Healthcare Contract Manufacturing refers to the outsourcing of the manufacturing processes of drugs to contract manufacturing organizations (CMO). Over the past few years, the healthcare CMO market has been growing pervasively. Factors substantiating the market growth include the augmenting demand for the medicines and the quality healthcare backed by the increasing population, prevailing chronic diseases & disorders and the rising healthcare expenditures.
Acknowledging the accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, asserts that the growth of the global healthcare contract manufacturing market will ascend enormously by 2023 registering a 6.5% CAGR during the review period (2017 to 2023).
The augmented demand for the medicines supplies, worldwide, growing demand for the generic drugs, coupled with the growing number of patent expiries and a huge pipeline of drugs manufacturing, are the factors driving the market growth predominantly.
Additional factors substantiating the market growth include; unmet needs such as drug shortages, leading to the increasing demand for pharmaceutical development, and CMO benefits like commercially successful biologics for clinical use & lower manufacturing costs. Moreover, technological advancements in the medicinal field are providing impetus to the market growth.
On the other hand, factors such as the growing complexities in the clinical trials and lack of in-house laboratory capacity are expected to impede the market growth. Nonetheless, increasing emphasize of the pharma companies upon R&D of drugs rather than getting involved in the production of drugs is expected to support the market growth to an extent.
Healthcare Contract Manufacturing Market – Segments
The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
By Products : Active Pharmaceutical Ingredients (API), Final Dosage Formulations (FDF), Advanced Drug Delivery Product (ADDP), OTC Medicines, and Nutritional Products among others.
By Industries : Pharmaceutical and Biopharmaceutical among others.
By Types : Sterile and Non-Sterile among others.
By Services : Oncology Research, Vaccines Research, Inflammation & Immunology Research, and Cardiology Research, & Neuroscience Research among others.
By Region : North America, Europe, APAC, and the Rest-of-the-World.
Healthcare Contract Manufacturing Market – Geographical Analysis
The health care contract manufacturing market in North America region accounts for the largest market, Worldwide. Attributing to the growing activities of outsourcing the manufacturing processes, by the key players operating in this market; North America leads the global market for Healthcare Contract Manufacturing. The US, backed by the expanded healthcare industry in the country, accounts for the largest market share owing to
Europe is the second-largest market for Healthcare Contract Manufacturing. Attributing to the presence of the promising players in the countries like the UK, Switzerland, and Germany; the regional market is expected to grow at a considerable CAGR.
Whereas the Asia Pacific is expected to be a fastest growing market for healthcare contract manufacturing. The substantial investments by CMOs in APAC are resultantly sufficing the exponential progress. Also, the factors such as availability of cost-competitive, skilled labor force propelling the market growth in APAC.
The MEA Region certainly holds the potential for a vast development & production for the pharmaceutical products, which in turn is transforming into a global hub. Cost competitive product development is undoubtedly the key factor driving the regional market growth.
Healthcare Contract Manufacturing Market – Competitive Analysis
The market appears widely expanded and highly competitive with the presence of numerous major and small player. Players are competing against each other based on pricing and services. The competitive strength of these players is dependent on service pricing, service precision, service reliability, and versatility. The market will witness fierce competition due to the expected extensions in innovations. Manufacturers operating in the Healthcare Contract Manufacturing market strive to offer services with adept technology with unrivalled design and features.
Key Players:
The market leaders profiled in the MRFR analysis include Boehringer Ingelheim, AbbVie, Grifols International, Catalant, S.A, Lonza Ag, Aesica Pharmaceuticals, Evonik Industries, Benchmark Electronics, Flex Ltd, Hamilton Company, Forefront Medical Technologies, Sanmina Corporation, Mylan, Patheon, Teva Pharmaceutical Industries, and Vetter Pharma International.
Industry/Innovation/Related News:
March 26, 2018 – Hitachi Chemical (Japan), a leading global player in drugs manufacturing announced the signing of a manufacturing contract with two of Japanese pharma giant companies - Daiichi Sankyo & SanBio Group. According to the contract, Hitachi Chemical will be manufacturing regenerative medicines developed by these two companies.
read More@https://www.marketresearchfuture.com/reports/healthcare-contract-manufacturing-market-5637
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