Contract Pharmaceutical Manufacturing Market Provides An In-Depth Insight Of Sales And Trends Forecast To 2026 By Accenture plc, Cognizant Technology Solutions, ATOS SE, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH

Rising number of Food and Drug Administration (FDA) approvals and clinical trials are supporting growth of biopharmaceutical industry, which in turn is fueling growth of the contract pharmaceutical manufacturing market. For instance, according to ClinicalTrials.gov, from September 2008 to October 2018, there were around 288,064 clinical trial studies registered. In addition, there is a significant increase over the past few years with registered clinical studies of 205,428, 233,234, and 262,429 in 2015, 2016, and 2017, respectively. The global contract pharmaceutical manufacturing market size is estimated to be valued at US$ 127.9 billion in 2018, and is expected to witness a CAGR of 9.3% during the forecast period (2018–2026).

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Market Dynamics

Contract manufacturing organizations (CMOs) provide wide range of manufacturing services, which include contract packaging, quality testing, and development service to pharmaceutical and biotechnology industries. Biopharmaceutical companies prefer CMOs due to the complexity involved in manufacturing process of biomolecules, as it consists of different shape, size, and behavior with significantly complex process than pharmaceutical drugs. Furthermore, by outsourcing manufacturing capabilities from contract manufacturing organization, allows recruiter firms to focus more on the research and development (R&D), product development, and marketing aspects.

Pharmaceutical market is increasingly concentered with generic products and is highly competitive with various companies located in Asia Pacific, which are entering into the developed markets such as the U.S., Germany, France, and the U.K. Rising number of patents expiring in the near future serves to be a major opportunity for generic drugs manufacturers to prosper in the market.

Rising Demand for Generic Drugs is expected to Propel the Market Growth

Development of generic drugs offer opportunities for manufacturers, as consumers’ demand for cost-effective pharmaceuticals is increasing. Patients being treated for chronic disease using generic drug are more likely to continue their drug therapy and have their prescriptions refilled than those using branded drugs. Moreover, the expiration of patents, emerging markets, increasing geriatric population, rising prevalence of chronic diseases, and the efforts of governments and healthcare service providers have contributed to the increased use and acceptance of generic drugs. This increasing demand for generic drugs is offering lucrative growth opportunity for contract pharmaceutical manufacturing organizations in the near future.

Competitive Analysis

Some of the key players operating in the contract pharmaceutical manufacturing market are Accenture plc, Cognizant Technology Solutions, ATOS SE, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH, Genpact Limited, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, Abbvie, Inc., Baxter International Inc., Dr. Reddy’s Laboratories Ltd., Aurobindo Pharma, Pfizer, Inc., The Almac Group, Teva Pharmaceutical Industries Ltd. and Piramal Enterprises Ltd.

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Geographically, Asia Pacific is expected to offer conducive environment for growth in the contract pharmaceutical manufacturing market, owing to expanding healthcare infrastructure, lower operational cost of clinical trial, research, and manufacturing, and availability of skilled scientific manpower.

Furthermore, outsourcing of administrative process of research and manufacturing, to companies in emerging economies, especially BRIC (Brazil, Russia, India, and China) can substantially reduce time required to conduct clinical research and manufacturing and also reduce economic expenses.

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This release was published on openPR.