Pharmaceutical Contract Manufacturing Market Overview
Market Research Future (MRFR) confirms that the pharmaceutical contract manufacturing market 2020 can potentially gain a CAGR of 7.2% from 2017 to 2023 (evaluation period). The market value by 2023 is expected to be USD 107,004.0 million, says MRFR. We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
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.
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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 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 Segmental Insight
The Pharmaceutical Contract Manufacturing industry can be dissected with respect to type.
The main types considered in the MRFR market study include Finished Dosage Formulation (FDF) and Active Pharmaceutical Ingredient (API) Manufacturing.
Active Pharmaceutical Ingredient/API Manufacturing is the bigger market with a share of 7%, while Finished Dosage Formulation/FDF Secondary could be the fastest growing market at a rate of 6.5% during the evaluation period.
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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