Pharmaceutical Contract Manufacturing Market
Pharmaceutical Contract Manufacturing Market Report to witness a CAGR of 6.0% to attain a value of USD 179.4 Billion by 2030 owing to the growing investment in R&D activities, asserts Market Research Future (MRFR). The pharmaceutical industry is experiencing a dynamic change. Pricing pressure, pipeline challenges, and emerging markets are redesigning the way companies operate. Pharmaceutical providers need to alter as well. Contract manufacturers that distinguish their abilities and offerings will be able to retain their customers and expand their business within the competitive market.
Drivers and Restraints Impacting the Market
Over the past few years, reliance on drugs and medicines have increased significantly. With increased demand for innovative drugs and limited number of blockbuster drugs, large pharmaceutical companies are trying to stay competitive by conducting faster drug development with corresponding cost containment. Moreover, after the regulatory approval of drug, companies are left with less time to deliver drug in the market in considerable quantity. Such factors are leading to greater outsourcing of manufacturing facilities to contract manufacturers. Influx of virtual and small startups with negligible manufacturing capacity is further propelling the market growth during the assessment period. Also, rising demand for next-generation biological therapies is opening doors for manufacturers, thereby driving the market across the globe.
On the flip side, lack of manufacturing standardization and capacity utilization of issues are some of the major factors impacting the profitability of pharmaceutical contract manufacturing organizations. Moreover, increasing lead time and logistics costs are creating skepticism among pharmaceutical companies. This is further impeding the market growth across the globe.
Major Key Players:
Key Market Players are Grifols International, AbbVie Inc, Catalant, Patheon Inc., Lonza AG, Boehringer Ingelheim, Vetter, S.A, Pharmaceutical Product Development, and others.
The global pharmaceutical contract manufacturing market has been segmented on the basis of type.
By mode of type, the global pharmaceutical contract manufacturing market has been segmented into finished dosage formulation market, active pharmaceutical ingredient manufacturing, and others. Among these, the active pharmaceutical ingredient manufacturing dominates the global market owing to the restructuring of the pharmaceutical industry. Regulatory development in the market will let generic drug companies manufacture and develop products for export. Improvement in pharmaceutical manufacturing capabilities along with demand for specialized technologies is considered to steer few companies to return to sourcing APIs from the suppliers.
Global Pharmaceutical Contract Manufacturing Market Trends, based on region, has been divided into Europe, the Americas, Asia-Pacific, and Middle East & Africa.
Among all the regions, the American region is presumed to dominate the global market due to well-developed technology, improvement in the reimbursement scenario, high expenditure on healthcare, and the presence of major market players.
Europe is considered to hold the second position in the global pharmaceutical contract manufacturing market and is estimated to maintain its dominance over the assessment period. The growth is attributed to the support provided by the government for research and development activities in this region.
The Asia Pacific region is estimated to be the fastest growing region during the assessment period owing to the rapidly improving technology and the presence of a huge patient population in this region. However, the Middle East and Africa hold the least share in the market due to the presence of slow and poor developing countries in this region.
About Market Research Future
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