PUNE, India, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The Global Healthcare Contract Manufacturing Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Healthcare Contract Manufacturing Market was valued at US$ 153 billion in 2019 and is expected to reach US$ 395 billion by 2030 at a CAGR of 9%. Contract manufacturing denotes a producer who deals with another firm to make certain constituents or outputs over a mutually decided time. The healthcare contract manufacturing business assists other corporations in medical device and pharmaceutical production to deliver wide-ranging facilities from drug improvement to drug production.
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Healthcare contract manufacturing is a vast sector with a huge number of integrated services. Some of the services consist of OTC medicines and nutritional products, final dosage form manufacturing, packaging, advanced drug delivery products, active pharmaceutical ingredient manufacturing, and others. In the same way, Healthcare contract manufacturing also consists of different services like outsourcing design, final goods assembly, device manufacturing, and others. Device manufacturing services comprise electronic manufacturing services, material process services, and finished products. Furthermore, the growing demand for high-tech products is a key factor in boosting the market. Equipment manufacturers are outsourcing the manufacturing services of medical devices to third parties, mainly in developing economies. Further, increasing cases of cardiac diseases are improving the demand for cardiac equipment, in that way positively affecting the market expansion.
The medical devices segment dominated the market in 2019
The global healthcare contract manufacturing market can be divided on the basis of industry, service type, and type. On the basis of type segment, the market can be divided into sterile and non-sterile. Depending on the service type, the healthcare contract manufacturing market comprises pharmaceutical contract manufacturing services, medical device contract manufacturing services. Based on industry the healthcare contract manufacturing market is divided into biopharmaceutical, medical device, and pharmaceutical.
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The Cardiology segment held the major share in 2019 and is also anticipated to perceive a substantial growth rate throughout the evaluation period. Growing demand for cardiac devices as a result of growing cases of related disorders is credited to the development of outsourcing of these devices. Furthermore, high complications of cardiovascular devices and necessity for technological proficiency result in greater subcontracting of these devices.
On the basis of industry segment, the global market has been classified as pharmaceutical industry, medical device industry, and biopharmaceutical industry. The medical devices segment dominated the market in 2019 by holding 43 percent income stake of the market as a result of the thriving evolution of the global medical device industry.
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Based on geography, the global Healthcare Contract Manufacturing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, the United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Indonesia, Australia, South Korea, Taiwan, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The APAC region led the market in the year 2019 and is likely to stay prevailing throughout the assessment period as a result of refining healthcare facilities and the economic development of emerging nations. Furthermore, the lesser price of conducting clinical trials in this region eventually inspires producers to move their manufacturing divisions, which ultimately boosts the market expansion in the Asia Pacific region.
North America is also anticipated to observe noteworthy development during the evaluation timeframe on account of the existence of a huge number of main corporations in the North American region. These players are concentrating on growing their production services to fulfill the rising requirements for pharmaceuticals and medical devices.
Major players active in the global Healthcare Contract Manufacturing Market AbbVie, Vetter Pharma International, Lonza AG, Patheon, Catalant, Benchmark Electronics, Hamilton Company, Flex Ltd, Forefront Medical Technologies, Evonik Industries, Teva Pharmaceutical Industries, Sanmina Corporation, Aesica Pharmaceuticals, Mylan, Grifols International, S.A, and Boehringer Ingelheim.
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