Albany, NY -- (SBWIRE) -- 11/24/2017 -- A research study on the global healthcare CMO market, recently published by Transparency Market Research (TMR), anticipate this market to rise at a healthy CAGR of 14.30% over the period from 2013 to 2019. The market is likely to experience an increase in its value from US$97.6 bn in 2012 to US$246.5 bn by the end of the forecast period.The research report is titled "Healthcare CMO Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019."
Contract manufacturing outsourcing (CMO) involves outsourcing of certain manufacturing activities that were previously performed by the producer to a third-party. It is an emerging trend in the global healthcare industry. Nowadays, most of the medical and pharmaceutical devices manufacturers are outsourcing production activities to contract manufacturers in order to reduce production cost without compromising on the product quality or to achieve expertise in a specific business segment, which is not available in-house.
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According to the report, the presence of a skilled workforce at a low price in emerging economies has encouraged companies involved in the production of medical and pharmaceutical devices to outsource certain manufacturing activities, propelling the global healthcare CMO market significantly. The restructuring of manufacturing procedures and other activities involved in the production of medical and pharmaceutical devices has also strengthened the contract manufacturing outsourcing trend in the global healthcare industry.
The report analyzes the global healthcare CMO market on the basis of the type of service and the regional spread of this market. Based on the service type, the market has been broadly classified into pharmaceutical CMO services and medical device CMO services. The pharmaceutical CMO services segment dominated the global market with a share of 55.4% in 2012.
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Based on its regional spread, the research report has segmented the global healthcare CMO market into North America, Asia Pacific, Europe, and the Rest of the World. North America occupied the leading position in the overall market in 2012. However, Asia Pacific is likely to register expansion at the fastest CAGR of 17.80% over the forecast period.
The implementation of favorable regulations and policies by various governments across the world, amendments in intellectual property protection rights, and the augmented uptake of novel technologies are the key factors driving the growth of the Asia Pacific healthcare CMO market.
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Additionally, the low labor cost and several tax benefits are also projected to fuel the healthcare CMO market in Asia Pacific, states the research study.
Symmetry Medical Inc., Piramal Healthcare, Patheon Inc., Lonza Group, Greatbatch Inc., Fareva, DSM, Catalent Pharma Solutions Inc., Boehringer Ingelheim GmbH, and Accellent Inc. are some of the major companies functional in the global healthcare CMO market, mentioned in this research report.
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About Transparency Market Research
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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