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| Healthcare CMO Market |
Contract manufacturing organizations or CMOs are designed to give customized healthcare services to biopharmaceutical and medical device companies. CMOs provide all the clinical and commercial services needed throughout the product lifecycle from drug discovery to commercial manufacturing. Their wide range of services including product and process development, manufacturing, packaging, labeling and supply chain management help clients reduce capital investments and focus on core competencies.
The global
Healthcare CMO Market is estimated to be valued at US$ 507.46 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing demand for customized healthcare services is driving the growth
of the healthcare CMO market. With advancements in technologies, more drugs and
medical devices are available in the market to treat complex diseases effectively.
Many pharmaceutical and medical device companies prefer outsourcing their
manufacturing and services requirements to CMOs to gain flexibility and focus
on R&D. This allows them to launch customized products quickly as per the
changing market needs. The CMOs with their expertise help optimize
manufacturing processes and reduce costs for clients. Further, CMOs ensure
reliable supply of healthcare products through their global manufacturing
footprint and diversified capabilities that have accelerated the market growth
over the forecast period.
Segment Analysis
The global healthcare CMO market can be segmented based on product type,
service type and application. Based on product type, the pharmaceutical
manufacturing segment is expected to dominate the market during the forecast
period. This is primarily due to increasing demand for generic and patented
pharmaceutical products across the globe. In terms of service type, the
contract manufacturing services segment accounts for the largest share of the market.
This is attributed to rising need of pharmaceutical companies to focus on core
competencies rather than manufacturing activities. On the basis of application,
pharmaceutical industry accounts for the majority share driven by growing
prevalence of chronic diseases worldwide.
Key Takeaways
The global Healthcare
CMO Market Growth is expected to
witness high growth during the forecast period from 2024 to 2031. The global
Healthcare CMO Market is estimated to be valued at US$ 507.46 Mn in 2024 and is
expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Regional analysis: North America region currently dominates the global market
and is expected to maintain its leading position over the forecast period. This
is attributed to presence of major pharmaceutical companies in countries like
the US and Canada. However, Asia Pacific region is projected to grow at fastest
pace due to rising pharmaceutical production and presence of various contract
manufacturing organizations in India and China.
Key players: Key players operating in the healthcare CMO market are FMC
Corporation, BASF SE, Bayer AG, Sumitomo Chemical Co., Ltd., Syngenta AG, Adama
Agricultural Solutions Ltd., UPL Limited (previously United Phosphorus
Limited), Nufarm Limited, Tagros Chemicals India Ltd., Heranba Industries
Limited. Constant efforts by these prominent players for expanding
manufacturing facilities and service offerings are expected to further
strengthen their market position over the next few years.
For more insights, read- https://www.ukwebwire.com/healthcare-cmo-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
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