Pune, India -- (SBWire) -- 01/17/2020 --A recent report published by Infinium Global Research on Pharmaceutical Contract Manufacturing Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024. The global pharmaceutical contract manufacturing market is projected to grow at a CAGR of 6.25% over the forecast period of 2018-2024.
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Pharmaceutical Contract Manufacturing Market: Industry Insight
Pharmaceutical contract manufacturing is a form of outsourcing in the pharmaceutical industry on a contract basis to provide comprehensive services from drug development through drug manufacturing. The pharmaceutical industry has a major share in contract manufacturing. Pharmaceutical contract manufacturing companies provide services such as pre-formulation, formulation development, clinical trial materials, late-stage clinical trial materials, formal stability, scale-up, registration batches, and commercial production.
Increasing Demand to Reduce the Cost of Operation Cost and Increase Productivity is Driving the Growth of the Industry
The growth in the pharmaceutical industry and the increasing demand to reduce the cost of operation cost and increase productivity is driving the growth of the pharmaceutical contract manufacturing market. The growing occurrences of chronic diseases such as HIV, cancer, and epilepsy have resulted in increased demand for drugs. In addition, the rising demand for precision drugs favors the growth of the market. However, the risk of data security and intellectual property rights among pharmaceutical companies is likely to hamper the growth of the pharmaceutical contract manufacturing market. Moreover, the growing popularity of outsourcing services such as analytical and testing services, clinical trials, phases I-IV, API manufacturing, solid dosage manufacturing, formulation development, and clinical trial material are anticipated to create growth opportunities for the pharmaceutical contract manufacturing market.
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Pharmaceutical Contract Manufacturing Market: Segmentation
The global pharmaceutical contract manufacturing market is segmented into the type of contract manufacturing segment. Based on the type of contract manufacturing, the global pharmaceutical contract manufacturing market is categorized into final dosage form (FDF) and API/bulk drug manufacturing. The API/ bulk drug manufacturing dominates the global pharmaceutical contract manufacturing market. The spending on healthcare coupled with the increased focus of pharmaceutical companies to reduce manufacturing cost and improve profits has benefited the growth of the Active Pharmaceutical Ingredient segment.
North America Region Held the Largest Share
North America region held the largest share in the pharmaceutical contract manufacturing market. the rising research and development requirements of pharmaceutical companies, increasing awareness about contract manufacturing has led to the growth of the North America pharmaceutical contract manufacturing market. In addition, the growing demand for drugs, rising geriatric population, and the presence of established healthcare infrastructure in this region contributes to the growth of the pharmaceutical contract manufacturing market. Asia Pacific is set to grow at the highest CAGR over the forecast period owing to the booming pharmaceutical industry in this region. The pharmaceutical companies are seeking partnerships with contract manufacturers to add profits to the company through a reliable supply.
Pharmaceutical Contract Manufacturing Market: Competitive Insight
Pharmaceutical contract manufacturing is a large and fragmented market. The major companies in the global pharmaceutical contract manufacturing market are Eli Lilly, Biogen, Abbott, Dr. Reddy's Laboratories, Aenova, Baxter, Amgen, Hospira, Momenta Pharmaceuticals and Mitsubishi Tanabe Pharma. Mergers & acquisitions are the key strategies of the industrial players for expanding global presence in the market.
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