LONDON--(BUSINESS WIRE)--The global pharmaceutical contract research and manufacturing (CRAM) market is expected to grow by USD 62.67 billion during the period 2019-2023, according to the latest market research report by Technavio. The growth momentum of the market is expected to accelerate due to an increase in year-over-year growth.
Technavio researchers, however, project the availability of cost-efficient resources in emerging markets as a key factor that will drive market growth. Emerging economies are witnessing significant improvement in healthcare infrastructure and technological advancements. Thus, several developed nations are outsourcing research and manufacturing operations to vendors in emerging countries. The availability of cost-efficient resources in emerging countries is one of the major reasons for the growing popularity of outsourcing. These factors will have a major positive impact on the growth of the pharmaceutical CRAM market during the forecast period.
This market research report on the global pharmaceutical contract research and manufacturing (CRAM) market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the advent of big data as one of the key emerging trends in the global pharmaceutical contract research and manufacturing (CRAM) market:
Global Pharmaceutical Contract Research and Manufacturing (CRAM) Market: Advent of Big Data
The advent of big data has become one of the popular contract manufacturing industry trends. Several pharmaceutical CRAM companies are adopting big data, as it helps in handling complex data in the drug development process. Moreover, the use of big data also helps in the identification of new potential drug candidates and the monitoring of side effects. Such advantages are boosting the adoption of big data, which will have a significant impact on the growth of the pharmaceutical CRAM market during the forecast period.
“The pharmaceutical CRAM market is witnessing a significant rise in research funding in countries with advanced healthcare infrastructure. Countries such as the UK, the US, France, and Canada have developed healthcare infrastructure and strong financial support to study and develop therapies for the treatment of various indications. Such strong financial support will stimulate the growth of the pharmaceutical CRAM market during the forecast period,” says a senior 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 (CRO and CMO) and geography (Asia, Europe, North America, and ROW).
The CMO segment held the largest market share in 2019, accounting for close to 70% of the market. This product segment is expected to dominate the global market throughout the forecast period.
North America led the market in 2018 with a market share of close to 36% of the overall pharmaceutical contract research and manufacturing (CRAM) market. The market share occupied by this region is anticipated to decrease slightly during 2019-2023.
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Some of the key topics covered in the report include:
- 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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