Albany - NY, July 30, 2015 (GLOBE NEWSWIRE) -- According to a recent market research report published by Transparency Market Research, the global healthcare CMO market is expected to grow positively at a CAGR of 14.3% during the period between 2013 and 2019. The report, titled "Healthcare CMO Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", assesses the value of the market, which was worth US$97.66 billion in 2012 is projected to reach a valuation of US$246.50 billion by 2019.It has been observed that the pharmaceutical and medical devices companies are increasingly outsourcing manufacturing activities to the contract manufacturing organizations (CMOs) to achieve cost efficiency as well as to obtain specific expertise in particular business category which is not available in-house. The report points out that the pharmaceutical and medical devices companies are reducing their focus on manufacturing activities to concentrate on research and marketing of their products. This has led to the growth of the global healthcare CMO market. Patent expirations of drugs are also assisting the growth of the healthcare CMO industry.
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There has been a growing trend among the companies to outsource manufacturing activities from high cost regions to low cost regions. However, the report cites that the quality concerns and non-compliance of regulatory requirements would restrain the market growth. Failure to deliver on-time supplies by the CMOs would also hamper the overall healthcare CMO market. In the near future, the market has a huge potential to grow in the field of biologics. The report segments the global healthcare CMO market on the basis of the service type such as medical device contract manufacturing services, pharmaceutical contract manufacturing services, and final goods assembly. Pharmaceutical contract manufacturing services dominate the overall healthcare CMO market. In 2012, the segment accounted for 55.4% share in the market.
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Pharmaceutical contract manufacturing services have been further sub-segmented into active pharmaceutical ingredients (API) manufacturing, final dosage form (FDF) manufacturing, and packaging. In 2012, API manufacturing dominated the market. But it is soon to be replaced by FDF manufacturing which is expected to develop at a CAGR of 16.8% during the forecast horizon, owing to the growing demand for generic medicines. Also, many of the pharmaceutical companies do not have the expertise and the technology required for formulating the final dosage of the medicines which is expected to propel the growth of the FDF manufacturing segment.Medical device contract manufacturers offer various services such as device manufacturing, device outsourcing, and final goods assembly. In 2012, device manufacturing services accounted for 87.7% of the market and is expected to grow substantially during the forecast period.
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The report studies the global healthcare CMO market in four key regions: Europe, North America, Asia Pacific, and Rest of the World. North America led the overall market in 2012. However, during the forecast period, Asia Pacific is expected to grow at the fastest rate. This is attributed to the low cost labor, presence of large number of CMOs, and availability of trained resources.Some of the key players in the global healthcare CMO market are DSM, Fareva, Lonza Group, Patheon Inc., and Piramal Healthcare.
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The research study has been segmented as below:
Global Healthcare CMO Market, by Service Type
Pharmaceutical Contract Manufacturing Services
- APIs (Active Pharmaceutical Ingredients) Manufacturing
- FDF (Finished Dosage Formulation) Development and Manufacturing
- Solid Dosage Formulations
- Semi-solid and Liquid Dose Formulations
- Injectable Dose Formulations
Medical Device Contract Manufacturing Services
- Design Outsourcing
- Device Manufacturing
- Material Processing Services
- Electronic Manufacturing Services
- Finished Products
- Final Goods Assembly
Global Healthcare CMO Market, by Geography
- North America
- Rest of the World (ROW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research