Asia Pacific Records Highest CAGR of 17.8% in Healthcare CMO Market over 2013-2019, TMR Study
WILMINGTON, Del., Dec. 6, 2022
- Advancements in technology and increasing economic burden compels pharma and biotech players to access services from healthcare CMO market
- Upcoming market insight of healthcare CMO's predict that the industry will witness growth on the back of increasing demand for generic drugs
WILMINGTON, Del., Dec. 6, 2022 /PRNewswire/ -- The increasing trend of outsourcing in several industries related to healthcare domain, such as life sciences, biotech, and pharmaceuticals, is boosting growth within the healthcare CMO market. Companies operating in these domains, including medical devices manufacturing, as well as API or active pharmaceutical ingredient manufacturing are increasingly outsourcing their manufacturing processes to save time and lower the costs. The medical device contract manufacturing services recorded substantial growth during the forecast years, achieving the largest share of the market i.e., 87.7%.
Apart from contract manufacturing of medical devices, the industry players offer various contract manufacturing services. These include pharmaceutical contract manufacturing services, such as manufacturing of active pharmaceutical ingredients, manufacturing of final dose formulations, and manufacturing of packaging solutions. Sub-segments of the medical device contract manufacturing services include final goods assembly, manufacturing of medical devices, and outsourcing of designing processes.
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Healthcare CMO Market – Key Findings of the Report
- Contract Final Dose Formulations Manufacturing Segment Displayed Highest Growth: Among the two major segments of the market, contract final dose formulations or FDF manufacturing segment accounted for the highest growth rate over 2013 to 2019. The segment experienced a significant growth over this period, owing to the increasing demand for various types of affordable generic drug formulations. This growth can also be ascribed to increase in the number of certain well-known and popular drugs becoming off-patent during this period. Another significant driver for this particular segment is the rising adoption of novel pharmaceutical manufacturing technologies across the world.
- Increasing Focus of Biotech and Pharma Players on Outsourcing: While the concerns regarding quality, timely delivery of finished products, and issues related to compliance discouraged players in pharma and biotech sectors to choose outsourcing in the past, trends have started to shift. More and more companies operating in medical devices or pharmaceutical sectors are adopting outsourcing models as an excellent way to cut down manufacturing costs, enhance their product inventories, and cut down the time to market.
Healthcare CMO Market – Growth Drivers
- Tax benefits and availability of skilled healthcare professionals, labor at affordable costs propels Asia Pacific market
- Growing investments in research and development by companies operating in life sciences domain boost market expansion
- Increasing demand for generic and cost-effective drugs propels development of the global healthcare CMO market
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Healthcare CMO Market – Key Players
Some of the dominant players operating in the global healthcare CMO market include Catalent Pharma Solutions, Inc., Fareva, Patheon, Inc., Accellent, Greatbatch, Inc., Teleflex MedOEM, Donatelle, Boehringer Ingelheim GmbH, DSM, Lonza Group, Piramal Healthcare, Symmetry Medical, inc., Memry Corporation, and Admedes Schuessler.
Healthcare CMO Market: Regional Growth Assessment
North America CMO healthcare market size recorded highest in 2012. However, the future demand analysis of healthcare CMO market finds that the Asia Pacific recorded the highest growth rate over the forecast period of 2013 to 2019. One of the key drivers favoring the Asia Pacific market expansion is the presence of various progressive and favorable regulations and guidelines by regional governments.
Other notable drivers behind the considerable expansion of the Asia Pacific regional market include improvements in the legislation regarding protection rights for safeguarding valuable intellectual property. Along with this, the rising adoption of novel healthcare technologies by healthcare facilities and stakeholders is also boding well for the market growth in Asia Pacific.
Healthcare CMO Market: Segmentation
Healthcare CMO Market, by Service
- Pharmaceutical Contract Manufacturing Services
- API manufacturing
- FDF manufacturing
- Medical Device Contract Manufacturing Services
- Outsourcing Design
- Device Manufacturing
- Material process services
- Electronic manufacturing services
- Finished products
- Finished Goods Assembly
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