The Global Healthcare Contract Manufacturing Market is expected to register 9.86% CAGR and is projected to reach USD 250.9 Billion by 2023. Contract manufacturing refers to a manufacturer who signs a contract with another company to make and provide individual components or products over a mutually agreed period. The healthcare contract manufacturing organization serves other companies in the medical devices and pharmaceutical industries to provide comprehensive services from drug development to drug manufacturing.
Some of the major drivers for the growth of healthcare contract manufacturing market across the globe are patent expiration of major drugs and medical devices, competition and economics of production and trade to favor contract manufacturing organization (CMO), mutual benefits to contract manufacturer and client, and lean manufacturing and agility. On the flip side, supply chain complexity and issues of control of third parties and standardization and interoperability issues are anticipated to hinder the market growth over the forecast period.
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The global healthcare contract manufacturing market is segmented on the basis of product, industry, type, and services.
On the basis of the product, the global healthcare contract manufacturing market is segmented into active pharmaceutical ingredients (API), final dosage formulations (FDF), advanced drug delivery products, OTC medicines and nutritional products, and others. Moreover, the finished dosage formulations (FDF) is segmented into a tablet, capsules, oral liquids, parenteral/injectables, and others.
On the basis of the industry, the global healthcare contract manufacturing market is segmented into pharmaceutical, biopharmaceutical, and others.
On the basis of the type, the global healthcare contract manufacturing market is segmented into sterile, non-sterile, and others
On the basis of the service, the global healthcare contract manufacturing market is segmented into oncology research, vaccines research, inflammation & immunology research, cardiology research, neuroscience research, and others.
Global healthcare contract manufacturings consist of regions namely the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas holds the largest share of the global healthcare contract manufacturing market owing to the rising number of drug approvals as one of the factors fuelling the growth. The patent expiries of blockbuster drugs are creating a new opportunity to vendors to develop biosimilars at low cost. Thus, the market is anticipated entry of biosimilars and generics, which is likely to further strengthen the growth in this region.
The European market dominated the global healthcare contract manufacturings market owing to the high prevalence rate of various disease in the Eastern European regions.
The Asia Pacific region is anticipated to be the fastest growing region over the forecast period owing to the increasingly favorable government initiatives along with the improving healthcare infrastructure.
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The prominent players in the global healthcare contract manufacturing market are Boehringer Ingelheim, AbbVie, Grifols International, S.A, Lonza AG, Catalant, Aesica Pharmaceuticals, Benchmark Electronics, Evonik Industries, Flex Ltd, Forefront Medical Technologies, Teva Pharmaceutical Industries, Hamilton Company, Sanmina Corporation, Patheon, Mylan, and Vetter Pharma International.
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