According to a new market research study titled ‘Healthcare CMO Market to 2027 – Global Analysis and Forecasts by Service and Geography. The global healthcare CMO market is expected to reach US$ 223,355.6 Mn in 2027 from US$ 80,479.4 in 2018. The market is estimated to grow with a CAGR of 12.2% from 2019-2027. The market is expected to grow due to increasing contract manufacturing of the active pharmaceutical ingredients (API) for the pharmaceutical contract manufacturing services.
Contract manufacturing organization (CMO) also known as contract development and manufacturing organization is a company that serves several other companies in the medical devices as well as pharmaceutical and biopharmaceutical sector with comprehensive services from development, manufacturing to packaging. These services are outsourced by various OEM players in the business in order to help with the scalability, and save marginally on production costs.
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Global healthcare CMO market, based on services was segmented as, pharmaceutical contract manufacturing services and medical device contract manufacturing services. The pharmaceutical contract manufacturing services is further classified as active pharmaceutical ingredients (API), final dosage form manufacturing and packaging market. Similarly, the medical device contract manufacturing services is divided into outsourcing design, device manufacturing and final good assembly markets. In 2018, the pharmaceutical contract manufacturing services segment held the largest share of the market, by service. Also, the pharmaceutical contract manufacturing services segment is expected to witness fastest growth at a fastest CAGR of 12.6% during 2019 to 2027.
The major players operating in the healthcare CMO market, Royal DSM, Catalent, Inc, Boehringer Ingelheim International GmbH, Recipharm AB (publ), Fareva, Lonza, Piramal Enterprises Ltd, Dr. Reddy’s Laboratories Ltd., Almac Group, FAMAR Health Care Services.
The growth of the healthcare contract manufacturing organizations market is growing owing to the advantages offered by the contract manufacturing companies. These companies provides services to the pharmaceutical, biopharmaceutical and medical device companies. For the biopharmaceutical and pharmaceutical companies the CMO offers various beneficial services right form the producing of small quantities of materials for R&D purposes, larger amounts for clinical study and eventually large-scale production for commercialization. On the other hand the CMO helps medical devices companies meet the rising demands from the customers.
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The global healthcare CMO market by service was led by pharmaceutical contract manufacturing services segment. The pharmaceutical contract manufacturing services segment was further divided into active pharmaceutical ingredients (API), final dosage form manufacturing and packaging. In 2018, the pharmaceutical contract manufacturing services held a largest market share of 74.8% of the healthcare CMO market, by service. The segment is expected to dominate the market in 2027 owing to rising demands for the drugs due to the increasing prevalence of the chronic and acute diseases, rising geriatric population, increasing healthcare expenditures by private, public payers and also by the consumers.
The developing regions such as Asia Pacific and Middle East, Africa and Latin America are growing dynamically in the biotechnology and pharmaceutical sectors. The governments of the respective countries in these regions are supporting through various initiatives, funding, programs and conferences. The growth of the pharmaceutical and biotechnology is driven by the economic, demographic development, rising healthcare expenditures, and improving public-private healthcare funding among the others. Asia Pacific have a great potential to serve the medical device industry. Thus, owing to the above mentioned factors the developing regions are likely to create growth opportunities for the healthcare CMO market during the forecast period.
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TABLE OF CONTENTS
1.1 SCOPE OF THE STUDY
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3 MARKET SEGMENTATION
1.3.1 Global Healthcare CMO Market – By Service
1.3.2 Global Healthcare CMO Market – By Geography
2. GLOBAL HEALTHCARE CMO MARKET – KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
3.1.2 Secondary Research
3.1.3 Primary Research
4. GLOBAL HEALTHCARE CMO- MARKET LANDSCAPE
4.2 PEST ANALYSIS
4.2.1 North America – PEST Analysis
4.2.2 Europe- PEST Analysis
4.2.3 Asia Pacific- PEST Analysis
4.2.4 Middle East & South Africa- PEST Analysis
4.2.5 South and Central America – PEST Analysis
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