LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global contract development and manufacturing organization outsourcing (CDMO) market to grow at a CAGR of more than 7% during the period 2018-2022, according to their latest market research report.
The advent of robotic process automation is one of the major trends being witnessed in the global contract development and manufacturing organization outsourcing market. The increasing cost of manufacturing drugs affects the revenues of pharmaceutical companies. Leading pharmaceutical companies are re-evaluating their business operations and partnering with CDMOs to develop and manufacture drugs.
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In this report, Technavio analysts highlight the increasing need for cost-effective solutions as a key factor contributing to the growth of the global contract development and manufacturing organization outsourcing market:
Global contract development and manufacturing organization outsourcing market: Increasing need for cost-effective solutions
The discovery, development, and manufacturing of drugs are expensive as the pharmaceutical companies must make significant investments to set up manufacturing facilities. Several drugs fail at an early stage of drug discovery, which increases the cost. Thus, several pharmaceutical companies outsource processes such as drug development, clinical trials, and commercial production to CDMOs.
According to a senior analyst at Technavio, “Previously, CDMOs focused on their core competencies such as drug manufacturing and formulation. However, CDMOs are now involved in the discovery, development, and manufacturing of drugs. In most cases, outsourcing the development and manufacturing of drugs to CDMOs is less expensive than setting up in-house infrastructure and hiring the necessary staff.”
Global contract development and manufacturing organization outsourcing market - Small molecules segment leads the market
This market research report segments the global contract development and manufacturing organization outsourcing market into the following products (small molecules and biologics) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the small molecules segment held the largest market share in 2017, contributing to over 82% of the market. The market share occupied by this segment is expected to decrease by over 2% by 2022. However, this product segment will dominate the global market throughout the forecast period.
The Americas was the leading region for the global contract development and manufacturing organization outsourcing market in 2017. It accounted for a market share of approximately 42%. It was followed by EMEA and APAC. APAC is expected to project the fastest growth during the period 2018-2022.
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- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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