Pharmaceutical Contract Manufacturing Market is Expected to Reach $171.3 billion | MarketsandMarkets

Pharmaceutical Contract Manufacturing market in terms of revenue was estimated to be worth $120.6 billion in 2021 and is poised to reach $171.3 billion by 2026, growing at a CAGR of 7.3% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. Market growth is driven mainly by factors such as rising demand for generics, increasing investments in pharmaceutical R&D, and investments in advanced manufacturing technologies by CDMOs. 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 also expected to offer market growth opportunities in the coming years.

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The Pharmaceutical Contract Manufacturing industry is expected to continue to grow in the near future due to a number of factors. The aging population is likely to be one of the main drivers of growth due to the increased incidence of chronic conditions, such as diabetes, which increases the risk of developing wounds. Advances in technology, such as the development of bioactive dressings, which can help to reduce healing time and improve outcomes, are also likely to contribute to the growth of the industry. The demand for cost-effective wound care solutions is expected to rise, as healthcare providers look to reduce costs while still providing quality care. Finally, increased awareness of the need for proper wound care is likely to lead to more individuals using Pharmaceutical Contract Manufacturing products and services.

On the basis of service, the pharmaceutical contract development and manufacturing market is broadly segmented into pharmaceutical manufacturing, biologics manufacturing, and drug development services. In 2020, the pharmaceutical manufacturing services segment accounted for the largest share of the pharmaceutical contract development and manufacturing market. The large share of this segment can be attributed to the limited finances of pharma manufacturers, capacity constraints, need for reductions in the time-to-market, complex manufacturing requirements, large investments required for establishing manufacturing facilities, and the growing pipeline, all of which have prompted the shift toward pharmaceutical contract manufacturing.

Based on end users, the pharmaceutical contract development and manufacturing market is segmented into big pharmaceutical companies, small & medium-sized pharmaceutical companies, generic pharmaceutical companies, and other end users. In 2020, big pharmaceutical companies accounted for the largest share of the pharmaceutical contract development and manufacturing market, and this trend is expected to continue during the forecast period. The large share of this end-user segment can be attributed to factors such as the high demand for end-to-end services in big pharmaceutical companies, rising pricing pressure and pipeline challenges in their operations (resulting in a shift toward contract development and manufacturing), and the growing need to streamline execution costs as a result of the patent expiry of blockbuster drugs.

The Asia Pacific region is estimated to grow at the highest CAGR in the pharmaceutical contract development and manufacturing market during the forecast period, this is mainly due to factors such as growth in the manufacturing sector, favorable government regulations, growing strategic expansions from leading companies, increasing emphasis on off-patent drugs, and the presence of a highly skilled workforce.

Key Market Players:

Some of the prominent players in the pharmaceutical contract development and manufacturing market include Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Lonza Group Ltd. (Switzerland), Recipharm AB (Sweden), AbbVie Inc. (US), Aenova Group (Germany), Almac Group (UK), Siegfried Holding AG (Switzerland).

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Hypothetic Challenges of Pharmaceutical Contract Manufacturing Market in Near Future:

Increasing costs of production technologies: As the demand for pharmaceutical contract manufacturing increases, so do the costs of the technologies and equipment needed to produce those drugs. Companies must find ways to reduce production costs while still meeting quality standards.

Compliance with regulatory guidelines: Pharmaceutical contract manufacturers must comply with a variety of global regulatory guidelines, including Good Manufacturing Practices (GMP) and Health Canada's Pharmaceutical Good Manufacturing Practices (PGMP). Keeping up with these regulations can be costly and time-consuming.

Intellectual property protection: As pharmaceuticals become more complex and valuable, companies must ensure their intellectual property is adequately protected. This can be challenging for contract manufacturers, who must maintain the confidentiality of client information.

Data security: Contract manufacturers must ensure that the data they collect is stored securely and protected from cyber attacks. Companies must invest in the latest security measures to ensure that their client's information is not compromised.

Quality control: Quality control is essential for pharmaceutical contract manufacturing, as any mistakes can be costly and dangerous. Companies must ensure that their processes and procedures are up to date and that they have the right equipment and personnel to monitor quality.

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This release was published on openPR.