Global Pharmaceutical Contract Manufacturing Market: Overview
Volatile economic conditions in European countries are exerting extensive cost containment pressures on companies in the global pharmaceutical manufacturing market. In such conditions, these companies are compelled to explore new ways to cut down the cost of drug manufacturing. As a result, there is an increasing trend of outsourcing manufacturing facilities. Pharmaceutical players are increasingly depending on contract manufacturing and packaging services to meet their fundamental needs and specified competencies, while fulfilling the stringent regulations. Moreover, these companies are shifting focus from manufacturing the formulated drugs towards research and development of novel drugs to stay relevant in the market. Owing to the aforementioned factors, the global pharmaceutical contract manufacturing market is likely to tread along a healthy growth track over the forecast horizon.
The primary objective of this market intelligence report is to provide in-depth knowledge of the global pharmaceutical contract manufacturing market and its affiliated industries. The report sheds light on the current and future trends of the market. It presents essential insights into the factors influencing the market and the extent to which they impact the growth. There is a detailed coverage of the geographical segmentation of the market in terms of both value and volume. The report also profiles the key players in the global pharmaceutical contract manufacturing market. It includes a SWOT analysis that reveals the potential growth trajectory each prominent player will experience.
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Global Pharmaceutical Contract Manufacturing Market: Drivers and Restraints
Over the past few decades, the reliance on medicines and drugs for well-being have increased significantly. With a limited number of blockbuster drugs and growing demand for innovative drugs, large pharmaceutical companies are trying to stay competitive by conducting faster drug development with corresponding cost containment. Additionally, after the regulatory approval of the drug, these companies are left with relatively less time to deliver the drug in the market in substantial quantity. These factors are resulting in greater outsourcing of manufacturing facilities to pharmaceutical contract manufacturers.
Moreover, the influx of small and virtual startups with negligible manufacturing capacity is augmenting the global pharmaceutical contract manufacturing market. The rising number of the U.S. FDA-approved manufacturing facilities in developing countries is also working in favor of the growth of the market.
On the other hand, the capacity utilization issues and lack of manufacturing standardization are affecting the profitability of contract manufacturing organizations. This, in turn, is hampering the overall revenue generation of the market. Furthermore, the increasing logistics costs and lead time are creating skepticism among pharmaceutical companies, which is limiting the global pharmaceutical contract manufacturing market from realizing its full potential. However, the increasing demand for next-generation biological therapies is opening new avenues for the manufacturers in the global market.
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Global Pharmaceutical Contract Manufacturing Market: Geographical Segmentation
The key regions studied in the research report are Asia Pacific, Europe, North America, and Rest of the World. North America and Europe are anticipated to represent a large share in the global pharmaceutical contract manufacturing market. The growth of these regions is supplemented by the growing geriatric population and high uptake of biologics. The increasing research activities by biotechnology companies and the rising demand for generics are also contributing to the growth of the regions. The U.S. will be a major revenue contributor in the North America market. The Asia Pacific region is estimated to emerge as a lucrative market during the forecast period owing to the improving healthcare infrastructure and increasing favorable government initiatives.
Companies Mentioned in the Report are:
The majority of the players in the global pharmaceutical contract manufacturing market are pouring funds to enhance their in-house capabilities in order to meet the dynamic needs of today’s marketplace. Mergers and acquisitions activities are among the key strategies adopted by players to strengthen their market position. Large pharmaceutical companies are also forming partnerships with contract manufacturing organizations to achieve vertical integration. Some of the key players in the global pharmaceutical contract manufacturing market are Althea Technologies, Aenova, Dishman Pharmaceuticals and Chemicals Limited, Catalent Pharma Solutions, HAUPT Pharma AG, Famar, Kemwell Pvt. Ltd., Jubilant Life Sciences Limited, Nipro Corp., NextPharma, Recipharm, Pfizer Central Source, and Royal DSM N.V.