Pune, Maharashtra, November 13, 2019 (Wired Release) Prudour Pvt. Ltd. – A Contract Manufacturing Organization (CMO) is an organization or company that provides products or services to other pharmaceutical or medical device companies on a contract basis. Hence, a healthcare CMO allows any healthcare company to outsource the products of their requirement so the company can focus on the R&D, marketing and branding of their products. A rapid growth in the healthcare sector and pharmaceutical industries has resulted in the requirement of outsourcing of aspects required for the business. Majority of Contract Manufacturing companies started as the result of the failure of the newly established pharma companies that had expensive manufacturing facilities. This, promoted healthcare companies to utilize their resources in R&D and marketing and outsourcing the products from local manufacturers. Last few decades have witnessed the rise and evolution of several CMOs. The main factors responsible for this rapid growth of the CMO market are the economic nature of CMOs, growth in the healthcare sector and expansion of the product portfolio of the giant players of healthcare industries.
The global Healthcare CMO market is projected to be US$ 131,046.1 Mn in 2018 to reach US$ 305,729.4 Mn by 2028 at a CAGR of 8.8%.
Earlier healthcare companies used to establish expensive and large facilities for the manufacturing of drugs and medical devices, but a number of failure stories of these facilities led to an increased demand for outsourcing of these products to reduce the risk factors for the manufacturers.
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However, a rise in the number of generic manufacturers and the evolution of emerging markets for the manufacturing of healthcare equipment and products might impose severe price pressure and competitive threats to the Healthcare CMOs. The regulations and taxes imposed by the local government bodies act hand in hand to intensify this pressure. Nonetheless, the healthcare contract manufacturing market that originally started and developed in the US and Western European countries is gradually being shifted to the emerging nations predominantly China and India. The low cost of labour and the easy availability of manufacturing facilities are the leading factors driving the growth of the CMO market in these regions.
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Global Healthcare CMO market is segmented on the basis of service type, application and region. On the basis of service type, the market is segmented into Medical Device CMOs and Pharmaceutical CMOs. The Pharmaceutical CMOs segment accounts for the majority share, followed by Medical Device CMOs segment. On the basis of application, the market is segmented into Medical and Healthcare. The Healthcare segment accounts for a majority share in the global Healthcare CMO market.
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On the basis of region, the market is segmented into North America, Europe, APAC, South America and Middle East Africa. North America accounts for the majority share in the global Healthcare CMO market. India is expected to register the highest growth rate over the forecast period.
The research report on the global Healthcare CMO market includes profiles of some of the major companies such as Piramal Enterprises Limited, Boehringer Ingelheim GmbH, Fareva, Thermo Fisher Scientific (Patheon), Lonza, Integer, Sanofi, Catalent, Inc.
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