Fort Collins, Colorado, May 14, 2024 (GLOBE NEWSWIRE) --
The rise in outsourcing activities of pharma companies encourages industry growth.
The healthcare contract manufacturing market is experiencing notable growth, primarily driven by the increasing outsourcing activities of pharmaceutical companies. As per a report by the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), over 60% of pharmaceutical companies entrust some or all of their manufacturing tasks to contract manufacturing organizations (CMOs). This trend stems from the imperative to curtail costs, enhance operational efficiency, and concentrate on core competencies such as research and development. Moreover, outsourcing enables pharmaceutical firms to tap into specialized expertise and state-of-the-art manufacturing facilities, facilitating quicker and more cost-effective product launches.
The mounting demand for biologics and advanced therapies is another significant driver of the Healthcare Contract Manufacturing market. As per the World Health Organization (WHO), biologics account for over 25% of the global pharmaceutical market, with this proportion projected to expand in the foreseeable future. The production of biologics and advanced therapies necessitates specialized expertise and infrastructure, which many pharmaceutical firms lack. Consequently, they increasingly rely on CMOs with the requisite capabilities and experience to manufacture these intricate products. This trend is anticipated to persist as the demand for personalized medicine and targeted therapies continues to rise.
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Segmentation Overview:
The healthcare contract manufacturing market has been segmented into service type, application, end-user, and region.
Oncology is the leading segment, attributing to the high prevalence of cancer.
- In 2023, oncology is the largest segment. This can be attributed to the high prevalence of cancer worldwide, the increasing demand for innovative cancer therapies, and the complexity of manufacturing oncology drugs, which often require specialized expertise and equipment.
Pharmaceutical manufacturing is the leading service segment.
- In 2023, pharmaceutical manufacturing was the largest segment, encompassing many products, including small-molecule drugs, over-the-counter medications, and generic drugs.
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Healthcare Contract Manufacturing Market Report Highlights:
- The healthcare contract manufacturing market growth is anticipated at a CAGR of 8.9% by 2032.
- The rise in healthcare outsourcing encourages industry development in the forecast period.
- North America is currently the largest regional market for healthcare contract manufacturing, accounting for a significant global market share.
- Some prominent players in the healthcare contract manufacturing market report include Lonza Group AG, Catalent Inc., Thermo Fisher Scientific Inc., Recipharm AB, Cambrex Corporation, Vetter Pharma-Fertigung GmbH & Co. KG, Almac Group, Fareva SA, Siegfried Holding AG, Boehringer Ingelheim International GmbH, Samsung Biologics, and Fujifilm Diosynth Biotechnologies.
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