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Pharmaceutical Contract Manufacturing Market Grow at a CAGR at 7.2% Till 2023 | By Size, Share, Industry Growth, Profits and Regional Analysis
Mar 12, 2019 (AB Digital via COMTEX) —
Pharmaceutical Contract Manufacturing Market – Scenario
The global pharmaceutical contract manufacturing market is presumed to register 7.2 % CAGR during the forecast period (2017-2023) owing to the growing investment in R&D activities, asserts Market Research Future (MRFR). The pharmaceutical industry is experiencing a dynamic change. Pricing pressure, pipeline challenges, and emerging markets are redesigning the way companies operate. Pharmaceutical providers need to alter as well. Contract manufacturers that distinguish their abilities and offerings will be able to retain their customers and expand their business within the competitive market.
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The major players operating the global market Grifols International, AbbVie Inc, Catalant, Patheon Inc., Lonza AG, Boehringer Ingelheim, Vetter, S.A, Pharmaceutical Product Development, and others.
Drivers and Restraints Impacting the Market
Over the past few years, reliance on drugs and medicines have increased significantly. With increased demand for innovative drugs and limited number of blockbuster drugs, large pharmaceutical companies are trying to stay competitive by conducting faster drug development with corresponding cost containment. Moreover, after the regulatory approval of drug, companies are left with less time to deliver drug in the market in considerable quantity. Such factors are leading to greater outsourcing of manufacturing facilities to contract manufacturers. Influx of virtual and small startups with negligible manufacturing capacity is further propelling the market growth during the assessment period. Also, rising demand for next-generation biological therapies is opening doors for manufacturers, thereby driving the market across the globe.
On the flip side, lack of manufacturing standardization and capacity utilization of issues are some of the major factors impacting the profitability of pharmaceutical contract manufacturing organizations. Moreover, increasing lead time and logistics costs are creating skepticism among pharmaceutical companies. This is further impeding the market growth across the globe.
The global pharmaceutical contract manufacturing market has been segmented on the basis of type.
By mode of type, the global pharmaceutical contract manufacturing market has been segmented into finished dosage formulation market, active pharmaceutical ingredient manufacturing, and others. Among these, the active pharmaceutical ingredient manufacturing dominates the global market owing to the restructuring of the pharmaceutical industry. Regulatory development in the market will let generic drug companies manufacture and develop products for export. Improvement in pharmaceutical manufacturing capabilities along with demand for specialized technologies is considered to steer few companies to return to sourcing APIs from the suppliers.
By region, the global pharmaceutical contract manufacturing market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas dominate the global pharmaceutical contract manufacturing market due to prolific growth of the pharmaceutical industry and presence of major players in the region. Europe commands the second largest position in the global pharmaceutical contract manufacturing market. High government support for research & development. The Americas pharmaceutical contract manufacturing market is likely to reach USD 40,041.5 Mn by the end of 2023.
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APAC market for pharmaceutical contract manufacturing is expected to showcase the fastest growth over the forecast period. The growth of the APAC market is largely driven by China and India which represent the most significant drug markets in the world. Increase in API manufacturing capacity of China coupled with shifting of pharmaceutical operations of Western pharmaceutical companies in China to take advantage of the economic benefits offered by the region has been instrumental in driving the growth of the APAC market. In addition, the implementation of favorable government policies in the region has resulted in a wave of investments in China and India which is boosting the growth of the APAC market. APAC pharmaceutical contract manufacturing market is expected to grow at a CAGR of 7.7% over the forecast period.
The Middle East & Africa market is expected to exhibit the least growth over the forecast period due to poor economic conditions predominant in the region, especially in Africa.
Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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