Healthcare CMO Market to Surge at a CAGR of 14.30% by 2019 by poojam · August 24 Cheap NCAA Jerseys Online , 2018
Increasing competition in the healthcare sector has impelled major companies to concentrate on the reformation of their business strategies along with the emphasis on product manufacturing, development, design, and marketing Cheap NCAA Jerseys Wholesale , reports Transparency Market Research in a new study. In this regard, contract manufacturing outsourcing has become a major need for the manufacturers of pharmaceuticals and medical devices as they strive to retain their position in the market. The top three companies in the global healthcare CMO market acquire approximately 17.2% of the global revenue with Catalent Pharma Solutions Inc. leading. The company was trailed by Lonza Group and Boehringer Ingelheim GmbH.
As the global healthcare CMO market is extremely fragmented with only a few companies dominating the market, the leading companies in this segment have taken up dominant competitive strategies, strong acquisition strategies Cheap NCAA Jerseys China , and high product development to maintain their lead in the market. Due to the availability of similar technologies and low product differentiation, the competitive rivalry in the market is expected to rise. Moreover, leading companies are investing on research and development projects to maintain a high level of competitive rivalry.
Patent Expirations of Drugs to Adversely Impact Demand for Healthcare CMOs
In the next few years, several renowned drugs are getting off patent leading to an increase in competition among developers of drugs. Innovative drug developers are collaborating with contract manufacturing organizations to minimize the risk of heavy competition from generic drug developers due to the increasing healthcare R&D cuts by federal banks. The degeneration in the productive outcomes of R&D and the rising inquiry from regulatory bodies during the approval process of drugs has led to a substantial increase in the demand for CMOs as several leading pharmaceutical companies have started outsourcing their drug development activities.
Furthermore Cheap NCAA Jerseys , the need for product innovation and post engineering support service impelled manufacturers to outsource activities such as design, validation, prototype, feasibility tests Cheap Authentic Jerseys , concept, and regulatory compliance. Thus, leading companies are seeking synergy with CMOs as a result of patent expirations and decreasing R&D budget.
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Emerging Economies to Provide Opportunities for the Development of CMOs in Healthcare Sector
Countries such as India, China Cheap Jerseys Online , and Brazil are emerging as key participants in the global pharmaceutical and medical device market as they own plentiful expertise and technologies for research and development. They also back medical giants in their respective research projects regarding lifesaving drugs and advanced therapies. Thus, these countries are expected to emerge as the major destinations for the outsourcing of medical device and pharmaceuticals. Global pharmaceutical companies consider these countries to be efficient for research centers and clinical trials. Various CMOs operating outside Asia have successfully attained FDA approvals and credibility for quality standards. The sanction of Good Manufacturing Practice certificates in emerging economies, especially in Asia, has led to a substantial growth of the healthcare CMO market.
Delayed Delivery of Supplies Could Dent Business Flow to CMOs
The three most important rules of the medical device and pharmaceutical industry are time to market Cheap Jerseys Wholesale , time to volume and time to profit. The failure of these can lead to the decline in customer satisfaction and manufacturer competitiveness. Due to the rise in the cost of research and development projects and absence of proper infrastructure and trained workforce, the pharmaceutical companies fail to diversify their product portfolio leading to a delay in supply delivery. Thus, the failure to deliver supplies on time is expected to hamper the growth of the contract manufacturing organizations market.
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North America is projected to lead the global market for healthcare CMO with 32.9% followed by Asia-Pacific with a share of 31.2%. The global healthcare CMO market is anticipated to rise at a CAGR of 14.30% between 2013 and 2019 with a market worth of US$246.5 bn by the end of 2019 from a value of US$97.6 bn in 2012.
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