(2019 – 2024) “Pharmaceutical Contract Manufacturing Market” Report studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Pharmaceutical Contract Manufacturing Analysis. The Pharmaceutical Contract Manufacturing market is expected to register a CAGR of approximately 8.08% during the forecast period of (2019 – 2024).
Pharmaceutical Contract Manufacturing Market Report Covers Leading Manufacturers: Catalent Inc, Recipharm AB, Jubilant Life Science, Patheon Inc, Boehringer Ingelheim, Pfizer Centresource, Aenova, Famar, Baxter Biopharma Solutions, Lonza
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The global pharmaceutical contract manufacturing market was valued at USD 92.314 billion in 2017. This market is expected to reach USD 146.41 billion by 2023, at a CAGR of 8.08% during the forecast period (2018 – 2023).
Owing to the growing demand for generic medicines and biologics, capital-intensive nature of the business, and complex manufacturing requirements, many pharmaceutical companies have identified the potential profitability in contracting with a CMO (contract manufacturing outsourcing) for both clinical and commercial stage manufacturing. Moreover, the pharmaceutical companies have been directing their priorities toward the core areas of competency, and hence, prefer not to dispense available resources, expertise, and technology on formulating the final dose of medicines. The biggest factor driving the growth of CMOs in the pharmaceutical industry is the growing need for state-of-the-art processes and production technologies, which have proven highly effective in meeting regulatory requirements. However, factors, such as stringent regulations and high logistics costs are restraining the market.
Increasing Investments on R&D to Drive the Market Growth
Greater technological complexity in drug development and greater specificity in disease targets have helped raise average R&D costs, as firms now identify drugs with particular molecular characteristics as opposed to using trial-and-error methods to find compounds that work in some desired way. A major stake of R&D investments, as well as capacity expansions, are likely in the injectable and sterile liquid dose formulations segment. Small biotech firms get access to specialized knowledge and resources, which help them expedite their R&D activities. Thus, CRO/CMOs are able to leverage their expertise, owing to their R&D and complex manufacturing capabilities, to fill the needs of the large generic, big pharmaceutical and biotech companies.
API to Dominate the Market, by Service Type
Due to restructuring of the pharmaceutical industry, API CMOs are expected to witness a strong surge in demand, particularly in the generics sector. Additionally, regulatory developments in the markets would let generic drug companies develop and manufacture products for export, worldwide. However, demand for specialized technologies and improvements in pharmaceutical manufacturing capabilities, could steer some companies to return to sourcing their APIs from suppliers.
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Generic drugs have a huge opportunity of growth for the CMOs of North America. Traditionally, the CMOs of this region are unwilling to take risks about generics that produce low margins. However, as growing prices push more companies to enter into dermatology products, CMOs with semisolid capabilities are benefitting from strong generics demand. These generic drug companies are also turning more toward CMOs with injectable capabilities to overcome shortage, and to address issues relating to offshore supplies. In addition, the development of super generics are leveraging CMOs with niche dosage forms, like transdermal and inhalation technologies. High cost of production is the main factor for the decline in the market in North America, wherein, an increased number of companies are setting up manufacturing facilities in the emerging countries, or operating through contract manufacturing.
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Reasons to Purchase Pharmaceutical Contract Manufacturing Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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