An organization that provides comprehensive services from invention through commercialization to deliver pharmaceuticals for healthcare is known as a contract manufacturing organization, also known as a contract manufacturing and development company. These businesses’ main purpose is to supply items that are created, produced, and made under contract to the pharmaceutical and biotechnology industries. Contract manufacturers typically work closely with the pharmaceutical and biotech industries to grow their businesses. Due to their tight connection, these businesses are able to provide products of the same caliber and quantity as those offered by the licensed facility. Contract manufacturing from a contract manufacturer has a variety of benefits.
The Global Healthcare CMO market is estimated to be valued at US$ 326.8 million in 2022 and is expected to exhibit a CAGR of 16.1 % over the forecast period (2023-2030).
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Top Companies Associated With The Healthcare CMO Market Report Are: Accellent, Inc., Boehringer Ingelheim GmbH, Catalent Pharma Solutions, Inc., DSM, Fareva, Greatbatch, Inc., Lonza Group, Patheon, Inc. (Thermo Fisher Scientific Inc.), Piramal Healthcare, Binex, Cytovance Biologics, Emergent BioSolutions Inc., MilliporeSigma, Symbiosis Pharmaceutical Services, Albany Molecular Research Inc., Samsung Biologics, and Symmetry Medical, Inc.
Global Healthcare CMO Market: Drivers
The global healthcare CMO market is poised to experience significant growth during the projected period, driven by the expiration of drug patents. An illustrative example is the case of Eli Lilly and Company’s drug, Cialis, used for addressing erectile dysfunction, which lost its patent protection in September 2018. Additionally, the patent for YAZ (drospirenone/ethinylestradiol), an oral contraceptive regimen, is scheduled to expire in 2021.
Furthermore, the market’s expansion is expected to be bolstered by the escalating costs associated with drug development. A study conducted by the Tufts Center for the Study of Drug Development, as featured in the Journal of Health Economics in May 2019, revealed that the overall cost of drug development reached a staggering US$ 2.6 billion. This encompassed average out-of-pocket expenses amounting to US$ 1.4 billion, coupled with time-related costs totaling US$ 1.2 billion.
Global Healthcare CMO Market: Opportunities
The global healthcare CMO market is poised to experience significant growth prospects due to the rising investments in the pharmaceutical sector. A case in point is The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019 report, which highlights a notable increase in pharmaceutical investment from US$ 19,509 million in 2000 to an estimated US$ 39,895 million in 2018 in Europe.
Furthermore, the market is anticipated to receive a substantial boost from the research and development endeavors aimed at creating a Covid-19 vaccine.
Healthcare CMO Market Report Coverage
|The market size value in 2023|
- Global Healthcare CMO Market , By Service:
- Pharmaceutical Contract Manufacturing Services
- Medical Device Contract Manufacturing Services
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Healthcare CMO Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Healthcare CMO Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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