The global healthcare CMO market is expected to reach US$ 223,355.6 Mn in 2027 from US$ 80,479.4 in 2018. The healthcare CMO market is estimated to grow with a CAGR of 12.2% from 2019-2027.
The market is driven by the factors such as, increasing inclination of pharmaceutical and medical device manufacturers towards outsourcing, increasing patent cliffs and rising geriatric population coupled with the increasing production of drugs & medical devices. However, the challenge such as lack of skilled professionals for CMO likely to impact the growth of the market in the forecast period. Increasing patent cliffs are likely to grow market dynamically.The rising numbers of the contract manufacturing across the globe are entering in the production of the generic drugs as the legislation encouraged competition to benefit consumers.
The CMOs help in the manufacturing the drug with the bioequivalence testing and the drugs are produced with the current good manufacturing practices.The CMO allows to reduce the cost of manufacturing and enhance the production in bulk quantities.
Additionally as per the paper’s statistics it is stated that approximately US$ 194 billion in the innovative drugs sales are at risk during the 2017- 2020.Also an estimate of nearly US$ 31 billion could be lost due to the expiry of patents alone in 2018.
Therefore, owing to the above mentioned factors the market for the healthcare CMO is likely to propel during the forecast period. Global healthcare CMO market, based on service was segmented into major segments such as pharmaceutical contract manufacturing services and medical device contract manufacturing services.The pharmaceutical contract manufacturing services segment is expected to dominate the market in 2027, owing to the advantages provided by the contract manufacturing organizations and he rising prevalence of chronic and acute disease across the world.
In addition, the segment is also anticipated to witness the fastest growth rate during the forecast period, 2018 to 2027. Some of the major primary and secondary sources included in the report for the healthcare CMO market are Indian Drug Manufacturers’ Association, International Trade Administration, Japan CMO Association, Medicines and Healthcare products Regulatory Agency, Ministry of Health and Saudi Pharmaceutical Industries & Medical Appliances Corporation among others.
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