- 18 October 2019 21:55
Pharmaceutical Contract Manufacturing Market New Study
Cost reduction concerns originating from global economic constraints, has implied enormous pressure on pharmaceutical manufacturers to contain the cost of end-products. Pharmaceutical contract manufacturing divides production of goods by outside firms, under the brand of another firm, providing service to several manufacturers based on customized designs or specifications. Previously, pharmaceutical industry required companies to be vertically cohesive, i.e., the company itself conducted all operations required in production, however, currently investors require continued high fiscal performance, and as a result outsourcing has become a significant way of conducting business.
The global pharmaceutical market is going through critical change because of factors such as the need for reducing costs and minimizing product development rate, without conceding efficiency or production proficiency, decline in R&D activity, reduction in patent tenure, and growing innovative drugs are demanding pharmaceutical and bio-technology companies to drag drug prices. However, due to the economic slow-down in European countries, major pharma and biotechnology companies are ready to drop down their spending, resulting in increased contract manufacturers, globally.
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Merger and acquisition activity has been widespread among both benefactor companies and contract manufacturers, leading to amalgamation among both sectors. Several pharmaceutical companies have acquired contract manufacturers to attain vertical integration. Other companies have adopted investment in their own manufacturing capabilities by developing concise, adaptable, multi-product facilities designated to meet the changing needs of pharmaceutical market. Both strategies are appointed to restrict the demand for outsourcing. Hence, contract service providers that demand growth going forward are expected to provide added-value to finished products for attracting pharmaceutical contractors. Emerging economies, super generics, and bio-similar products provide other latent prospects for growth with contract manufacturers attaining global reach and technical capabilities required to exploit them.
The global pharmaceutical contract manufacturing market is segmented by type of contract manufacturing and regions. By type of contract manufacturing, the pharmaceutical contract manufacturing market is segmented into advanced drug delivery products, final dosage form (FDF), active pharmaceutical ingredients (API)/bulk drug, packaging contract manufacturing and OTC medicines and nutritional products. The final dosage form (FDF) of contract manufacturing is estimated to develop with substantial rate due to increasing need for generic drug products and rising R&D activities. Geographically, world pharmaceutical contract manufacturing market is divided into North America, Europe, Asia-Pacific and Latin America and Middle East and Africa. The demand in Asia-Pacific is analyzed to be the major driving factor for the growth of the global pharmaceutical contract manufacturing market. China is analyzed to lead the demand for pharmaceutical contract manufacturing due to increased industrial production in the last 3–4 years. It is the leading consumer of pharmaceutical contract manufacturing in the world. The markets in other emerging economies such as Brazil and India are also projected to grow rapidly.
Key players involved in the global pharmaceutical contract manufacturing market are focusing on key market strategies including mergers and acquisitions with local as well as established players. Moreover, companies are also focusing on collaborating with local players to increase their reach across all geographies and earn huge profits. Partnership with multinational companies to strengthen their market reach and goodwill is also anticipated to be a major market strategy in the global pharmaceutical contract manufacturing market. Some of the major players involved in the manufacture and supply of pharmaceutical contract manufacturing include Aenova, Fareva, Catalent, Lonza, Amgen, Gedeon Richter, Apotex, AstraZeneca, Baxter, Cipla, Biocon Boehringer Ingelheim, Pfizer CentreOne, Celltrion, Coherus Biosciences, Berlin-Chemie, Daiichi Sankyo, Abbott, Dr. Reddy's Laboratories, , Biogen, Eli Lilly, Emcure Pharmaceuticals, Aspen, Eurofarma Laboratories, Gilead Sciences, Aurobindo Pharma, and GlaxoSmithKline (GSK).
Market by Type: Advanced drug delivery products, Final dosage form (FDF), Active pharmaceutical ingredients (API)/bulk drug, Packaging contract manufacturing, OTC medicines and nutritional products
Market by Geography: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)