Pharmaceutical Continuous Manufacturing Market Set for Remarkable Growth, To Grow at a Lucarative CAGR – Zion Market Research
Zion Market Research has published a new report titled “Pharmaceutical Continuous Manufacturing Market by Application (Active Pharmaceutical Ingredient, Biologics, and Dry Powders), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and by End-users (Pharmaceutical Companies and Contract Manufacturing Organization): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global pharmaceutical continuous manufacturing market was valued at approximately USD 1934.0 million in 2017 and is expected to generate revenue of around USD 3406.0 million by the end of 2024, growing at a CAGR of around 8.4% between 2018 and 2024.
The manufacturing process of pharmaceutical products without any kind of interruption is referred to as continuous manufacturing. Continuous manufacturing is the opposite of batch manufacturing. It is also known as flow production; where the manufacturing is carried out in one go. Product recalls and shortages of drugs at unprecedented rates have occurred in the U.S. over the past decade. This is restricting patient access to vital medications and is undermining health care. The significant reason behind these recalls and shortages has been due to quality issues of manufacturing.
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In the continuous manufacturing process, the raw material is inserted into the system and the final product is produced in a continuous manner. Continuous manufacturing processes have a number of benefits over the batch manufacturing process. As the continuous manufacturing is more flexible and agile, due to which the changes in supply or demand can be responded more quickly. This is majorly beneficial in emergency circumstances such as critical drug shortages for vital or epidemic outbreaks. The rapid increase in production volume and higher process safety by using a continuous manufacturing process will significantly drive the market over the forecast period. However, the difficulties in the adoption of a continuous process over the batch production process will limit the market growth during the forecast period.
The pharmaceutical continuous manufacturing market is segmented on the basis of application into an active pharmaceutical ingredient, dry powders, and biologics. The biologics application segment is expected to contribute to the largest share in the global pharmaceutical continuous manufacturing market owing to the high demand for biologics worldwide.
Based on the distribution channel, global pharmaceutical continuous manufacturing market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. Retail pharmacy segment is expected to hold the major share by distribution channel during the forecast period. Whereas the online pharmacy segment is anticipated to grow at the highest CAGR owing to the increasing preferences for e-commerce platforms together with benefits provided by online pharmacies such as home delivery and other discount offers.
By end-user, the market is segmented into pharmaceutical companies and contract manufacturing organization. The pharmaceutical companies are anticipated to contribute to the largest share for the global pharmaceutical continuous manufacturing market during the forecast period. Whereas, the contract manufacturing organization is expected to register the highest CAGR owing to an increasing base of contract manufacturing organization in developing nations.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are major regional segments of the global pharmaceutical continuous manufacturing market. Europe is anticipated to remain as the leading region over the forecast period. The presence of pharmaceutical companies, as well as contract research organizations in the region coupled with growing regulatory supervision of manufacturing facilities, will drive the market in the region. The market for pharmaceutical continuous manufacturing is expected to grow at the highest CAGR in the Asia Pacific region. Developing nations such as China and India are the most prominent markets owing to the increasing pharmaceutical industries, and developing healthcare infrastructure in the region.
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Some of the key players in pharmaceutical continuous manufacturing market include Siemens AG, Corning Life Sciences, S K Biotek Ltd., Scott Equipment Company, GEA Group, Korsch AG, Chemtrix, and Continuus Pharmaceuticals, among others.
- CDN Newswire