Westford USA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, pharmaceutical companies have been strategically refocusing their priorities on core areas of competency in response to increased competition and shrinking profit margins. As a result, they are increasingly opting not to allocate their available resources, expertise, and technology towards the formulation and manufacturing of final drug doses in the pharmaceutical contract development and manufacturing market.
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- Pages -242
- Tables - 63
- Figures – 75
The demand for active pharmaceutical ingredient (API) manufacturing has grown consistently in recent years and is expected to continue rising steadily. This growth is attributed to several factors in response to increased competition and shrinking profit margins, including the upcoming patent expiries of various drugs and the subsequent increase in the production of generic medications worldwide. As patents expire, generic drug manufacturers seize the opportunity to produce cost-effective alternatives, increasing demand for API manufacturing services.
Prominent Players in Pharmaceutical Contract Development and Manufacturing Market
- Catalent
- Patheon
- Lonza Group AG
- Thermo Fisher Scientific, Inc.
- Boehringer Ingelheim GmbH
- Evonik Industries AG
- Recipharm AB
- Vetter Pharma International GmbH
- WuXi AppTec Co. Ltd.
- Famar Health Care Services
- Almac Group
- Jubilant Life Sciences Limited
- Samsung BioLogics
- PRA Health Sciences
- Cambrex Corporation
- Ajinomoto Bio-Pharma Services
- Syneos Health
- Mylan N.V.
- AMRI Global
- Baxter BioPharma Solutions
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Pharmaceutical API Contract Manufacturing Services Segment is Expected to Dominate in the Market Due to the Increase in the Number of Initiatives Undertaken by Contract Research Organizations
The pharmaceutical API contract manufacturing services segment holds the largest share of the overall pharmaceutical contract development and manufacturing market. This dominance can be attributed to several key factors driving its growth. Contract research organizations (CROs) have significantly increased the number of initiatives to expand their API manufacturing capabilities and offer comprehensive services to pharmaceutical companies.
The markets in North America is expected to be dominated by the pharmaceutical contract development and manufacturing market in 2022. The significant share of North America can be attributed to several factors driving market growth in the region. An increasing demand for generic medicines and biologics is driven by factors such as patent expirations and the need for cost-effective healthcare solutions.
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Pharmaceutical Manufacturing Services Segment is Expected to Grow in the Market Due to Increasing Emphasis on Cost Reduction
The pharmaceutical manufacturing services segment holds the largest share of the pharmaceutical contract development and manufacturing market, primarily driven by the utilization of advanced technologies and expertise in manufacturing processes, as well as the increasing emphasis on cost reduction in the pharmaceutical industry. This segment offers comprehensive services ranging from drug formulation and development to large-scale production.
Regional markets in Asia-Pacific is anticipated to witness a significant growth in the pharmaceutical contract development and manufacturing market during the forecast period. One of the key factors driving this growth is the cost advantage offered by the region compared to other regions. In addition, the Asia-Pacific region provides a favorable cost structure for conducting clinical trials and research, making it an attractive destination for pharmaceutical and biotechnology companies looking to optimize their research and development investments.
A comprehensive analysis of the major players in the pharmaceutical contract development and manufacturing market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Pharmaceutical Contract Development and Manufacturing Market
- Recipharm AB, a leading pharmaceutical contract development and manufacturing company based in Sweden, made a strategic move in 2022 by acquiring Arranta Bio, a U.S.-based company specializing in contract development and manufacturing services for Advanced Therapy Medicinal Products (ATMPs). This acquisition enables Recipharm to enhance its service offerings with scientifically differentiated capabilities in ATMPs and strengthens its presence in the market.
- Charles River Laboratories International, Inc., a prominent U.S.-based contract research organization, recently completed the acquisition of Cognate BioServices, Inc. The acquisition, valued at $875 million, aimed to expand Charles River Laboratories' portfolio by incorporating cell and gene therapy contract development and manufacturing organization (CDMO) capabilities from Cognate BioServices.
Key Questions Answered in Pharmaceutical Contract Development and Manufacturing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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