The Global Pharmaceutical Contract Manufacturing Market is expected to grow at a CAGR of 7.2% during the forecast period 2017-2023.
The pharmaceutical industry is experiencing a dramatic change. Pipeline challenges, pricing pressures, and emerging global markets are redesigning the way these companies operate. Providers to the pharmaceutical industry, such as contract manufacturers, will need to alter as well. In the year to come, contract manufacturers that distinguish their offerings and abilities will be able to retain customers and grow their business within this highly competitive marketplace. Those that are able to adapt quickly, by taking benefit of the transformative nature of the industry, will position themselves as market leaders.
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Furthermore, in the near future, various pharmaceutical contract manufacturing organizations will reflect on prospects to provide services and support further “upstream” in the drug development process. With rigorous margin pressures on the core business of commercial manufacturing and packaging, some PCM are offsetting costs by offering more project-based consulting and development activities. Moreover, in some cases where this has clearly worked for some of the superior pharmaceutical contract manufacturers, altering them to what industry calls contract development and manufacturing organizations (CDMO), many companies have reduced their entry into this market by overleveraging their current offerings.
Pharmaceutical Contract Manufacturing Market Scenario:
The Americas dominate the Pharmaceutical Contract Manufacturing market owing to the well-developed technology, high healthcare expenditure, improvement in reimbursement scenario, and the presence of the leading players.
Europe holds the second position in the Pharmaceutical Contract Manufacturing market. It is expected that the support provided by the government bodies for research & development, and drives the market in European region.
Asia Pacific region is projected to be the fastest growing region during the forecast period. Rapidly improving technology, and the presence of huge patient pool drive the growth of this market in Asia Pacific region.
The Middle East and Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in African region.
Pharmaceutical Contract Manufacturing Market Key Players:
Some of key the players in the market are Catalant, Boehringer Ingelheim, Lonza AG, Grifols International, S.A, AbbVie Inc, Patheon Inc., Vetter, Pharmaceutical Product Development and others
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