Global Contract Pharmaceutical Manufacturing Market Is Estimated To Witness High Growth Owing To Increasing Outsourcing and Technological Advancements
The global Contract Pharmaceutical Manufacturing Market is estimated to be valued at US$ 178.94 billion in 2022 and is expected to exhibit a CAGR of 9.3% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Contract Pharmaceutical Manufacturing Market refers to the outsourcing of pharmaceutical production to third-party manufacturers. This includes the manufacturing of active pharmaceutical ingredients (APIs), formulation development, packaging, and labeling. This allows pharmaceutical companies to focus on their core competencies while leveraging the expertise and capabilities of contract manufacturing organizations (CMOs). The market encompasses various services and solutions provided by CMOs, including contract research and development, large-scale manufacturing, analytical and regulatory support, and supply chain management. The market has witnessed significant growth due to the increasing demand for cost-effective and efficient pharmaceutical manufacturing solutions.
B) Market Dynamics:
The market is driven by two major factors: increasing outsourcing and technological advancements. Firstly, pharmaceutical companies are increasingly outsourcing their manufacturing processes to contract manufacturers to reduce costs and improve operational efficiency. This allows them to focus on their core competencies such as research and development and marketing. Additionally, outsourcing provides flexibility to pharmaceutical companies in terms of capacity utilization, enabling them to meet fluctuating market demands. Secondly, technological advancements in the pharmaceutical manufacturing process, such as automation and digitization, have improved efficiency, quality control, and regulatory compliance. These advancements have led to increased adoption of contract manufacturing services by pharmaceutical companies.
C) Segment Analysis:
In terms of segments, the market can be divided into API manufacturing, finished dosage form manufacturing, and packaging and labeling services. Among these segments, the finished dosage form manufacturing segment dominates the market. This is due to the increasing demand for generic drugs, as well as the complex regulatory requirements associated with the manufacturing of finished dosage forms.
D) PEST Analysis:
Political: The contract pharmaceutical manufacturing market is influenced by government regulations and policies related to pharmaceutical manufacturing, intellectual property rights, and drug pricing.
Economic: The market is driven by factors such as cost-effectiveness, operational efficiency, and the desire of pharmaceutical companies to reduce capital expenditure.
Social: Increasing healthcare expenditure, aging population, and prevalence of chronic diseases drive the demand for pharmaceutical products, thereby boosting the contract pharmaceutical manufacturing market.
Technological: Technological advancements in manufacturing processes, such as automation, robotics, and data analytics, have improved operational efficiency, quality control, and regulatory compliance in the contract pharmaceutical manufacturing market.
E) Key Takeaways:
- The global Contract Pharmaceutical Manufacturing Market is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period, due to increasing outsourcing and technological advancements.
- North America is the fastest-growing and dominating region in the contract pharmaceutical manufacturing market, driven by factors such as a well-established pharmaceutical industry, strong regulatory framework, and increasing demand for pharmaceutical products.
- Key players operating in the global contract pharmaceutical manufacturing market include Accenture plc, Cognizant Technology Solutions, ATOS SE, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH, Genpact Limited, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, Abbvie, Inc., Baxter International Inc., Dr. Reddy’s Laboratories Ltd., Aurobindo Pharma, Pfizer, Inc., The Almac Group, Teva Pharmaceutical Industries Ltd., and Piramal Enterprises Ltd. These companies focus on strategic collaborations, partnerships, and acquisitions to strengthen their market position and expand their geographical presence.
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian