Healthcare CMO Market Accounted to US$ 80,479.4 in 2018 and is expected to grow at a CAGR of 12.2% during the forecast period 2019 – 2027
The global healthcare CMO market accounted to US$ 80,479.4 in 2018 and is expected to grow at a CAGR of 12.2% during the forecast period 2019 – 2027, to account to US$ 223,355.6 Mn by 2027.
Asia-Pacific is the fastest growing geographic market and it is anticipated to be the third largest revenue contributor throughout the forecast period. Asia Pacific is recognized as an emerging market for the pharmaceutical and biopharmaceutical industry across the world. The growth is defined by the cost effective manufacturing of the pharmaceutical products and rising healthcare expenditures by the various countries in the region.
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2018: In October, 2018, Recipharm acquired Sanofi’s inhalation contract manufacturing business including a manufacturing facility located in Holmes Chapel, UK to expand its full service offering to include specialist, in-demand capabilities.
2017: In February, 2017, Catalent Pharma Solutions acquired Accucaps Industries Limited to expand Softgel development and manufacturing capabilities and capacity in Canada.
2015: In May 2015, Lonza and Nikon signed a collaboration in the field of cell and gene therapy manufacturing in Japan.
- Royal DSM
- Catalent, Inc
- Boehringer Ingelheim International GmbH
- Recipharm AB (publ)
- Piramal Enterprises Ltd
- Dr. Reddy’s Laboratories Ltd.
- Almac Group
- FAMAR Health Care Services.
Market Insights :-
Increasing Inclination of Pharmaceutical and Medical Device Manufacturers Towards Outsourcing
The growth of the healthcare contract manufacturing organizations market is growing owing to the advantages offered by the contract manufacturing companies. These companies provides services to the pharmaceutical, biopharmaceutical and medical device companies. For the biopharmaceutical and pharmaceutical companies the CMO offers various beneficial services right form the producing of small quantities of materials for R&D purposes, larger amounts for clinical study and eventually large-scale production for commercialization. On the other hand the CMO helps medical devices companies meet the rising demands from the customers. The companies invest majorly on the R&Ds with the aim of delivering high quality and innovative products to the market. The rising demands for the healthcare products such as medicines, vaccines, diagnostics devices, implants and other therapeutic medicines and devices are likely to drive the contract manufacturing. Therefore, owing this factor the market for the healthcare CMO is likely to significantly in the forecast period.
Rising Demand in Developing Regions
The developing regions such as Asia Pacific and Middle East, Africa and Latin America are growing dynamically in the biotechnology and pharmaceutical sectors. The governments of the respective countries in these regions are supporting through various initiatives, funding, programs and conferences. The growth of the pharmaceutical and biotechnology is driven by the economic, demographic development, rising healthcare expenditures, and improving public-private healthcare funding among the others. Asia Pacific have a great potential to serve the medical device industry. Thus, owing to the above mentioned factors the developing regions are likely to create growth opportunities for the healthcare CMO market during the forecast period.
The global healthcare CMO market by service was led by pharmaceutical contract manufacturing services segment. The pharmaceutical contract manufacturing services segment was further divided into active pharmaceutical ingredients (API), final dosage form manufacturing and packaging. In 2018, the pharmaceutical contract manufacturing services held a largest market share of 74.8% of the healthcare CMO market, by service. The segment is expected to dominate the market in 2027 owing to rising demands for the drugs due to the increasing prevalence of the chronic and acute diseases, rising geriatric population, increasing healthcare expenditures by private, public payers and also by the consumers.
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