Healthcare Contract Manufacturing Market Scope
The global healthcare contract manufacturing market had touched the valuation of USD 129.91 billion in 2016, estimates Market Research Future (MRFR). It is projected to attain a CAGR of 9.86% during the forecast period (2017–2023), Growth Drivers and Top Restraints
Growth Factors and Key Challenges
The data analysts opine that the worldwide healthcare contract manufacturing market size is expanding at a moderate but healthy rate. The chief factors backing the market growth include competition among companies with respect to the production and trade that favor CMO and the patent protection expiration of significant medical devices as well as drugs. Also, with both the contract manufacturers and clients reaping benefits and the agile form of manufacturing boosts market growth significantly.
Developing regions like Asia Pacific, Latin America and Middle East and Africa are experiencing potent growth of the biotechnology and pharmaceutical sectors. Several government bodies within these regions lend strong support in the form of numerous programs, conferences, initiatives as well as funding. The rapidly expanding pharmaceutical and biotechnology sectors lead to rise in demographic and economic growth along with surge in healthcare expenditures. On top of this, enhancement in the public-private healthcare funding has led to market growth in recent years. Therefore, developing areas across the globe are presumed to offer numerous growth opportunities to the healthcare CMO market in the following years.
The healthcare contract manufacturing market’s growth has been striking in the last few years owing to the numerous advantages offered by several international contract manufacturing companies. These companies offer a host of services to the pharmaceutical, medical device and biopharmaceutical companies. The pharmaceutical and biopharmaceutical companies enjoy numerous services by the CMO, whether it is the production of small amounts of materials for research and development (R&D) activities or huge funding for clinical study and commercialization.
Healthcare Contract Manufacturing Market Segmentation
The worldwide healthcare contract manufacturing market has been segmented on the basis of type, service type, and industry.
The type-wise segments are sterile and non-sterile. Non-sterile is believed to have the fastest growth rate of 10.0% from 2017 to 2023.
Depending on the service type, the market includes pharmaceutical contract manufacturing services, medical device contract manufacturing services.
The industries mentioned in the report are pharmaceutical, medical device, and biopharmaceutical.
Healthcare Contract Manufacturing Market Regional Analysis
Europe, Middle East and Africa, Asia Pacific and the Americas are the key markets for healthcare contract manufacturing.
The Americas has been identified as the leading healthcare contract manufacturing market, backed by high investment in healthcare and the presence of strong economy. The rising focus of research institutions on advancement of technology also benefits the regional market. Data experts note the rising focus of the contract manufacturers on the upgradation of their factories as well as manufacturing capabilities. As a result of cost-efficient models and advanced manufacturing units, the healthcare contract manufacturing market in the region is projected to expand considerably in the near future.
Europe is the second-most profitable market for healthcare contract manufacturing owing to the growing support from the governments and the high spending on healthcare. The Organization for Economic Co-operation and Development (OECD) reports that in 2014, the healthcare expenditure in Germany was around EUR 321 billion whereas France had the second highest healthcare expenditure of EUR 237 billion that year.
Growing at the fastest rate, Asia Pacific seems to possess lot of potential due to the high number of developing nations like India and China. These emerging economies are stimulating the growth of the healthcare contract manufacturing market, with the presence of highly developed healthcare infrastructure and the consistently advancing healthcare technology.
Middle East & Africa, with the least market share, lags behind due to less availability of medical facilities and poor development of the healthcare sector. But, countries like Kuwait and Qatar are striving to develop their medical facilities, which will have a positive impact on the overall regional market in the subsequent years.
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Healthcare Contract Manufacturing Market Key Vendors
The key vendors identified by MRFR include Lonza Ag, Catalant, Patheon, Mylan, Teva Pharmaceutical Industries, Benchmark Electronics, Vetter Pharma International, AbbVie, Boehringer Ingelheim, Aesica Pharmaceuticals, Grifols International, S.A, Hamilton Company, Sanmina Corporation, Flex Ltd, Forefront Medical Technologies, Evonik Industries to name a few.
Healthcare Contract Manufacturing Market Latest Developments
Catalent will be acquiring Paragon Bio-services, a contract manufacturing organization with focus on viral vectors that are used in gene therapies, for the cost of USD 1.2 billion.