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2021-12-10 • Jay Sharma
The global Pharmaceutical Contract Manufacturing market was valued at USD 82430.9 Million in 2018 and is expected to reach USD 144958.8 million by the year 2026, at a CAGR of 7.2%.
The pharmaceutical industry uses outsourcing services from providers in the form of contract research organizations (CROs) and contract manufacturing organizations (CMOs). Comprehensive single-source provider from drug development through commercial manufacture has emerged in recent years. It is known as contract research and manufacturing services (CRAMS), or contract development and manufacturing organizations (CDMO). Pharmaceutical Contract Manufacturing organizations are a response to the competitive international nature of the pharmaceutical market as well as the increasing demand for outsourced services.
With the increasing demand for generic formulations and biologics, complex manufacturing requirements, and the capital-intensive nature of the business, many pharmaceutical companies have identified the potential profitability in contracting with a CMO (contract manufacturing outsourcing) for both commercial and clinical stage manufacturing. Furthermore, pharmaceutical companies have been directing their priorities towards the core areas of competency, and hence, prefer not to dispense available resources, expertise, and technology on formulating the final dose of medicines. The costs invested in R&D are increasing, and the useful results returned from these processes are becoming scarcer. Many manufacturing companies have realized that moving this part of the business overseas and taking advantage of the still-emerging pharmaceutical markets is an effective method of cutting costs. However, Increasing Lead Time and Logistics Costs and stringent Regulatory Requirements by different nations are expected to hinder the pharmaceutical contract manufacturing market growth
Top Companies Profiled in the Report Include:
Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Lonza Group Ltd (Switzerland), Recipharm AB (Sweden), Vetter Pharma International GMBH (Germany), FAMAR Health Care Services (Greece), AbbVie Inc. (US), Aenova Group (Germany), Consort Medical plc (UK), Almac Group (UK), Siegfried Holding AG (Switzerland), Boehringer Ingelheim International GmbH (Germany), and Evonik Industries AG (Germany)..