Contract Pharmaceutical Manufacturing Market Growth Accelerated by...

Contract Pharmaceutical Manufacturing Market Growth Accelerated by Increasing Demand from Pharmaceutical Industry

Veröffentlicht 2024-01-14 17:17:13

The global Contract Pharmaceutical Manufacturing Market is estimated to be valued at US$ 101.45 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Contract pharmaceutical manufacturing refers to outsourcing the manufacturing of pharmaceutical products and services to third-party contract manufacturing organizations (CMOs). This strategy enables pharmaceutical companies to focus on core competencies such as research and development (R&D) and clinical trials. Products manufactured through contract pharmaceutical manufacturers include active pharmaceutical ingredients (API), final dosage formulations such as tablets, capsules, creams, and oral liquids.

The growing need for generics due to patent expiries coupled with increasing demand for outsourcing core competencies is expected to drive the growth of the market over the forecast period.

Market key trends:
The increasing demand from the pharmaceutical industry is one of the major trends accelerating the growth of the contract pharmaceutical manufacturing market. Pharmaceutical companies are increasingly outsourcing manufacturing activities to contract manufacturers to reduce costs and focus on core competencies like R&D and clinical trials. This enables pharmaceutical players to bring new products to the market in a timely manner without significant capital investments into manufacturing infrastructure and resources. The contract manufacturers leverage economies of scale and efficient production processes to manufacture pharmaceutical drugs at competitive costs. This win-win strategy benefits both pharmaceutical companies and contract manufacturers and is expected to significantly contribute to the market growth over the forecast period.

Segment Analysis
The global contract pharmaceutical manufacturing market can be segmented on the basis of product, type and end user. On the basis of product, the market is divided into APIs, FDFs. Among these, APIs accounts for the largest share as majority of pharmaceutical raw materials and ingredients are manufactured through contract manufacturing. APIs sub-segment dominates the market due to outsourcing of bulk production activities to third party contract manufacturers by big pharma companies.

Key Takeaways
The Global Contract Pharmaceutical Manufacturing Market Size is expected to witness high growth during the forecast period of 2023 to 2030.

Regional analysis: North America accounts for the largest share in the global contract pharmaceutical manufacturing market currently. This is mainly due to presence of large number of pharmaceutical companies and medical device manufacturers in countries like US and Canada that rely on contract manufacturing for their bulk drug requirements. Asia Pacific region is projected to witness fastest growth over the coming years. Countries like India, China and South Korea are emerging as top destinations for contract pharmaceutical manufacturing due to availability of low cost and high skilled workforce.

Key players operating in the contract pharmaceutical manufacturing market are Accenture plc, Belden Inc., Cisco Systems, Inc., Claroty Ltd., CyberX, Cyberbit, Darktrace, Deloitte Touche Tohmatsu Limited, Bayshore Networks, Hitachi Systems Security Inc., Fortinet, Inc., OTORIO Ltd., IBM Corporation, Dragos, Inc., Indegy, IOActive Inc., Kaspersky Lab, Leidos, Thales Group, TÃœV SÃœD, Wurldtech Security Technologies Inc., Honeywell International Inc. (NextNine Ltd.), Nozomi Networks Inc., and NCC Group. Accenture provides integrated security services for monitoring and managing OT and ICS networks efficiently. Belden offers industrial ethernet switches and device level gateways for connectivty in OT environments.