Pune, India -- (SBWIRE) -- 06/01/2018 -- Market Scenario
The pharmaceutical industry is experiencing a dramatic change. Pipeline challenges, pricing pressures, and emerging global markets are redesigning the way these companies operate. Providers to the pharmaceutical industry, such as contract manufacturers, will need to alter as well. In the year to come, contract manufacturers that distinguish their offerings and abilities will be able to retain customers and grow their business within this highly competitive marketplace. Those that are able to adapt quickly, by taking benefit of the transformative nature of the industry, will position themselves as market leaders.
Furthermore, in the near future, various pharmaceutical contract manufacturing organizations will reflect on prospects to provide services and support further "upstream" in the drug development process. With rigorous margin pressures on the core business of commercial manufacturing and packaging, some PCM are offsetting costs by offering more project-based consulting and development activities. Moreover, in some cases where this has clearly worked for some of the superior pharmaceutical contract manufacturers, altering them to what industry calls contract development and manufacturing organizations (CDMO), many companies have reduced their entry into this market by overleveraging their current offerings.
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Further, the increased number of abroad pharmaceutical contract manufacturing alternatives has left contract manufacturers hostile to conserve profit margins and distinguish themselves in an already competitive marketplace. The market has become progressively driven by price rather than value, making it mandatory upon pharmaceutical contract manufacturers to provide value outside of the traditional commercial manufacturing phase of the drug product lifecycle.
Another reason for increasing prospect in pharmaceutical contract development services is found in the growth of developing biotech's. Most of these companies are heavily dedicated to the development of drug compounds to address a specific therapeutic area. The companies lack infrastructure in the areas of formulation, clinical and regulatory agency submission. Frequently, the desired end state for these companies is to sell to a big pharma or a biotech company. However, if the suitable level of funding exists, partnership with a pharmaceutical contract manufacturer can provide another viable option. By working together, an emergent biotech company, an established donor company, and a pharmaceutical contract manufacturer can move a product through approvals stages and into the global markets.
The global Pharmaceutical Contract Manufacturing market is expected to grow at a CAGR of 7.2% during the forecast period 2017-2023.
Intended Audience
Medical Devices Companies
Hospitals & Clinics
Research and Development (R&D) Companies
Government Research Institute
Academic Institutes and Universities
Segmentation
The global Pharmaceutical Contract Manufacturing market is segmented on the basis of type,
On the basis of type, the market is classified into Active Pharmaceutical Ingredient (API) Manufacturing, Finished Dosage Formulation (FDF) Market.
Key Findings
The global Pharmaceutical Contract Manufacturing market is expected to reach USD 107,004.0 million by 2023 at a CAGR of 7.2%.
On the basis of types, Active Pharmaceutical Ingredient (API) Manufacturing segment is expected to command the largest market share of 7% over the review period and Finished Dosage Formulation (FDF) Secondary Market is expected to grow at the fastest CAGR of 6.5% during the forecast period 2017-2023
The Americas hold the largest share of the Pharmaceutical Contract Manufacturing market and is expected to reach USD 40,041.5 million by 2023
Asia Pacific is the fastest growing market, which is expected to grow at a CAGR of 7.7% over the 2017-2023
Low tech pharmaceutical contract manufacturing manufacture is shifting to the developing world especially China and India. The developed regions must accommodate this shift by shifting to high tech segment of the pharmaceutical contract manufacturing market such as biologics.
China has feverously increased its capacity for API manufacturing while India is a better destination for formulation development and manufacturing.
Regional Analysis
The Americas dominate the Pharmaceutical Contract Manufacturing market owing to the well-developed technology, high healthcare expenditure, improvement in reimbursement scenario, and the presence of the leading players.
Europe holds the second position in the Pharmaceutical Contract Manufacturing market. It is expected that the support provided by the government bodies for research & development, and drives the market in European region.
Asia Pacific region is projected to be the fastest growing region during the forecast period. Rapidly improving technology, and the presence of huge patient pool drive the growth of this market in Asia Pacific region.
The Middle East and Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in African region.
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Key Players
Some of key the players in the market are Catalant, Boehringer Ingelheim, Lonza AG, Grifols International, S.A, AbbVie Inc, Patheon Inc., Vetter, Pharmaceutical Product Development and others.
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