The contract pharmaceutical manufacturing market involves manufacturing of pharmaceutical drugs and biological products as per the specifications provided by pharmaceutical companies. Contract pharmaceutical manufacturing helps pharmaceutical companies to focus on drug discovery and development by outsourcing manufacturing activities. Drugs manufactured through contract pharmaceutical manufacturing are available in various oral dosage forms such as tablets, capsules and liquids that provide effective treatment for diseases.
The global Contract Pharmaceutical Manufacturing Market is estimated to be valued at US$ 101.45 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The rising demand for customized drugs according to the medical needs of patients has been a major trend in the pharmaceutical industry. Contract pharmaceutical manufacturers help in developing customized dosage forms, drug combinations and delivery systems as per requirements of pharmaceutical companies. This allows pharmaceutical companies to address unmet medical needs and cater to niche patient market segments in a cost-effective manner. Contract pharmaceutical manufacturers have invested in advanced manufacturing technologies that enable development of customized drugs for rare diseases and personalized medicine indicating healthy growth opportunities in the market over the coming years.
SWOT Analysis
Strength: The contract pharmaceutical manufacturing market has experienced significant growth in contract development and manufacturing services in recent years owing to benefits such as reduced capital expenditure and improved operational efficiency for pharmaceutical companies.
Weakness: High level of fragmentation with presence of large number of small and medium players poses challenges in terms of regulatory compliance and quality standards.
Opportunity: Growing need for generics and biologics globally presents lucrative opportunities for contract service providers to assist pharmaceutical companies penetrate emerging markets.
Threats: Stringent regulations associated with manufacturing of pharmaceutical products and intense competition amongst service providers limits bargaining power of outsourcing companies.
Key Takeaways
The global contract pharmaceutical manufacturing market demand is expected to witness high growth over the forecast period of 2023 to 2030. The global contract pharmaceutical manufacturing market size for 2023 is estimated to be US$ 101.45 Mn.
North America currently dominates the market owing to presence of large pharmaceutical companies and contract service providers in the region. Europe and Asia Pacific regions also hold significant shares of the contract pharmaceutical manufacturing market due to availability of low-cost manufacturing options and emergence of domestic pharmaceutical industries in developing countries.
Key players operating in the contract pharmaceutical manufacturing market are Accenture plc, Cognizant Technology Solutions, ATOS SE, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH, Genpact Limited, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, Abbvie, Inc., Baxter International Inc., Dr. Reddy’s Laboratories Ltd., Aurobindo Pharma, Pfizer, Inc., The Almac Group, Teva Pharmaceutical Industries Ltd. and Piramal Enterprises Ltd. Accenture plc leads the market with broad range of pharmaceutical outsourcing solutions addressing functions across drug development lifecycle.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
