“Global Pharmaceutical Contract Manufacturing Market” Report of Market Research Future (MRFR)’s Explores Scope of the Study as Research Objective, Assumptions and Limitations in-depth. The report gives Market Dynamics by Major Drivers, Restraints, Opportunities and Challenges.
Pune, India - July 8, 2019 /MarketersMedia/ —
Market Scenario
The global pharmaceutical contract manufacturing market is presumed to register 7.2 % CAGR during the forecast period (2017-2023) 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.
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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.
Segmentation
The global Pharmaceutical Contract Manufacturing market is segmented into Active Pharmaceutical Ingredient (API) Manufacturing, Finished Dosage Formulation (FDF) Market.
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.
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Regional Market Summary
Based on region, the pharmaceutical contract manufacturing market covers growth opportunities and latest trends across Asia Pacific, America, Europe and Middle East and Africa. Of these, the American region is expected to have a lion’s share in the market owing to the existence of key market players, increasing expenditure on healthcare, improvement in reimbursement and presence of well-developed technology in this region. The pharmaceutical contract manufacturing market in Europe will have the second largest share and is expected to hold its position during the assessment period owing to the support offered by the government for R&D activities here. The pharmaceutical contract manufacturing market in the APAC region is projected to be the fastest growing due to the technology that is rapidly improving and also the existence of a massive patient population. On the other hand, in the Middle East and Africa the market will have a minimum share owing to the existence of poor and slow developing countries here.
Competitive Analysis
The pharmaceutical contract manufacturing market is competitive and highly fragmented yet characterized by number of mergers and acquisitions with stakeholders striving in broadening their service portfolios. In fact, this has enabled many CMOs in delivering end-to-end solutions including regulatory filings, commercial scale production, clinical and preclinical trials, preliminary research and development and drug development.
Key Players
Leading players profiled in the pharmaceutical contract manufacturing market include Pharmaceutical Product Development, Vetter, Patheon Inc., AbbVie Inc, Grifols International, S.A, Lonza AG, and Catalant, Boehringer Ingelheim.
October 2018- Precision Nanosystems Inc has joined hands with Ajinomoto Bio-Pharma Services. Together the two companies can support consumers into clinical development with the help of commercialization of transformative nanomedicines through the NanoAssemblr Scale-Up system offered by Precision Nanosystems Inc.
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