Pharmaceutical Contract Manufacturing Market to grow by USD 58 billion from 2022 to 2027, North America to account for 41% of market growth - Technavio
NEW YORK, Jan. 5, 2024 /PRNewswire/ -- The pharmaceutical contract manufacturing market is expected to grow by USD 58 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 7.81% during the forecast period, according to Technavio Research. The market is segmented by end-user (big pharmaceutical companies, small and medium-sized pharmaceutical companies, and generic pharmaceutical companies), service (API/bulk drug manufacturing, final dosage form, and secondary packaging), and geography (North America, Asia, Europe, and Rest of World (ROW)). North America is estimated to contribute 41% to the growth of the global market during the forecast period. Increasing demand for effective and cost-effective solutions in the production of pharmaceutical products is driving growth. Often these medicines are specially formulated and require special production methods that do not exist in-house for drug companies.
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Company Profile:
AbbVie Inc., Almac Group Ltd., Baxter International Inc., Boehringer Ingelheim International GmbH, Cadila Pharmaceuticals Ltd., Charles River Laboratories International Inc., Cmic Holdings Co. Ltd., Dalton Pharma Services, Dr Reddys Laboratories Ltd., Grifols SA, Laboratory Corp. of America Holdings, Lonza Group Ltd., Lupin Ltd., Novotech Health Holdings, OPTIMAPHARM d.o.o., Parexel International Corp., PCI Pharma Services, Recipharm AB, Syneos Health Inc., and Thermo Fisher Scientific Inc.
Almac Group Ltd. - The company offers pharmaceutical contract manufacturing services such as diagnostic services, API services, and pharmaceutical development.
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The market share growth by the big pharmaceutical companies segment will be significant during the forecast period. The efforts of the big pharmaceutical companies have also been prioritized for their core competencies.
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Pharmaceutical Contract Manufacturing Market: Driver & Trend:
Key Driver
- Patent expiry and increasing demand for generic drugs
- Growing need to focus on core competencies
- Strong research funding
The patent expiry and increasing demand for generic drugs is the key factor driving market growth. Generic medicines are less expensive than the branded version and have comparable therapeutic safety and efficacy. Another major reason for the expansion of the Generic Medicines Industry is the expiry of various patents on medicinal products. In emerging nations
Major Trend
The increase in US FDA-approved manufacturing facilities in emerging markets is a key trend in the market. Identify key trends, drivers, and challenges in the market. Download a sample to gain access to this information.
Related Reports:
The pharmaceutical continuous manufacturing market size is estimated to grow by USD 548.94 million at a CAGR of 12.74% between 2023 and 2028.
The In Vitro Diagnostics (IVD) Contract Manufacturing Market size is estimated to grow by USD 9,370.27 million at a CAGR of 11.84% between 2022 and 2027.
What are the key data covered in this pharmaceutical contract manufacturing market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the pharmaceutical contract manufacturing market between 2022 and 2027.
- Precise estimation of the pharmaceutical contract manufacturing market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the pharmaceutical contract manufacturing market across North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of pharmaceutical contract manufacturing market companies.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Service
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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