Transparency Market Research has published a new report, titled “Pharmaceutical Contract Manufacturing Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” According to the report, companies within the global pharmaceutical manufacturing market are currently facing immense pressure with regards to the need for cutting down cost. Therefore, companies within the pharmaceutical manufacturing market are exploring new ways for cost containment and drug manufacturing and as a result of this, the trend of outsourcing manufacturing facilities has risen. A large number of pharmaceutical companies are increasingly relying on contract manufacturing & Packaging services for meeting their needs. These companies are now shifting their focus from manufacturing the formulated drugs to R&D of novel drugs so as to stay competent in the market. It is therefore predicted that the global pharmaceutical contract manufacturing market will witness much traction in the years to come.
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With a limited number of blockbuster drugs, there has been a significant rise for newer and Innovative drugs which in turn has put a lot of pressure on large pharmaceutical companies. Therefore, these companies are outsourcing drug manufacturing and focusing on innovation and development of new drugs. Moreover, it is also helping them to contain cost and meet with stringent regulations of the concerned regulatory bodies. Therefore, the companies require relatively less time for introducing the dragon the market and that too in substantial quantities. All of these factors are resulting in the booming pharmaceutical contract manufacturing market. An influx of virtual and small start-ups who have extremely small manufacturing capacity is also boding well for the growth of the pharmaceutical contract manufacturing market. In addition to this, an increasing number of FDA-approved manufacturing facilities in emerging economies are expected to drive the growth prospects of the contract manufacturing market.
On the downside however, lack of manufacturing standardization is impacting the market negatively. Capacity utilization issues are also affecting the profitability of contract Pharmaceutical manufacturers. In addition to this, increasing logistic cost and lead time are making several pharmaceutical companies skeptical about pharmaceutical contract manufacturing. Nevertheless, it is predicted that the growing demand for next-generation biological therapies bolster the growth of the pharmaceutical contract manufacturing market.
By geography, this market is led by Europe and North America on account of the rapidly-growing geriatric population as well as increasing demand for biologics. In addition to this, increasing investments on research activities buy pharmaceutical companies and growing demand for generics are also expected to drive the growth of the market in North America. Asia-pacific on the other hand, is expected to emerge as the most lucrative regional market, which is expected to expand at the highest CAGR in the forecast period.
Leading players in the global pharmaceutical contract manufacturing market mentioned in the report are: Althea Technologies, Dishman Pharmaceuticals and Chemicals Limited, Aenova, Catalent Pharma Solutions, Famar, HAUPT Pharma AG, Kemwell Pvt. Ltd., Nipro Corp., NextPharma, Jubilant Life Sciences Limited, Recipharm, Royal DSM N.V., and Pfizer Central Source.