Pharmaceutical Contract Manufacturing Market – Overview
The growth of the global pharmaceutical contract manufacturing industry can be traced to multiple factors. Overall rapid growth within the pharmaceutical industry can be credited for the growth of the global pharmaceutical contract manufacturing market, with the continuity of the outsourcing trend. Growth within the industry offers opportunities provided by both small biotech and large pharmaceutical companies which has been instrumental in shaping the market.
The competitive nature of the pharmaceutical industry has paved the way for the growth of the global pharmaceutical contract manufacturing market. Pipeline challenges, the rising cost of drug development and pricing pressure have increased the reliance on pharmaceutical contract manufacturing. Pharmaceutical contract manufacturing provides the advantage of reduced costs, and increased expertise which coupled with regulatory norms pertaining to standardization has boosted the growth of the market.
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Fundamental growth drivers include population growth, surging healthcare expenditure on a global scale, aging population and GDP growth. All these factors induce a high demand for drugs which, in turn, supports market growth. Besides, expansion of service offerings by pharmaceutical contract manufacturing organizations along with growing complexities in clinical trials remains major growth drivers.
The growth of the market is partly offset by the entry of biosimilars. Other possible bottlenecks include lack of manufacturing standardization, increasing lead time and logistics costs. Meanwhile, the introduction of blockchain technology in the pharmaceutical industry is likely to present lucrative growth opportunities for the global pharmaceutical contract manufacturing market. Blockchain technology can fulfill the need for a sophisticated tracking and tracing technology and solve the real-world issues of the pharmaceutical industry such as provenance of drugs.
Pharmaceutical Contract Manufacturing Market – Competitive Landscape
Grifols International, Vetter, S.A, AbbVie Inc, Lonza AG, Pharmaceutical Product Development, Patheon Inc., Catalant, Boehringer Ingelheim, and others are the key players in the global pharmaceutical contract manufacturing market.
Pharmaceutical Contract Manufacturing Market – Segmentation
The global pharmaceutical contract manufacturing market has been segmented on the basis of type which comprises Active Pharmaceutical Ingredient (API) Manufacturing and Finished Dosage Formulation (FDF) Market. The Active Pharmaceutical Ingredient (API) manufacturing segment is expected to be the leading segment while the Finished Dosage Formulation (FDF) segment is expected to exhibit the fastest growth rate of 6.5% over the forecast period.
- In January 2019, Cambrex Corporation, a leading manufacturer of generic active pharmaceutical ingredients, announced the acquisition of Avista Pharma Solutions, a contract development and manufacturing organization from Ampersand Capital Partners. The acquisition will help strengthen Cambrex’s position as a leader in contract development and manufacturing (CDMO).
- In December 2018, AGC Biologics, a contract development, and manufacturing organization announced the expansion of production capacity of its biopharmaceutical manufacturing services. The company intends to invest USD 90 Mn to extend animal cell bioreactors and add new microorganism facilities. The expansion will triple the company’s production capacity in the US.
- In December 2018, Cambrex Corporation completed the acquisition of Halo Pharma, a leading contract development and manufacturing organization (CDMO) for a sum of USD 425 Mn. The transaction will add formulation development and finished dosage manufacturing capabilities to Cambrex’s existing global API manufacturing network.
Pharmaceutical Contract Manufacturing Market – Regional Analysis
By region, the global pharmaceutical contract manufacturing market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas dominate the global pharmaceutical contract manufacturing market due to prolific growth of the pharmaceutical industry and presence of major players in the region. Europe commands the second largest position in the global pharmaceutical contract manufacturing market. High government support for research & development. The Americas pharmaceutical contract manufacturing market is likely to reach USD 40,041.5 Mn by the end of 2023.
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APAC market for pharmaceutical contract manufacturing is expected to showcase the fastest growth over the forecast period. The growth of the APAC market is largely driven by China and India which represent the most significant drug markets in the world. Increase in API manufacturing capacity of China coupled with shifting of pharmaceutical operations of Western pharmaceutical companies in China to take advantage of the economic benefits offered by the region has been instrumental in driving the growth of the APAC market. In addition, the implementation of favorable government policies in the region has resulted in a wave of investments in China and India which is boosting the growth of the APAC market. APAC pharmaceutical contract manufacturing market is expected to grow at a CAGR of 7.7% over the forecast period.
The Middle East & Africa market is expected to exhibit the least growth over the forecast period due to poor economic conditions predominant in the region, especially in Africa.
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