originally published at Health - Trend Magazine
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Increasing outsourcing of clinical trials, increasing CDMO’s manufacturing footprint in Asia
NEW YORK, NY, UNITED STATES, April 5, 2022 /EINPresswire.com/ — The global Pharmaceutical Contract Manufacturing market was valued at USD 100.46 Billion in 2020 and is expected to reach USD 175.79 Billion by the year 2028, at a CAGR of 7.00%.
The pharmaceutical industry uses outsourcing services from providers in the form of contract research organizations (CROs) and contract manufacturing organizations (CMOs). Comprehensive single-source provider from drug development through commercial manufacture has emerged in recent years. It is known as contract research and manufacturing services (CRAMS), or contract development and manufacturing organizations (CDMO). Pharmaceutical Contract Manufacturing organizations are a response to the competitive international nature of the pharmaceutical market as well as the increasing demand for outsourced services.
With the increasing demand for generic formulations and biologics, complex manufacturing requirements, and the capital-intensive nature of the business, many pharmaceutical companies have identified the potential profitability in contracting with a CMO (contract manufacturing outsourcing) for both commercial and clinical stage manufacturing. Furthermore, pharmaceutical companies have been directing their priorities towards the core areas of competency, and hence, prefer not to dispense available resources, expertise, and technology on formulating the final dose of medicines. The costs invested in R&D are increasing, and the useful results returned from these processes are becoming scarcer. Many manufacturing companies have realized that moving this part of the business overseas and taking advantage of the still-emerging pharmaceutical markets is an effective method of cutting costs. However, Increasing Lead Time and Logistics Costs and stringent Regulatory Requirements by different nations are expected to hinder the pharmaceutical contract manufacturing market growth
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The pharmaceutical and healthcare sector is rapidly growing over the recent years and is expected to witness vast changes due to current coronavirus outbreak. Factors such as rapid developments in the healthcare and medical sector, improvements in the healthcare infrastructure and facilities, rising healthcare expenditure and increasing adoption of telemedicine and ambulatory care services are fueling market growth. In addition, increasing investments in research and development activities, increasing preference for personalized medicines and point of care diagnosis and home care settings.
The global Pharmaceutical Contract Manufacturing market is extremely competitive and consists of several market players operating at global and regional levels. Key players are focusing on adopting various strategies such as R&D investments product launches, mergers and acquisitions, partnerships to gain robust footing in the market and expand their product portfolio.
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Leading companies operating in the market and profiled in the report include:
Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Lonza Group Ltd (Switzerland), Recipharm AB (Sweden), Vetter Pharma International GMBH (Germany), FAMAR Health Care Services (Greece), AbbVie Inc. (US), Aenova Group (Germany), Consort Medical plc (UK), Almac Group (UK), Siegfried Holding AG (Switzerland), Boehringer Ingelheim International GmbH (Germany), and Evonik Industries AG (Germany).
Key questions addressed in the report:
What market size is the global Pharmaceutical Contract Manufacturing market expected to reach over the forecast period?
Which factors are expected to hamper global market growth between 2021 and 2028?
Which key factors are expected to driver global Pharmaceutical Contract Manufacturing market throughout the forecast period?
Which application segment is expected to register fastest revenue CAGR over the forecast period?
Which region is expected to register fastest revenue CAGR over the forecast period?
Which leading players are operating in the global Pharmaceutical Contract Manufacturing market?
What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
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Global Pharmaceutical Contract Manufacturing market segmentation:
Service Outlook (Revenue in Million USD; 2018–2028)
Pharmaceutical Manufacturing Services
Pharmaceutical API Manufacturing
Pharmaceutical FDF Manufacturing
Biologics Manufacturing Services
Biologics API Manufacturing
Biologics FDF Manufacturing
Drug Development Services
End User Outlook (Revenue in Million USD; 2018–2028)
Small & Mid-size Pharma
Generic Pharmaceutical Companies
Other End Users
Middle East & Africa
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originally published at https://thetrendmag.comHealth - Trend Magazine