An increasing number of companies within the pharmaceutical sector have been considering contract manufacturing in response to the increasing demand for generic drugs and biologics. In a new study, Future Market Insights (FMI) has forecast the global contract manufacturing/ contract development and manufacturing organization (CMO/ CDMO) market to surpass US$ 18 Bn by 2020.
According to the study, contract manufacturing accounts for 3/4th of all the CMO and CDMO services. Focus towards cost management, enhanced process flow, and better scalability will drive the market over the forecast period. Besides this, the increasing demand for skin care products, which also accounts for the leading share in terms of product type, will enable the market gain impetus in the coming years.
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Key Takeaways from CMO/CDMOs Market Study
- CMO/ CDMO services has become highly sought-after in pharmaceutical and beauty industries. FMI has projected the market to report 6.2% CAGR between 2020 and 2030
- The U.S. is expected to account for over 77% of sales in North America by 2030
- The U.K. will represent impressive scope for expansion, exhibiting above 7% CAGR through the forecast period
- The rising focus on healthcare and wellness spending will support growth in Germany and France
- The availability of inexpensive labor and resources will continue supporting growth in China. However, Japan and South Korea markets are expected to register higher percentage of growth over the forecast period
In terms of the effect of COVID-19 pandemic on the demand of CMO/CDMO services, there was a negative impact on the market growth. One of the major issues was related to the supply chain gap. Prior to COVID-19, contract manufacturing was one of the most preferred sectors in the growing beauty and personal care industry. However, due to the pandemic, the industry suffered major setbacks as expected product launches were delayed. A shift was observed in consumer habits. Reduction of sales of leading products was recorded along with production slowdowns, which caused overhead to curb the profitability.
Who is Winning?
Collaboration is the key strategy amongst market players. The CMO/CDMO companies continue to focus on collaborations to gain sustainability in the market.
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