According to Coherent Market Insights, the global cytotoxic drugs contract manufacturing market was valued at US$ 6,285.2 million in 2018 and is expected to exhibit a CAGR of 9.1% over the forecast period (2019-2027).
Key Trends and Analysis of the Cytotoxic Drugs Contract Manufacturing Market:
Key trends in market include increasing incidence of cancer, rising trend of contract manufacturing, and adoption of growth inorganic strategies such as acquisitions and collaborations by the market players.
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Increasing prevalence of cancer is expected to drive the cytotoxic drugs contract manufacturing market over the forecast period. For instance, according to the data published by World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for around 9.6 million deaths in 2018. Moreover, according to the WHO, the number of new cases is expected to increase by around 70% by 2030.
Several active pharmaceutical ingredient (API) manufacturers are focused on expanding their market presence across the globe. The API manufacturers are establishing their commercial production units in Asia Pacific to remain competitive (as manufacturing can be cheaper in Asia Pacific region owing to low labor cost, and cost-effective instrumentation). For instance, BASF announced plans to build a new specialty amines plant at its existing site in Nanjing Chemical Industry Park, China in 2019. This new multi-product plant can manufacture 21,000 metric tons per of amines/year, which is expected to enhance BASF’s amines portfolio at the specialty amines complex in Nanjing, China. The plant is scheduled to stream by 2019.
Key players are focused on launches of production facility for offering better products in the potential market. For instance, in April 2019, Cambrex Corporation completed the construction of a US$ 24 million highly potent API (HPAPI) manufacturing facility at its site in Charles City, U.S.
Market players are focused on adopting inorganic growth strategies such as acquisitions and collaborations, in order to expand their product offerings in the market. For instance, in November 2019, Raybow Pharmaceutical acquired U.S.-based PharmAgra Labs. This acquisition has expanded Raybow Pharmaceutical’s contract development and manufacturing (CDMO) business in the U.S.
Key Market Takeaways:
- The cytotoxic drugs contract manufacturing market is expected to exhibit a CAGR of 9.1% during the forecast period (2019-2027), which is attributed to increasing incidence of cancer, rising trend of contract manufacturing, and adoption of inorganic growth strategies such as acquisition and collaboration by the market players. For instance, in January 2015, Piramal Pharma Solutions announced the acquisition of Coldstream Laboratories, a specialty CMO with expertise in formulation and manufacturing of high potency cytotoxic compounds.
- Key players operating in emerging economies of the region are focused on investing in facility expansion, which in turn is expected to propel the market growth over the forecast period. For instance, in 2018, Piramal Pharma Solutions invested US$ 55 million across its sites in Asia and North America to expand its manufacturing capability and capacity.
Key players operating in the global cytotoxic drugs contract manufacturing market include Lonza Group, Piramal Group, Evonik Industries AG, Novasep Holding SAS, Merck KGaA (SAFC Pharma), Baxter Biopharma Solutions, AbbVie Contract Manufacturing, Cambrex Corporation, BSP Pharmaceuticals S.p.A., CordenPharma International, Catalent, Inc., Albany Molecular Research Inc., Evotec, WuXi AppTec Co., Ltd., Pierre Fabre Laboratories, and Dishman Group.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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