Pharmaceutical Contract Manufacturing Market Is Projected To Reach USD 174.2 Billion, Enlisting a CAGR Of 6.0% By 2027 | Market Research Future
Research Reports
Dec 16, 2022
Market Research Future Insights
Pharma contract manufacturing firms provide numerous services to drug companies. The growth of this market is mainly driven by the multifaceted manufacturing requirements of the pharmaceutical industry, increasing investments in pharmaceutical R&D, the pharmaceutical industry’s rising inclination towards cutting-edge technologies, patent expiration, and the coronavirus pandemic. In addition, the increasing demand for cell and gene therapies and personalized medicines and the growth of the High-potency Active Pharmaceutical Ingredients (HPAPI) and Antibody-drug Conjugates (ADC) markets is anticipated to offer significant opportunities for the players operating in this market. However, the absence of skilled professionals and the introduction of serialization are key factors expected to hamper the growth of the pharmaceutical contract manufacturing market.
According to MRFR analysis, Pharmaceutical Contract Manufacturing Market to witness a CAGR of 6.0% to attain a value of USD 174.2 Billion by 2027.
The COVID-19 pandemic has created high demand for therapeutics and vaccines due to the rising spread of the diseases worldwide. Owing to this, numerous companies had partnered with CMO to speed up the manufacturing of drugs. For example, as of February 2022, the U.K. government capitalized USD 119.1 million to support the development of the AstraZeneca COVID-19 vaccine. This is expected to have a positive impact on market growth.
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Regional Analysis
North America dominated the pharmaceutical contract manufacturing market during the forecast period. The high number of clinical tribunals, broad active pharmaceutical ingredients production base, modern manufacturing capabilities, presence of top pharmaceutical firms, and enlargement in the generics industry are all factors that contribute to the North American region’s projected to grow at a significant rate over the forecast period
Europe, on the other hand, is anticipated to develop at the fastest rate during the forecast period. Owing to a rapidly aging population, a widening disproportion between demand and supply for pharmaceutical products, the availability of skilled staff, and favorable government policies in developing countries in this region.
The Asia Pacific region is projected to witness extensive growth over the forecast period due to its large base of generic drug manufacturers, increasing scientific base and capability, and greater manufacturing facilities by major key players in the last two to three years. Additionally, Low labor and manufacturing charges have been the major factor that attracted major investors from pharma companies in developing economies such as India and China.
Market Segmentation
The global Pharmaceutical Contract Manufacturing Market has been segmented into service and technology.
Based on service, the Pharmaceutical Contract Manufacturing market has been segmented into packaging, Drug Dose Formulation, and active pharmaceutical Ingredients (API). Packaging contracts with the size of drugs exported and imported through manufacturing and retailing organizations. Drug Dose Formulation is an injectable form, a liquid form, and a solid form of the drugs made available for patients. Active Pharmaceutical Ingredients (API) are minor range and high range molecules depending on the severity of the disease the drugs suit.
Based on Technology, the Pharmaceutical Contract Manufacturing Market is segmented as low-tech and high-tech manufacturers based on technology. It deals with the procedure knowledge by manufacturers to deal with specific drugs.
Key Players
Some of the key market players are Catalent Inc. (U.S.), Lonza Group Ltd (Switzerland), Recipharm AB (Sweden), Vetter Pharma International GmbH (Germany), Piramal Enterprises Limited (India), Cambrex Corporation (U.S.), Samsung Biologics Co., Ltd (South Korea), Siegfried Holding AG (Switzerland), FUJIFILM Diosynth Biotechnologies (Japan), Aenova Group (Germany), C.H. Boehringer Sohn AG & Co. KG (Germany), Fabbrica Italiana Sintetici S.p.A. (Italy), and Aurobindo Pharma Ltd. (India), Fareva SA (Luxembourg).
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