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.
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 Demand is expected to witness high growth during the forecast period from 2023 to 2030. The global Healthcare CMO Market is estimated to be valued at US$ 507.46 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
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.
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