Healthcare Contract Manufacturing Market Overview
The global healthcare contract manufacturing market was valued at USD 129.91 Bn in 2016 and is predicted to expand at an impressive CAGR of 9.86% over the forecast period of 2107-2023, as per the analysis of Market Research Future (MRFR).
The competitive nature of the global healthcare market and increasing complexity within the healthcare ecosystem has supported the trend of healthcare contract manufacturing. The growth of the global healthcare contract manufacturing market stems from pipeline challenges, the rising cost of drug development, and pricing pressure which has created a pressing need to resort to healthcare contract manufacturing. A contract manufacturing organization (CRO) typically handle operations such as drug development, stability studies, drug manufacturing, formulation development, and others which allows clients to focus on core competencies. Reliance on healthcare contract manufacturing alleviates the need to extend technical expertise and infrastructure.
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The growth of the market is substantiated by growing pressure on the healthcare sector to reduce its costs and provide top-notch services. Healthcare contract organizations possess expertise in the field of processes, solutions, containers, materials, and compatibilities, and state-of-the-art production technologies which can cater to the growing needs of the healthcare industry. Wirth healthcare contract manufacturing, advantages such as economies of large scale, increased expertise, and a reduction in logistics costs can be achieved.
Regulatory compliance remains a key driver for the growth of the global contract manufacturing market. Stringent regulations burden healthcare institutions to maintain product quality and make it cumbersome to adhere to regulatory norms which spurs the growth of the market.
Growing research & development activities, patent expiration, the augmenting need for drugs and medical instruments are factors stimulating the growth of the market. In addition, macroeconomic factors such as aging global populace, thriving generics industry, the surging burden of chronic diseases are driving the market. Expansion of service by healthcare contract organizations also encourages market growth.
On the other hand, the growth of the global contract manufacturing market might be deterred by lack of manufacturing standardization, supply chain complexities, and issues related to the control of third parties.
Healthcare Contract Manufacturing Market Segmentation
The global healthcare contract manufacturing market has been segmented based on type, service type, and industry.
By type, the global healthcare contract manufacturing market has been segmented into sterile and non-sterile.
By service type, the global healthcare contract manufacturing market has been segmented into pharmaceutical contract manufacturing services, medical device contract manufacturing services.
By industry, the global healthcare contract manufacturing market has been segmented into pharmaceutical, medical device, and biopharmaceutical.
Healthcare Contract Manufacturing Market Regional Analysis
By region, the global healthcare contract manufacturing market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas is at the forefront of the global healthcare contract manufacturing market. Strong economic conditions, strong focus on R&D and high investment in healthcare support the growth of the Americas market. Additionally, up gradation of capabilities with advanced manufacturing units and cost-efficient models are acting in favor of the Americas market. The Americas market is expected to attain a market valuation of USD 102,997.9 bn by the end of 2023.
Europe accounts for the second most significant share of the global healthcare contract manufacturing market. Towering support from the government in the region, high healthcare expenditure and rigorous R&D activities in the region can be credited for the growth of the market.
Presence of a high number of developing economies in the APAC region has reflected positively on the growth of the APASC healthcare contract manufacturing market. Also, expanding pharmaceutical industry, growing government support, and growth of medical tourism in the region are other driving factors. APAC is poised the capture the highest CAGR of 9.97% over the forecast period.
The MEA market is anticipated to exhibit moderate growth over the forecast period. Lack of adequate medical facilities has staggered the growth of the market. However, increasing healthcare spending in the Gulf nations is likely to initiate growth in the market over the forecast period.
Healthcare Contract Manufacturing Market Competitive Landscape
Mylan, Sanmina Corporation, Hamilton Company, Flex Ltd, Aesica Pharmaceuticals, Grifols International, S.A, Evonik Industries, Patheon, Teva Pharmaceutical Industries, Lonza Ag, Catalent, Vetter Pharma International, Boehringer Ingelheim, AbbVie, Forefront Medical Technologies, Benchmark Electronics, and others are the noteworthy players in the global healthcare contract manufacturing market.
Healthcare Contract Manufacturing Industry Updates
In February 2019, Sharp – part of UDG Healthcare plc, a leading contract packaging, and clinical supply vendor, announced an investment of USD 650,000 to enhance its Interactive Response Technology (IRT) solution.
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