Pune, Nov. 02, 2020 (GLOBE NEWSWIRE) -- The global contract manufacturing organization market size is projected to reach USD 188.07 billion by the end of 2026. The increasing emphasis on the R&D of newer drugs and therapeutic procedures will bode well for the market in the coming years. The market was worth USD 92.42 billion in 2018 and will exhibit a CAGR of 9.4% during the forecast period, 2019-2026. The market in North America held the largest market share in 2018. The presence of several large scale companies has had a massive impact on the growth of the regional market. As of 2018, the market in North America was worth USD 32.60 billion and this value is projected to increase further in the coming years.
KEY INDUSTRY DEVELOPMENTS:
- September2017 –Catalent Inc. announced acquisition of Pharmica LLC, an integrated provider of drug substance and drug product manufacturing and related services
- June 2017 – Lonza Group AG Acquired PharmaCell B.V., one of the most respected cell and gene con-tract manufacturer in Europe.
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A contract manufacturing organization is an organization that provides drug development services to companies operating in the pharmaceutical industry. These organizations are involved in the entire development p5rocess, right from the clinical trial and phases till the commercialization of the drugs. The high investment in the drug development processes is an indication of high prevalence of serious chronic diseases.
The severity of these diseases and their potential to have a direct impact on the life expectancy has benefited the contract manufacturing companies across the world. Recent advances in molecular biological concepts have allow3d operations and therapeutic procedures of the highest calibre as well as efficiency. The advances in clinical trials of several drugs associated with the disease will have a direct impact on the growth of the market in the coming years.
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Increasing Number of Company Mergers Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers ndacquisitions has made a huge impact on the growth of the market. In July 2018, Catalent Inc. announced the acquisition of Juniper Pharma.
Through this acquisition, the company will look to capitalize on Juniper Pharma’s exceptional product portfolio. Accounting to the massive global consumer reach of Catalent Inc.’s latest acquisition will have a direct impact on the growth of the overall market in the forthcoming years.
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North America Currently Dominates the Market; Presence of Several Large Scale Companies to Aid Growth
The report analyzes the ongoing contract management organization market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America held the largest Contract Manufacturing Organization Market share in 2018. The presence of several large scale companies has had a massive impact on the growth of the regional market.
As of 2018, the market in North America was worth USD 32.60 billion and this value is projected to increase further in the coming years. The market in will emerge as the second largest market in the coming years accounting the high prevalence of several forms of cancer in several countries across this region.
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A few of the leading companies that are operating in the global Contract Manufacturing Organization Market include:
- Catalent Inc.
- Recipharm AB
- Jubilant Life Science Ltd
- Lonza Group AG
- Boehringer Ingelheim International GmbH
- Vetter Pharma-Fertigung GmbH & Co. KG
- FAMAR Health Care Services
- Dr. Reddy’s Laboratories Ltd.
- Almac Group
- Other prominent players
Contract Manufacturing Organization Market Segmentations:
By Type
● API Manufacturing
• Finished Formulation Manufacturing
• Solid Dosage Forms
• Injectables
● Packaging
By Geography
● North America (the U.S. and Canada)
● Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
● Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
● Latin America (Brazil, Mexico, and the Rest of Latin America)
● Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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