Pharmaceutical contract manufacturing services segment is expected to grow the market for healthcare CMO over the forecast period by service segment.
According to a new market research study titled 'Healthcare CMO Market to 2027 - Global Analysis and Forecasts by Service and Geography. The global healthcare CMO market is expected to reach US$ 223,355.6 Mn in 2027 from US$ 80,479.4 in 2018. The market is estimated to grow with a CAGR of 12.2% from 2019-2027. The report highlights the trends prevalent in the global healthcare CMO market and the factors driving the market along with those that act as challenges to its growth.
Global healthcare CMO market, based on service was segmented as, pharmaceutical contract manufacturing services and medical device contract manufacturing services. In 2018, the pharmaceutical contract manufacturing services held the largest share of the market, by service. Additionally, the segment is also expected to grow at the fastest CAGR during the forecast period owing to advantaged offered by the contract manufacturing companies.
The market for healthcare CMO is expected to grow significantly due to factor 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.
The major players operating in the healthcare CMO market include, Royal DSM, Catalent, Inc, Boehringer Ingelheim International GmbH, Recipharm AB (publ), Fareva, Lonza, Piramal Enterprises Ltd, Dr. Reddy’s Laboratories Ltd., Almac Group, FAMAR Health Care Services. The market is has provided inorganic growth strategies to these companies by various market consolidations. For instance, during February 2018, Lonza and Denali Therapeutics entered into a partnership for neurodegenerative diseases that covers all stages of the development and manufacturing.
The report segments the global healthcare CMO market as follows:
Global Healthcare CMO Market - By Service
Global Healthcare CMO Market - By Geography
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