Global Healthcare CMO Market: Size and Forecasts with Impact Analysis of Covid-19 (2020-2024)
- Report Description Table of Contents
Scope of the Report
The report entitled “Global Healthcare CMO Market: Size and Forecasts with Impact Analysis of Covid-19 (2020-2024)” provides a detailed analysis global healthcare CMO market with impact of Covid-19 and market sizing. The analysis includes market size in terms of value, and market share by segments. A comprehensive segment analysis has also been provided in the report with their historical and forecasted value.
Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and would be driving the growth of the industry. Growth of the overall healthcare CMO market has also been forecasted for the period 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The market is highly fragmented. According to estimates, there are up to 1,000 companies currently active in the market. The players are either pure play service providers or pharmaceutical companies who are willing to make optimum use of their spare manufacturing and development capacities. Company profiling of major players of healthcare CMO industry such as Catalent Pharma Solution, Recipharm, Aurobindo Pharma Ltd. and Boehringher Ingelheim has been done in the report. This segment of the report provides business overview, financial overview, and business strategies adopted by the respective companies.
- Catalent Pharma Solution
- Auribindo Pharma Ltd.
- Boehringer Ingelheim
- Asia Pacific
An outsourcing in which a pharmaceutical firm contacts with a third party (contract manufacturing organization) for the manufacturing of components of its product or whole of its product is known as contract manufacturing. A contract manufacturing organization (CMO) undertakes the production of product(s) under the brand name of another firm.
A firm either big or mid-size selects a CMO for primarily two reasons: it wants to shift (or cut) its cost and focus to its core activities, or the development of its products require special or expert handling.
CMOs provide independent manufacturing services in healthcare sector also. Healthcare CMOs can be segmented into pharmaceutical CMOs and medical device CMOs. After the discovery of chemical formula of a new drug, the pharmaceutical CMOs are given the task of manufacturing it into a whole product, so that the pharmaceutical companies are able to sell it into the market under their brand name. Services offered by pharmaceutical CMOs can be divided into two main activities: primary manufacturing (Active Pharmaceutical Ingredients) and secondary manufacturing (Finished Dosage Formulation). Contract manufacturing for medical devices is one of the fastest growing segments of the medical device industry, as companies are in the race to bring new devices to the market.
The global healthcare CMO market has recorded continuous growth over the past few years and is expected to follow the same trend in coming years. The main driving factors for this growth are rise in global pharmaceutical industry, increased need for outsourcing, increased approvals and outsourcing of NMEs, innovations and increased regulatory pressure on quality. Yet there are some challenges, which healthcare CMO industry faces, such as fragmented nature of market, less preference for outsourcing of profitable and biological drugs by big pharmaceutical companies.