Pharmaceutical Contract Manufacturing Market worth US$ 118.8 Billion in 2020 with a CAGR of 7.80%
The pharmaceutical industry required companies to be vertically integrated Pharmaceutical Contract Manufacturing involves the production of goods by the firm, under the brand or label of another firm. Contract manufacturers allow giving several services to various firms based on their own or consumers’ designs, specifications and formulas. The pharmaceutical industry is having the largest share in contract manufacturing.
The report "Global Pharmaceutical Contract Manufacturing Market, By Type (Active Pharmaceutical Ingredient (API) Manufacturing, Finished Dosage Formulation (FDF) Development & Manufacturing, and Secondary Packaging), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030
Key Highlights:
· In 2017, Catalent announced that it has completed the acquired the Cook Pharmica LLC, and provide the drug substance and drug product manufacturing and related services.
Analyst View:
Increasing the outsourcing volume by big pharmaceutical companies in the major propelling factor for the growth of the global market. Additionally, the expansion in the services that offer by CMOs is another driving factor for the growth of the target market. Moreover, the gradual changes in the working principle of the biotechnology, biopharmaceutical, and pharmaceutical companies in the pharmaceutical CMO market is the boosting factor for the growth of the global market. Furthermore, the increase in investment in research and development is the fueling factor for the growth of the global market. For instance, the US Food and Drug Administration (FDA) regulates the manufacturing of drugs in the United States. It ensures the quality of drug products by carefully monitoring drug manufacturer’s compliance with its (Current Good Manufacturing Practice (CGMP)) regulations.
Key Market Insights from the report:
The global pharmaceutical contract manufacturing market accounted for US$ 118.8 Billion in 2020 and is projected to register a moderate CAGR over the forecast period. The market report has been segmented on the basis of type and region.
· By type, active pharmaceutical ingredient (API) manufacturing is the dominating segment for the global pharmaceutical contract manufacturing market due to a rise in the prescription of API than the other drugs.
· By region, The North America region is the dominating region for the global pharmaceutical contract manufacturing market because the United States is the world’s largest market for the drugs, and almost half of the R&D funding spend on the biotechnology and pharmaceutical market.
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Competitive Landscape:
The prominent player operating in the global pharmaceutical contract manufacturing market includes Catalent Inc., Reci pharm AB, Jubilant Life Sciences Ltd., Patheon Inc., Boehringer Ingelheim, Pfizer Centre Source, Aenova Group, Famar S.A., Baxter BioPharma Solutions, and Lonza Group.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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