Contract Manufacturing Organization Market Size [2019-2026] | Is Projected to Reach USD 188.07 Billion with CAGR of 9.4% by 2026
Pune, India, April 14, 2021 (GLOBE NEWSWIRE) — Global Contract Manufacturing Organization Market 2021 Size, Growth, Share, Cap, Regional Analysis with Global Industry Forecast To 2027. The global contract manufacturing organization market size is projected to reach USD 188.07 billion by the end of 2026. The increasing emphasis on the R&D of newer drugs and therapeutic procedures will bode well for the market in the coming years. According to a report published by Fortune Business Insights. The market was worth USD 92.42 billion in 2018 and will exhibit a CAGR of 9.4% during the forecast period, 2019-2026.
A contract manufacturing organization is an organization that provides drug development services to companies operating in the pharmaceutical industry. These organizations are involved in the entire development p5rocess, right from the clinical trial and phases till the commercialization of the drugs. The high investment in the drug development processes is an indication of high prevalence of serious chronic diseases. The severity of these diseases and their potential to have a direct impact on the life expectancy has benefited the contract manufacturing companies across the world. Recent advances in molecular biological concepts have allow3d operations and therapeutic procedures of the highest calibre as well as efficiency. The advances in clinical trials of several drugs associated with the disease will have a direct impact on the growth of the market in the coming years.
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Industry Developments:
August 2017: STA Pharmaceutical announced that it has completed a merges with WuXi’s pharmaceutical development division.
Increasing Number of Company Mergers Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers ndacquisitions has made a huge impact on the growth of the market. In July 2018, Catalent Inc. announced the acquisition of Juniper Pharma. Through this acquisition, the company will look to capitalize on Juniper Pharma’s exceptional product portfolio. Accounting to the massive global consumer reach of Catalent Inc.’s latest acquisition will have a direct impact on the growth of the overall market in the forthcoming years.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
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North America Currently Dominates the Market; Presence of Several Large Scale Companies to Aid Growth
The report analyzes the ongoing contract management organization market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America held the largest market share in 2018. The presence of several large scale companies has had a massive impact on the growth of the regional market. As of 2018, the market in North America was worth USD 32.60 billion and this value is projected to increase further in the coming years. The market in will emerge as the second largest market in the coming years accounting the high prevalence of several forms of cancer in several countries across this region.
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market. Furthermore, the report offers a detailed analysis and information as per Contract Manufacturing Organization Market Growth Analysis by manufacturers, market segments helping our readers to get a comprehensive overview of the global market. Several players are planning to focus on developing cost-effective products or services, aiming to maintain a strong foothold in the market.
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A few of the leading companies that are operating in the global CMO market include:
● Catalent Inc.
● Recipharm AB
● Jubilant Life Science Ltd
● Lonza Group AG
● BoehringerIngelheim International GmbH
● Vetter Pharma-Fertigung GmbH & Co. KG
● FAMAR Health Care Services
● Dr. Reddy’s Laboratories Ltd.
● Almac Group
● Other prominent players
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