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DUBLIN--(BUSINESS WIRE)--Nov 8, 2022--
The CMO+Market+Report+2022%3a+Escalating+Role+of+Artificial+Intelligence+Technology+Presents+Opportunities&utm_exec=como322prd" rel="nofollow" shape="rect">"Global Healthcare CMO Market: Analysis By Type (Pharmaceutical and Medical Device), By Region (North America, Europe, Asia Pacific, ROW), Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global healthcare CMO market was valued at US$115.90 billion in 2021, and is predicted to grow to US$230.24 billion in 2027. Healthcare CMOs, or healthcare contract manufacturing organizations, are companies that provide comprehensive services such as drug development and manufacturing for a set period of time under a legal contract.
In the healthcare industry, a Contract Manufacturing Organization (CMO) provides services to pharmaceutical companies, hospitals, and others. Pre-formulation, formulation development, stability studies, method development, pre-clinical and Phase I clinical trial materials, and late-stage clinical trial materials are among the services provided. The global healthcare CMO market is determined to grow at a CAGR of 12.12% over the forecasted period of 2022-2027.
Market Segmentation Analysis:
By Type: The report identifies two segments on the basis of type: Pharmaceutical and Medical Device. Pharmaceutical CMO segment is further divided into two segment on the basis of service: Active Pharmaceutical Ingredients (API) and Others. The device manufacturing segment is expected to grow at the fastest rate in the market during the forecast period, with a CAGR of 13%, owing to increasing outsourcing of device manufacturing due to a lack of in-house manufacturing facilities and complexity.
By Region: In the report, the global healthcare CMO market is divided into four regions: North America, Europe, Asia Pacific, and ROW. North America accounted for the maximum share of more than 37% of the global market in 2021. The market in North America is being driven by the region's increased emphasis on drug discovery and manufacturing outsourcing. The region is increasing its use of scientific exploration of disease mechanisms leading to the discovery and development of agents. Pre-clinical testing is an important stage in pharmaceutical research. At this stage, several tests are performed to determine whether a drug is ready for clinical trials
Market Dynamics:
Growth Drivers: One of the key drivers of the market's expansion is the growing inclination towards herbal products. Consumers have recently expressed a strong preference for natural/herbal beauty products, so herbal ingredients are increasingly being used in cosmetics and personal care products. In addition, companies are putting more effort into switching from synthetic chemicals to natural ingredients, primarily in response to growing consumer demand and in an effort to find a sustainable source of raw materials. To meet this ongoing demand, organizations are shifting their manufacturing processes to third-party CMOs, which aids in the growth of CMOs in the cosmetics and personal care sector, thus boosting the market growth. Other significant growth factors of the market include: surging geriatric population, rising healthcare expenditure, increasing spread of chronic diseases, escalating demand for generic drugs, and increasing demand for API.
Challenges: However, some challenges are impeding the growth of the market such as rapid technological advancement and dependency on patents, copyrights, trademarks and trade secrets. Industry players rely on a combination of know-how, trade secrets, patents, copyrights, trademarks, and other intellectual property laws, nondisclosure and other contractual provisions, and technical measures to protect many of company's offerings and intangible assets. These proprietary rights are important to the ongoing operations. The company's exclusive rights under certain of the offerings are protected by patents, some of which would expire in the near term. When patents covering an offering expire, loss of exclusivity may occur, which may force companies to compete with third parties, thereby negatively affecting the revenue and profitability and simultaneously hinders the growth of the industry.
Trends: The market is projected to grow at a fast pace during the forecast period, due to escalating role of artificial intelligence technology and evolution of advanced respiratory equipment. Healthcare artificial intelligence (AI) has transformed by assisting in repetitive tasks, designing treatment plans, medication management, and drug discovery. It can also be effectively used for healthcare data management by collecting, storing, and normalizing the data. Contract manufacturers are incorporating AI and other technological innovations to become more cost-effective and speed up production time. In addition, pharmaceutical CMOs are constantly developing AI technology in order to facilitate better risk detection and, in turn, improve the quality and safety of pharmaceutical products.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of Covid-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
Companies Mentioned
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KEYWORD:
INDUSTRY KEYWORD: PHARMACEUTICAL HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/08/2022 05:36 AM/DISC: 11/08/2022 05:36 AM
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