Pharmaceutical Contract Manufacturing Market Overview:
Pharmaceutical Contract Manufacturing is the combination of development and manufacturing of pharma products by different companies on a contractual basis which are bind by a certain set of rules and standards which each company must follow. All the pharma companies act as outsourcing companies that deal with the development and manufacturing of drugs that lead to business scalability and revenue that gives space for the discovery of other drugs. Majorly marketing of drugs is led by government authorities or the source companies paving way for manufactures to build new drugs and testers to test these drugs as per market standards.
Pharmaceutical Contract Manufacturing Market Top Boosters and Restraints
Benefits such as saving of cost and time associated with outsourcing have boosted the demand for pharmaceutical contract manufacturing worldwide. More and more vendors are spending heavily on personnel, technology and infrastructure to up their outsourcing revenue. The surge in patent cliff for biologic drugs and the growing presence of end-to-end service vendors engaged in offering value added services for a risk sharing business model also bolsters the market’s global position. Adding to the market revenue is the slew of novel drug delivery mechanisms as well as new product launches, which fuel the outsourcing demand.
Expanding product pipeline has also driven advancements in service based market, in line with the increasing significance of generics, biosimilars and biologics. Companies are expending significantly on outsourcing their burgeoning biologics pipeline aimed at treating chronic disorders. One of the reasons for companies’ growing interest in outsourcing could be the “One-stop-shop” aspect provided by CMO as a way of promoting their diversified product portfolio. Also, consolidation and differentiation strategies increasingly being taken up by Pharmaceutical Contract Manufacturing Market firms can foster the projected growth in the following years.
One of the major trends among pharmaceutical and biotechnology firms is the consolidation of industry outsourcing, parallel acquisitions and mergers. Adding on to this, service providers, in order to fortify their market position, are engaging in business profile upgradation by variegating their product range or business units. Continuously indulging in technological advancements to enhance the quality of their services, in terms of design and more, players are exhibiting their competitive streak at every opportunity.
For instance, in August 2020, Bushu, a renowned contract manufacturer in Japan, is set to allocate close to USD 100 million to boost its packaging, fill-finish and cold storage capabilities at its plant in the coming five years, with the intention of drawing in more number of global pharmaceutical companies.
Pharmaceutical Contract Manufacturing Market Regional Analysis
Europe, the Middle East and Africa/MEA, the Americas and APAC/Asia Pacific are the key markets for pharmaceutical contract manufacturing.
The Americas is currently the leading market for pharmaceutical contract manufacturing and can touch USD 40,041.5 million by 2023, thereby maintaining its top position in the coming years. The market lucrativeness in the region is the result of the massive pool of vendors outsourcing their projects to emerging countries. The continuous advancements in the U.S. healthcare sector and the consistent growth in the geriatric populace also lead to high revenue generation. The fast surging uptake of biologics, rise in researches by leading biotechnology firms and the augmented demand for generics also contribute to the market growth in the region.
Europe remains at the second position as the pharmaceutical contract manufacturing market has been advancing rapidly in recent years in the region. The increasing support from various government bodies in terms of large funds for research & development is cited to be the top growth inducer in the market.
Touted to procure a CAGR of 7.7% between 2017 and 2023, APAC can be the fastest progressing market. Technology-based improvements along with the burgeoning patient pool in the region have sparked immense market growth over the years. Colossal investments by leading CMOs have also resulted in exponential advancement of the regional market. Development of the healthcare infrastructure and the feverously expanding capacity of API manufacturing in China combined with India’s growing clout as a hub for formulation manufacturing and development also favor the APAC market.
Pharmaceutical Contract Manufacturing Market Leading Companies
Some of the top companies in the global industry include Vetter, Pharmaceutical Product Development, S.A, Patheon Inc., Catalant, Lonza AG, Grifols International, Boehringer Ingelheim, AbbVie Inc, to name a few.
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