Healthcare CMO Market to Reach US$ 223,355.6 million by 2027 at 12.2% CAGR: The Insight Partners
Active Pharmaceutical Ingredient (API) is expected to drive the growth of the global healthcare CMO market by sub segment of service segment
NEW YORK, UNITED STATES, March 15, 2023 /EINPresswire.com/ -- According to a new market research study titled ‘Healthcare CMO Market to 2027 – Global Analysis and Forecasts by Service and Geography. The global healthcare CMO market is expected to reach US$ 223,355.6 Mn in 2027 from US$ 80,479.4 in 2018. The market is estimated to grow with a CAGR of 12.2% from 2019-2027. The market is expected to grow due to increasing contract manufacturing of the active pharmaceutical ingredients (API) for the pharmaceutical contract manufacturing services.
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Contract manufacturing organization (CMO) also known as contract development and manufacturing organization is a company that serves several other companies in the medical devices as well as pharmaceutical and biopharmaceutical sector with comprehensive services from development, manufacturing to packaging. These services are outsourced by various OEM players in the business in order to help with the scalability, and save marginally on production costs.
Global healthcare CMO market, based on services was segmented as, pharmaceutical contract manufacturing services and medical device contract manufacturing services. The pharmaceutical contract manufacturing services is further classified as active pharmaceutical ingredients (API), final dosage form manufacturing and packaging market. Similarly, the medical device contract manufacturing services is divided into outsourcing design, device manufacturing and final good assembly markets. In 2018, the pharmaceutical contract manufacturing services segment held the largest share of the market, by service. Also, the pharmaceutical contract manufacturing services segment is expected to witness fastest growth at a fastest CAGR of 12.6% during 2019 to 2027.
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The major players operating in the healthcare CMO market, Royal DSM, Catalent, Inc, Boehringer Ingelheim International GmbH, Recipharm AB (publ), Fareva, Lonza, Piramal Enterprises Ltd, Dr. Reddy’s Laboratories Ltd., Almac Group, FAMAR Health Care Services
The report segments the global healthcare CMO market as follows:
Global Healthcare CMO Market – By Service
• Pharmaceutical Contract Manufacturing Services
o Active Pharmaceutical Ingredients (API) Manufacturing
o Final Dosage Form Manufacturing
o Packaging
Medical Device Contract Manufacturing Services
o Outsourcing Design
o Device Manufacturing
o Final Goods Assembly
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About The Insight Partners
The Insight Partners is a one-stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Healthcare, Media, and Telecommunication.
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