According to a recent market research report published by Transparency Market Research, the global healthcare CMO market is expected to grow positively at a CAGR of 14.3% during the period between 2013 and 2019. The report, titled “Healthcare CMO Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, assesses the value of the market, which was worth US$97.66 billion in 2012 is projected to reach a valuation of US$246.50 billion by 2019.It has been observed that the pharmaceutical and medical devices companies are increasingly outsourcing manufacturing activities to the contract manufacturing organizations (CMOs) to achieve cost efficiency as well as to obtain specific expertise in particular business category which is not available in-house. The report points out that the pharmaceutical and medical devices companies are reducing their focus on manufacturing activities to concentrate on research and marketing of their products. This has led to the growth of the global healthcare CMO market. Patent expirations of drugs are also assisting the growth of the healthcare CMO industry.
A vast majority of medical device and pharmaceutical companies around the world are outsourcing their production activities to contract manufacturers, owing to the several benefits it offers. It helps generate maximum revenue by reducing the time required for a product to enter the market; this is one of the major factors fuelling the growth of the healthcare CMO market. In 2012, the global healthcare CMO market stood at US$97.66 billion and is anticipated to touch US$246.50 billion by the end of 2019, growing substantially at a 14.3% CAGR between 2013 and 2019.
In addition, restructuring of medical device and pharmaceutical production activities and patent expiration of drugs are also expected to augment the growth of the global healthcare CMO market in the coming years. Development of biologics and the presence of several untapped economies across the globe are offering immense growth opportunities for the market players in healthcare CMO.
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On the other hand, failure in on-time delivery of supplies, issues related to quality of products, and noncompliance of rules and regulations are some of the restraining factors expected to curb the growth of this market in the near future across the globe.
Medical Device Contract Manufacturing Segment Led Global Healthcare CMO Market in 2012
The global healthcare CMO market has been segmented on the basis of types of services into pharmaceutical contract manufacturing services and medical devices contract manufacturing services. The pharmaceutical contract manufacturing services segment is further categorized into active pharmaceutical ingredients manufacturing (API) and final dosage formulations manufacturing and packaging (FDF).
Among these sub-segments, contract FDF manufacturing is anticipated to witness a healthy growth rate between 2013 and 2019, thanks to the increasing demand for generic drugs and rising research and development investment by several life sciences organizations. Moreover, increase in the number of blockbuster drugs going off-patent and the rising adoption of novel and advanced technologies are fuelling the growth of this market.
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The medical devices contract manufacturing services segment is also further sub-segmented into device manufacturing, design outsourcing, and assembly of final goods. Among these services, in 2012, the medical device contract manufacturing market segment dominated the market, accounting for 87.7% of the market. This segment is estimated to grow at a very attractive growth rate in the coming years.
Asia Pacific to Exhibit High Growth Rate in Global Healthcare CMO Market
The global healthcare CMO market has been geographically segmented into North America, Europe, Asia Pacific, and Rest of the World.
In 2012, North America held the biggest share of the global healthcare CMO market. North America was followed by Asia Pacific, which is anticipated to witness the highest growth rate of all regional segments, at 17.8%, between 2013 and 2019. This high growth of Asia Pacific can be attributed to the availability of low-cost labor, availability of trained and skilled resources, favorable rules and regulations, which has led to the establishment of numerous contract manufacturing facilities in the region in recent years.
Some of the prominent players operating in the global healthcare CMO market are Donatelle, Teleflex MedOEM, Symmetry Medical, Inc., DSM, Boehringer Ingelheim GmbH, Accellent, Greatbatch, Inc., Admedes Schuessler, Fareva, Lonza Group, Piramal Healthcare, Patheon, Inc., Catalent Pharma Solutions, Inc., and Memry Corporation.
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