Latin America Pharmaceutical Contract Manufacturing Market - By Type (Active Pharmaceutical Ingredient manufacturing, Finished Dosage Formulation Development and Manufacturing, Secondary Market), Country, Trends, Forecasts - (2020 - 2025)
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Contract Manufacturing refers to the outsourcing of manufacturing of the products to Third party vendor. These Pharmaceutical Contract Manufacturers would be given the chemical formulation of the drug from the Pharmaceutical company and then prepare/manufacture in their location. Contract Manufacturing market is growing significantly since the pharmaceutical companies are focusing more on R&D of the drugs instead of manufacturing the formulated drug to stay competitive in the market. This is driving the Pharmaceutical Contract Manufacturing Market.
The global Pharmaceutical Contract Manufacturing market was worth $XX.XX billion in 2014 and is projected to reach $XX.XX billion in 2020, at a compound annual growth rate of X.XX%. Active Pharmaceutical Ingredient (API) holds the highest market share while Final dosage form is estimated to be the top growing segment during the forecasted period. The companies in the upstream industry are undergoing restructuring so as to focus more on R&D and added to this; stringent regulations on the Pharmaceutical industry are compelling the companies to outsource the manufacturing of the drugs.
Pharmaceutical companies are going for less number of vendors to take volume advantage and at the same time reduce logistics costs.