The global pharmaceutical contract development and manufacturing market is projected to grow at a CAGR of 7.1%
NEW YORK, Nov. 12, 2019 /PRNewswire/ -- The global pharmaceutical contract development and manufacturing market is projected to grow at a CAGR of 7.1%.
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The pharmaceutical contract development and manufacturing market is expected to reach USD 126.6 billion by 2024 from an estimated USD 90.0 billion in 2019, at a CAGR of 7.1%. The rising demand for generics, increasing investments in pharmaceutical R&D, and investments in advanced manufacturing technologies by CDMOs are the primary growth factors for this market. The increasing demand for biological therapies, growing focus on specialty medicines, growth in the nuclear medicines sector, and advancements in cell and gene therapies are expected to offer significant growth opportunities for players in this market. However, the introduction of serialization and changing trade policies between countries are major market challenges.
The biologics manufacturing segment is expected to grow at the highest rate during the forecast period.
On the basis of service, the pharmaceutical contract development and manufacturing market is segmented into pharmaceutical manufacturing, biologics manufacturing, and drug development services.The biologics manufacturing segment is projected to witness the highest growth in the pharmaceutical contract development and manufacturing market during the forecast period.
Growth in this segment is largely driven by the growing generics market and the impending patent cliff in the pharmaceuticals industry, which have propelled interest toward biologics.
The big pharma end user segment is expected to account for the largest market share in 2019.
The big pharma end-user segment holds the largest share of the pharmaceutical contract development and manufacturing market. The emergence of new medicines and therapy forms, pricing pressure, pipeline challenges, and growing opportunities in emerging markets are factors contributing to the larger share of this segment.
The Asia Pacific is likely to be the fastest-growing market for players operating in the pharmaceutical contract development and manufacturing market.
Although Europe accounted for the largest share of the global pharmaceutical contract development and manufacturing market in 2018, the Asia Pacific is expected to witness the highest CAGR during the forecast period. The growth of its manufacturing sector, favorable government regulations, expansions by leading companies, increasing emphasis on off-patent drugs, and its highly skilled workforce are factors driving the growth of this regional segment.
A breakdown of the primary participants referred to for this report is provided below:
-- By Company Type: Tier 1 (21%), Tier 2 (26%), and Tier 3 (53%)
-- By Designation: C-level (32%), Director-level (26%), and Others (42%)
-- By Region: North America (35%), Europe (30%), Asia Pacific (15%), Latin America (10%), and the Middle East & Africa (10%)
The prominent players in the pharmaceutical contract development and manufacturing market include Thermo Fisher Scientific (US), Catalent (US), Lonza Group Ltd (Switzerland), Recipharm AB (Sweden), Vetter Pharma International GMBH (Germany), FAMAR Health Care Services (Greece), AbbVie (US), Aenova Group (Germany), Consort Medical plc (UK), Almac Group (UK), and Siegfried Holding AG (Switzerland).
Research Coverage:
This report analyzes the market for various pharmaceutical contract development and manufacturing services and their adoption patterns.It aims at estimating the market size and future growth potential of the global pharmaceutical contract development and manufacturing market and its service, end user, and regional segments.
The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, service offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
-- Market Penetration: Comprehensive information on the service portfolios offered by the top players in the global pharmaceutical contract development and manufacturing market
-- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the global pharmaceutical contract development and manufacturing market
-- Market Development: Comprehensive information on the lucrative emerging regions
-- Market Diversification: Exhaustive information about new services, growing geographies, and recent developments in the global pharmaceutical contract development and manufacturing market
-- Competitive Assessment: In-depth assessment of market ranking, growth strategies, revenue analysis, and services of leading players in the global pharmaceutical contract development and manufacturing market
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