O’MalleySenior Graphic Designer PitchBook subscribers enjoy exclusive access to a comprehensive suite of private market insights,including proprietary research, news, data, tools, and more on thePitchBookPlatform. Learn more aboutPitchBook’s Institutional Research team. COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by anymeans—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, butaccuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to Clickherefor PitchBook’s report methodologies.
