Contract Pharmaceutical Manufacturing Market Rapid Growth And Development In Pharma & Biotech Industries 2018-2026 And The Top Players Are Accenture plc, Cognizant Technology Solutions, ATOS SE, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH

Pharmaceutical companies are now pushing hard to reduce overall manufacturing and research costs by outsourcing various processes related to research, development and manufacturing. Furthermore, patent expiration and generic drug competition, continue to fuel demand for pharmaceutical contract manufacturing organizations in the market.

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.

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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).

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.

Furthermore, adoption of novel manufacturing technologies, increased competition, and shrinking profit margins has compelled pharma companies to outsource its production processes and R&D of the drugs to contract research organization (CRO) and contract manufacturing organizations (CMO), to stay competitive in the market.

Outsourcing of generic drugs offers notable benefits when its manufacturing is done to supply to multiple customers (parent generic organization) with the same active pharmaceutical ingredient (API). Moreover, rising patent expiries and increasing preference of originator product manufacturing firms for contract research organizations to conduct clinical research is expected to show growth within the API small molecule segment for generics manufacturing.

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. Furthermore, outsourcing in this region often offers access to a larger number of patients with quicker enrollment and in general, a shorter trial timeline from start to finish. This will in turn increase adoption of contract pharmaceutical manufacturing services in this region during the forecast period.

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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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This release was published on openPR.