LONDON--(BUSINESS WIRE)--The global pharmaceutical contract research and manufacturing (CRAM) market is expected to post a CAGR of more than 9% during the period 2019-2023, according to the latest market research report by Technavio.
Developing countries such as India, China, Mexico, and Brazil are witnessing significant improvements in their healthcare infrastructure and technological innovations in their drug development processes. As a result, several pharmaceutical companies from developed countries are outsourcing the research and manufacturing operations to the vendors in such countries. The availability of labor at a comparatively lower price is one of the critical reasons for the growing popularity of outsourcing these processes. Moreover, the rising number of US FDA-approved manufacturing plants in developing countries also encourages outsourcing. These factors will augment the growth of the pharmaceutical CRAM market during the forecast period.
As per Technavio, the advent of big data will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global pharmaceutical contract research and manufacturing (CRAM) market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global pharmaceutical contract research and manufacturing (CRAM) market: Advent of big data
The pharmaceutical industry has undergone significant changes over the years, in terms of technology for R&D of drugs. One of these significant advances include the use of analytics for identifying various essential aspects of research. The use of analytical tools for clinical data synthesis helps companies to quicken the drug development process. Big data helps avoid the high cost of adverse events. It also allows companies to keep a record of patients for long durations, which enables regular monitoring after treatment. The advent of big data will benefit CROs as it makes the process more efficient.
“Several countries such as the UK, the US, Germany, Canada, and France, have developed healthcare infrastructure and strong financial support to study and develop therapies for the treatment of various indications. Moreover, various institutions and government organizations provide funding to vendors to develop advanced therapies to quicken the approval process and ensure the safety of drug administrations. Strong research funding will result in the development of novel therapies and the growth of the pharmaceutical CRAM market during the forecast period,” says a senior research analyst at Technavio.
Global pharmaceutical contract research and manufacturing (CRAM) market: Segmentation analysis
This market research report segments the global pharmaceutical contract research and manufacturing (CRAM) market by service (CMO and CRO) and geographic regions (North America, Asia, Europe, and ROW).
The CMO segment held the largest pharmaceutical contract research and manufacturing (CRAM) market share in 2018. Although the CRO segment held the smallest share of the pharmaceutical CRAM market in 2018, it will register the highest incremental growth during the forecast period.
The North America region led the market in 2018, followed by Asia, Europe, and ROW respectively. The market growth in North America can be attributed to the strong CRO segment in the region and the growing popularity of CMOs in the US and Mexico.
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- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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