Healthcare Contract Manufacturing Market Scenario
The Global Healthcare Contract Manufacturing Market 2020, according to the MRFR analysis, is poised to mature at a 9.86% CAGR and is projected to reach USD 250.9 Billion by 2023.
Healthcare Contract Manufacturing Market Dynamics
The expiration of patents for major drugs and medical devices, competition and production and trade economics to favor contract manufacturing organization (CMO), mutual benefit to contract manufacturer and customer, and lean manufacturing and agility are some of the major drivers for the growth of contract manufacturing market for healthcare across the globe. A big patent cliff is occurring worldwide, especially in the pharmaceutical industry, in the healthcare sector.
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The patent cliff will lead to cheaper generic versions on the market , increasing demand for CMOs. Thus, the expiration of patent protection for major prescription drugs and the increasing demand for generic drugs are likely to enhance the growth of CMOs globally. In the other hand, the uncertainty of the supply chain and third party management problems and standardization and interoperability concerns are anticipated to impede business growth over the projected period.
Healthcare Contract Manufacturing Market Segmental Overview
The global market for healthcare contract manufacturing has been analyzed on the basis of service type, type, and lastly, industry.
The type-based segmentation of the global CMO market comprises of sterile and non-sterile.
The service-based segmentation of the global CMO market comprises pharmaceutical industry, medical device industry, and biopharmaceutical industry.
The industry-based segmentation of the global CMO market comprises medical device industry, pharmaceutical industry, and biopharmaceutical industry. Due to the rampant growth of the global medical device industry, the segment of medical devices led the market in 2016 by holding 43.7 per cent market revenue share.
Healthcare Contract Manufacturing Market Regional Summary
The global healthcare contract manufacturing market, based on region, is segmented into the Americas, Europe , Asia-Pacific, and Middle East & Africa.
Driven by the presence of major pharmaceutical drug manufacturers, thriving pharmaceutical industry and leading medical device companies in the US and Canada, the Americas currently dominates the global healthcare contract manufacturing market.
Generic drug companies are the main customer base of contract manufacturers in Europe, contributing to the growth of the European CMO market. Important factors influencing European market growth include the presence of major manufacturers, Increase in the biopharmaceutical sector , government support for R&D, increased disposable income and the availability of technologically advanced products.
Asia-Pacific should record a comparatively higher CAGR over the forecast period. Countries like China and India continue to draw significant amounts of outsourcing work from developed countries due to factors such as large-scale production capacity , low labor costs , low cost of raw materials and low cost of manufacturing. Besides that, some of the key factors driving demand growth include rising healthcare spending, increasing manufacturers’ R&D funding, and moreover multinational medical device manufacturers seeking opportunities in the region and expanding their presence in the region. The changing regulatory landscape of medical devices has been a concern for the region’s contract-manufacturing healthcare market.
The Middle East & Africa contributes least to the global contract manufacturing market in the healthcare sector. The growing development of the medical sector in the Middle Eastern countries, increased R&D spending and the expansion of multinational companies in the region also influence market growth.
Healthcare Contract Manufacturing Market Competitive Dynamics
The eminent players in the global healthcare contract manufacturing market are Lonza AG, Boehringer Ingelheim, Grifols International, S.A, Catalant, Aesica Pharmaceuticals, AbbVie, Benchmark Electronics, Evonik Industries, Flex Ltd, Teva Pharmaceutical Industries, Forefront Medical Technologies, Hamilton Company, Sanmina Corporation, Mylan, Patheon, and Vetter Pharma International.
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Industry Update
August 2020 – BioStem Technologies, Inc., a leading life sciences company specializing in the development and sale of perinatal tissue-based allografts for use in regenerative therapies, announced that its subsidiary, Blue Tech Industries, Inc. signed a Master Service Agreement with a new customer to manufacture the customer’s amniotic membrane platform for the next two years, in a deal estimated to be worth up to USD 2.4 million to BioStem.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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