The Healthcare Cmo Market Is Estimated To Witness High Growth Owing To Rising Investments In Healthcare Infrastructure
The healthcare CMO market is estimated to be valued at US$ 440.5 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The healthcare CMO market encompasses contract manufacturing organizations that provide development and manufacturing services for pharmaceutical and medical device industries. CMOs offer a wide range of services including manufacturing active and inactive pharmaceutical ingredients and finished drug products, medical devices manufacturing, packaging and labelling. They also provide testing, validation, logistics and other supply chain services. CMOs help healthcare companies to reduce costs, minimize time-to-market and focus on core competencies.
Market Dynamics:
The healthcare CMO market is primarily driven by rising investments in healthcare infrastructure development across the globe. Governments of various countries are focusing on strengthening healthcare systems which requires new drugs and medical technologies. This has fuelled the demand for contract manufacturing services from pharmaceutical and medical device companies. Additionally, growing preference for outsourcing non-core activities by healthcare firms in order to improve operational efficiencies and flexibility is also propelling market growth. The COVID-19 pandemic further highlighted the critical role of CMOs in ensuring steady supply of essential drugs and medical products. However, quality management and regulatory compliance issues pose a significant challenge for growth of the market.
SWOT Analysis
Strength: Healthcare CMOs have specialized therapeutic expertise and regulatory capabilities. They offer scalability to meet changing demand levels. Healthcare CMOs provide cost savings to drug developers by eliminating fixed facility and personnel costs.
Weakness: Healthcare CMOs have less control over quality and intellectual property issues. Outsourcing may compromise security of sensitive data related to drug development.
Opportunity: Growth in biologics and cell & gene therapies offer significant outsourcing opportunities to Healthcare CMOs. Increasing research partnerships between pharma companies and CMOs can expand market scope.
Threats: Consolidation among larger CMOs increases pricing pressures. Stringent regulatory normsnecessitate significant investments to ensure compliance, risking small players.
Key Takeaways
The Global Healthcare CMO Market Size is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing R&D investments and outsourcing activities by pharmaceutical and biotechnology companies. North America is expected to dominate the global healthcare CMO market owing to presence of major pharmaceutical companies and rising prevalence of chronic diseases in the US. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period due to availability of low-cost skilled workforce and increasing focus of global pharma players on establishing manufacturing facilities.
The global healthcare CMO market size was valued at US$ 440.5 Mn in 2023. Biologics now account for over 30% of the pharmaceutical market and their production is complex, time-consuming and costly. This is driving increased outsourcing of biologics manufacturing to specialized CMOs by big pharmaceutical firms.
Key players operating in the healthcare CMO market 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. Major players are focused on capacity expansion through acquisitions and greenfield projects to strengthen their positions in emerging markets.
Get More Insights On This Topic: https://www.trendingwebwire.com/healthcare-cmo-market-analysis-growth-forecast-outlook-2023-2030/
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