Global Contract Manufacturing Market Report 2023: Sector is Expected to Reach $512.74 Billion by 2030 at a CAGR of 9.58%
Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "Global Contract Manufacturing Market Size, Trends, and Growth Opportunity, by Product, by End-user, by Distribution Channel by Region and Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global contract manufacturing market was valued at USD 246.51 Billion in 2022 and is slated to reach USD 512.74 Billion by 2030 at a CAGR of 9.58 % from 2023-2030.
Companies Mentioned
Nordson Corporation
Viant Technology LLC
Integer Holdings Corporation
Jabil Inc.
Celestica Inc.
Sanmina Corporation
FLEX LTD.
Plexus Corp.
Synecco
Phillips-Medisize
West Pharmaceutical Services Inc
In cases where one company arranges for another company in another country to manufacture its products - a practice known as international subcontracting or international outsourcing - contract manufacturing is used. All requirements and, if necessary, the materials needed for the production process are given to the manufacturer by the company.
This kind of contract lays forth the specifications that the manufacturer must satisfy on the quality of the products, certification, quantity, conditions, and delivery dates, among other things.
Additionally, it defines regulations for the product testing and inspection carried out by the business that outsources manufacturing or by its customers. It also describes order adjustments, assurances, and payment in the event of contract violations. This form of contract can be used by a variety of different businesses and industries because the procedure fundamentally involves outsourcing production in foreign markets to a partner who will privately brand the finished product.
Market Drivers
For both public and private sector organizations, inefficient production, time-consuming manufacturing, and management are substantial challenges. They are also necessary for dealing with complex issues because it takes more than one organization to effect change and, occasionally, the necessary results.
The government and commercial sectors will have more prospects thanks to the contract manufacturing businesses. The leading companies are being pushed towards strategic initiatives by the growing demand for contract manufacturing with better precision and fewer time constraints.
By releasing the overhead costs necessary to invest in equipment, materials, and additional labor, owning contract manufacturing streamlines the supply chain and makes it easier to produce goods. Due to the escalating demand in the pharmaceutical sector, it takes significant production investments to rapidly release a new drug onto the market. Because some pharmaceuticals have complicated formulations and need particular tools and processes when mass-produced, advanced technology and abilities are essential.
For speedy and efficient manufacturing, the use of cutting-edge technologies like machine learning, big data, and artificial intelligence to produce pharmaceutical medications or manufacture medical devices is being studied. These technological developments also facilitate rapid scaling and mass production.
Market Restraints
To cut costs, the majority of pharmaceutical corporations are constructing manufacturing facilities to create pharmaceutical products. The introduction of cutting-edge technologies and the digitization process are manufacturers' top priorities. New business models and a population that is more focused on personalized medicines and treatments are two more factors causing changes in the pharmaceutical industry.
As a result, there is a great need for individualized care. Occupational profiles are also evolving; while some professions are being replaced by technology, others are being created from scratch. Consequently, the expansion of the worldwide contract manufacturing market during the forecast period may be hampered by the growing number of pharmaceutical businesses establishing their manufacturing facilities.
Key Attributes:
Report Attribute | Details |
No. of Pages | 262 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD(BN)) in 2022 | USD(BN)246.51 Billion |
Forecasted Market Value (USD(BN)) by 2030 | USD(BN)512.74 Billion |
Compound Annual Growth Rate | 9.5% |
Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Global Contract Manufacturing Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing Economic Downturn
4.2.6 Post Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Contract Manufacturing Market, By Product
5.1 Y-o-Y Growth Comparison, By Product
5.2 Global Contract Manufacturing Market Share Analysis, By Product
5.3 Global Contract Manufacturing Market Size and Forecast, By Product
5.3.1 Medical Device Manufacturing
5.3.2 Pharmaceutical Products Manufacturing
6 Global Contract Manufacturing Market, By End User
6.1 Y-o-Y Growth Comparison, By End User
6.2 Global Contract Manufacturing Market Share Analysis, By End User
6.3 Global Contract Manufacturing Market Size and Forecast, By End User
6.3.1 Pharmaceutical Companies
6.3.2 Biotechnology Companies
6.3.3 Biopharma Companies
6.3.4 Medical Device Companies
6.3.5 Original Equipment Manufacturer
6.3.6 Research Institutes
7 Global Contract Manufacturing Market, By Distribution Channel
7.1 Y-o-Y Growth Comparison, By Distribution Channel
7.2 Global Contract Manufacturing Market Share Analysis, By Distribution Channel
7.3 Global Contract Manufacturing Market Size and Forecast, By Distribution Channel
7.3.1 Retail Sales
7.3.2 Direct Tender
7.3.3 Others
8 Global Contract Manufacturing Market, By Region
9 North America Contract Manufacturing Market Analysis and Forecast (2023-2030)
10 Europe Contract Manufacturing Market Analysis and Forecast (2023-2030)
11 Asia Pacific Contract Manufacturing Market Analysis and Forecast (2023-2030)
12 Latin America Contract Manufacturing Market Analysis and Forecast (2023-2030)
13 Middle East Contract Manufacturing Market Analysis and Forecast (2023-2030)
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/atzboi
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