Healthcare CMO Market

Healthcare CMO Market to 2027 - Global Analysis and Forecasts By Service (Pharmaceutical Contract Manufacturing Services and Medical Device Contract Manufacturing Services), and Geography
The global healthcare CMO market is expected to witness substantial growth. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems.

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As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
The healthcare CMO market was valued at US$ 80,479.4 million in 2018 and it is projected to reach US$ 223,355.6 million in 2027; it is expected to grow at a CAGR of 12.2% from 2019 to 2027.

Market Insights:
Increasing Patent Cliffs to Drive Global Healthcare CMO Market Growth
The growth of the healthcare CMO market is majorly driven by the pharmaceutical industry, the increase in the production of the generic medicinal products across the world. The production of the generic drugs is increased due to the expiry of the patented drugs. The expiry of the patents create a huge scope for the generic manufacturer to produce generic drugs for various therapeutic areas. The production of the generic drugs are manufactured with the low cost compared to innovative drugs. Each year the pharmaceutical industry gets distressed by patent expirations that threaten the sales of innovative medications.
Service-Based Insights
In terms of service, the global healthcare CMO market is segmented into pharmaceutical contract manufacturing services and medical device contract manufacturing services. In 2018, the pharmaceutical contract manufacturing services segment held the largest share of the market. Also, the same segment is estimated to register the highest CAGR during the forecast period.

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Strategic Insights
The global healthcare CMO market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.

Company Profiles
Royal DSM
Catalent, Inc
Boehringer Ingelheim International GmbH
Recipharm AB (publ)
Fareva
Lonza
Piramal Enterprises Ltd
Dr. Reddy’s Laboratories Ltd.
Almac Group
FAMAR Health Care Services.

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This release was published on openPR.