Pune, Aug. 28, 2020 (GLOBE NEWSWIRE) -- The global contract manufacturing organization market size is projected to reach USD 188.07 billion by the end of 2026, 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 increasing emphasis on the R&D of newer drugs and therapeutic procedures will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Contract Manufacturing Organization Market (CMO) Market Size, Share & Industry Analysis, By Type (API Manufacturing, Finished Dosage Form Manufacturing (Solid Dosage Forms, Injectable, and Others) and Packaging), and Regional Forecast, 2019-2026,”
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.
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Industry Developments:
August 2017: STA Pharmaceutical announced that it has completed a merges with WuXi’s pharmaceutical development division.
Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
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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.
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 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 CMO market include:
- Catalent Inc.
- Recipharm AB
- Jubilant Life Science Ltd
- Lonza Group AG
- BoehringerIngelheim International GmbH
- Vetter Pharma-Fertigung GmbH & Co. KG
- FAMAR Health Care Services
- Dr. Reddy’s Laboratories Ltd.
- Almac Group
- Other prominent players
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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)
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