Contract manufacturing market is witnessing a high growth, as the pharmaceutical companies are focusing more on R & D of the drugs rather than manufacturing the formulated drug to stay competitive in the market. The global pharmaceutical contract manufacturing market was valued at USD 58 billion in 2016 and is expected to reach USD 84 billion by 2021, at a CAGR of 6.4% over the forecast period.
Overview of the Current Pharmaceutical Contract Manufacturing Industry
Companies in the upstream industry are undergoing restructuring so as to focus more on R & D, while stringent regulations on the pharmaceutical industry are compelling the companies to outsource manufacturing of drugs to contract manufacturers and focus on their core business processes. Pharmaceutical companies are increasingly relying on contract manufacturing, research, and packaging services, to fulfill their basic needs and specialized competencies.
The market for global pharmaceutical contract manufacturing by type has been broadly segmented into –
By dose formulation type, solid dose formulation constituted more than 40% of the overall pharmaceutical contract manufacturing market in the year 2014, attributing to lower costs of manufacturing, patent compliance and ease of maintenance. The segment is expected to grow at a CAGR of 3.66% over the forecast period, while injectable dose segment, will register highest CAGR of 12.37% over the next five years.
The global pharmaceutical contract manufacturing market has been geographically segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
In 2014, the United States was a major market for contract pharmaceutical manufacturing. India is estimated to be the fastest growing market owing to its cost competitiveness and quality manufacturing capabilities.
Factors driving the Pharmaceutical Market-
Restraints of the Pharmaceutical Market-
Some of the key impediments hindering the growth of the market are –
Opportunities of the Pharmaceutical Market-
Huge demand for next-generation biological therapies has opened a gateway of opportunities for pharmaceutical vendors/manufacturers across the globe.
Some of the major companies mentioned in the report are -
Key Deliverables in the Study