New York, US, July 09, 2021 (GLOBE NEWSWIRE) -- Pharmaceutical Contract Manufacturing Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Pharmaceutical Contract Manufacturing Market Information by Types, and Region - Forecast till 2026”, the market is estimated to grow at a CAGR of 6.0% to reach valuation of USD 174.2 Billion by 2026.
Market Scope:
The pharmaceutical contract research organization (CRO) industry will continue to thrive throughout the analysis period, thanks to the surging number of clinical trials, especially in developing countries. Likewise, governments increasingly focusing on developing economies to improve public healthcare, along with improving purchasing capacity of people, will allow pharmaceutical contract manufacturing market to witness sustained growth between 2020 and 2027.
Top Drivers:
Notable advances in the pharmaceutical industry, in terms of medications and research and drug delivery have given a considerable boost to the pharmaceutical contract research organization market. A soaring number of pharma firms now understand the benefits of using CRO services, which could benefit the contract research organization services market in the following years. Clinical consulting, laboratory, and research CRO services are witnessing extensive adoption by pharmaceutical vendors, which could be quite favourable for the global industry in the ensuing years.
Major stakeholders in the pharmaceutical contract research organization services market are collaborating with other firms to develop open technology standards, which are expected to be game changers for clinical trial operations in the future. Acquisitions and mergers are a few other competitive strategies prevalent among players, with the aim to bolster their market positions. Moreover, the surging spending on research & development activities, combined with the continuous innovations in the IT sector, has led to major advances in clinical trials. This positively influences the pharmaceutical contract research organization market as well.
Market Restraints:
Significant lead time along with high logistics costs have raised the scepticism among most of the pharmaceutical companies, which could mean lower demand in the future.
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Pharmaceutical Contract Manufacturing Market Competitive Landscape:
Some of the top contenders in the global market are
- Grifols International
- AbbVie Inc
- Catalant
- Patheon Inc.
- Lonza AG
- Boehringer Ingelheim
- Vetter S.A
Pharmaceutical Product Development Major companies are focused on widening their geographical reach and launch newer, more advanced solutions via numerous strategies, such as product launches, collaborations, and partnerships. To illustrate, in June 2021, CMIC Co. Ltd., a Japan-based contract research organization has entered a partnership with Lokavant, an established clinical trial intelligence firm. Companies have reached agreement that will use Lokavant's predictive analytics capacity to back CMIC's set of clinical operations.
Browse In-depth Market Research Report (76 Pages) on Pharmaceutical Contract Manufacturing: https://www.marketresearchfuture.com/reports/pharmaceutical-contract-manufacturing-market-1532
COVID 19 Analysis
The impact of the novel coronavirus has been brutal, with various pharmaceutical vendors forced to pause new trials or even suspend the ongoing ones. This shows the magnitude of the disruptions caused by the COVID-19 outbreak. To address the severe effects of the SARS-CoV-2 pandemic, organizations including patient recruitment organizations (PROs) and site management organizations (SMOs) are collaborating with new virtual trial platform companies, remote monitoring solution vendors and eRecruitment providers. This will help them gain the ability to support hybrid CT models. Despite the world still under a strict lockdown, the pharmaceutical contract research manufacturing market can recover rapidly, in view of the rising penetration of advanced clinical trial approaches that deploy virtual trial tools coupled with the surge in favourable regulatory policies.
Market Segmentation
Pharmaceutical Contract Manufacturing industry can be considered for service and technology.
Pharmaceutical contract manufacturing market, with respect to service, caters to drug dose formulation, active pharmaceutical Ingredient (API), and packaging. Between these, the leading segment is active pharmaceutical ingredient manufacturing, thanks to the regulatory advancements in the market allowing generic drug companies develop advanced products for export. Advancements in pharmaceutical manufacturing capacities coupled with the soaring use of specialized technologies would also encourage companies to source APIs from suppliers.
Pharmaceutical contract manufacturing market, in depending on technology, include high-tech manufactures and low-tech.
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Regional Analysis
America is currently the top market for contract research organization, in view of the thriving pharmaceutical industry and the massive patient pool in the region. Evolving lifestyle combined with high healthcare spending also foster substantial market growth in the region. Several renowned pharmaceutical vendors in the US and Canada prefer leaner and structured business models, which pushes their dependency on CROs. The dramatic expansion of the biotech sector as well as the biopharmaceutical services industry in the region has also resulted in a higher number of vendors focusing on research as well as drug development.
APAC is making the fastest progress in the global market, encouraged by the colossal patient population, and rapidly developing countries such as India and China witnessing growth in per capita healthcare spending. Lately, Japan has been a hotspot for various clinical trials, while also observing a surge in product registration and approvals. Moreover, global CROs have been striving to bolster their business in Japan by spending substantially on facilities as well as resources in services including imaging, clinical supplies, and central laboratories, which can translate into considerable growth in the APAC market.
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