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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Competitive Analysis:
Leading players in the global pharmaceutical contract manufacturing market include Pharmaceutical Product Development LLC, Vetter, Patheon Inc., AbbVie Inc., Grifols International S.A., Lonza AG, Boehringer Ingelheim, and Catalant.
Segmentation:
By type, the global pharmaceutical contract manufacturing market is segmented into active pharmaceutical ingredient manufacturing and finished dosage formulation manufacturing. The active pharmaceutical ingredient manufacturing segment holds the maximum share in the global pharmaceutical contract manufacturing market, accounting for more than 65% of the market in 2016. This is likely to remain the status quo in the global pharmaceutical contract manufacturing market in the coming years, as active pharmaceutical ingredients are likely to be one of the most researched topics in the pharma industry in the coming years. Regionally, China is likely to dominate the global active pharmaceutical ingredient manufacturing over the forecast period, while India is likely to emerge with a big share in the finished dosage formulations segment.
Regional Analysis:
Pharmaceutical Contract Manufacturing Market Driven by Growing Government Support in Europe, India, China, U.S. to Dominate Pharmaceutical Contract Manufacturing Market
The Americas hold the dominant share in the global pharmaceutical contract manufacturing market and are likely to remain the leading revenue generators over the forecast period due to the steady growth of the pharmaceutical contract manufacturing industry in the region over the last few years. The Americas market for pharmaceutical contract manufacturing is expected to reach a valuation of USD 40,041.5 million by 2023. The growing demand for high-tech pharmaceutical contract manufacturing such as biologics is likely to remain a key driver for the pharmaceutical contract manufacturing market in the Americas over the forecast period. Biologics are likely to remain a major part of the pharmaceutical contract manufacturing market in Americas over the forecast period, as the highly technical devices and technology required for biologics manufacturing and research is present widely in North America, especially the U.S. and Canada.
Europe holds the second largest share in the global pharmaceutical contract manufacturing market and is likely to remain a major revenue generator in the global pharmaceutical contract manufacturing market over the forecast period. The growing healthcare expenditure in Europe, especially in the developed economies in Western Europe, is likely to be a major driver for the pharmaceutical contract manufacturing market in the region over the forecast period. The increasing awareness about the profitability of the contract manufacturing business is also likely to lead to a growing demand from the pharmaceutical contract manufacturing market. Increasing government support for research and development avenues in the healthcare sector is likely to remain a key driver for the pharmaceutical contract manufacturing market in the region over the forecast period.
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Asia Pacific is likely to exhibit rapid growth in the global pharmaceutical contract manufacturing market, exhibiting a steady 7.7% CAGR over the forecast period from 2017 to 2023. The growing government support for healthcare research in Asia Pacific is likely to be a major driver for the pharmaceutical contract manufacturing market in Asia Pacific over the forecast period. The increasing pharmaceutical manufacturing industry in Asia Pacific is likely to lead to the formation of a strong pharmaceutical contract manufacturing industry in the region over the forecast period, with several players transferring their expertise in pharmaceutical manufacturing into contract manufacturing. The growing pharmaceutical manufacturing sector in China and India is likely to remain a major driver for the pharmaceutical contract manufacturing market in Asia Pacific over the forecast period.
The Middle East and Africa is not likely to exhibit significant growth in the global pharmaceutical contract manufacturing market in the coming years, as the region has been slow to adopt advances in pharmaceutical technology, resulting in a slow growth of the pharmaceutical manufacturing market. Lack of expertise in pharmaceutical manufacturing in the Middle East and Africa is likely to remain the major restraint for the pharmaceutical contract manufacturing market in the region over the forecast period.
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