CMO/CDMO Market projects a CAGR of over 6% for the market growth through 2020 to 2030
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.In its new study, Future Market Insights (FMI) offers insights into key factors driving contract manufacturing / contract development and manufacturing organization market. The study points toward skin products being the most sought-after. East Asia acquired about 20% of the market share, globally. The report also tracks current trends in manufacturing of cosmetic products, adoption rate of personal care products across regions.
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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.
With an increasing number of companies within the pharmaceutical sector considering outsourcing services, the demand for services from contract manufacturing and contract development manufacturing organizations will rise. Future Market Insights (FMI) sees incredible potential for the expansion of the CMO/CDMO market in the near future. The rising demand for generic medicines and biologics will pave way for the growth of the market.
Increasing shift towards private label brands have created vast opportunities for the CMO/CDMOs. Now a days, shift in consumer preferences have increased the demand for private label brands and is expected to present opportunities for CMOs in near future. The shift is majorly attributable to price, accessibility, assortment, and reviews & ratings.
Social medical and e-commerce play a vital role behind the rising demand for private label brands. According to a study, private label brands exhibited considerable growth as they increased their visibility online. The major advantages of private label brands are their price point and retail availability, consumer can have the products at a cheaper rate with high accessibility due to wide availability through various vendors.
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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
“Manufacturers operating in the market are keen on forging strategic partnerships with leading cosmetics brands and pharmaceutical companies. Collaborations are expected to remain a primary strategy adopted by market players to gain competitive edge,” says FMI analyst
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.
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Collaboration is the key strategy amongst market players. The CMO/CDMO companies continue to focus on collaborations to gain sustainability in the market.
- For instance, In February 2021, Lonza signed an agreement to divest its specialty ingredients business to Bain Capital and Cinven, aiming to refocus as a pure-play partner to the healthcare industry.
- In 2021, Pierre Fabre Group hosted a pioneering custom online partnering forum, partnering with biopharmaceutical firms aiming to accelerate the digital transformation of Pierre Fabre Group
- In 2020, In March 2020, Pierre Fabre Group, in partnership with numerous hospitals in the Occitania region of France, donated hand care creams, body cleansing gels and thermal spring water sprays and hand sanitizers necessary to combat the spread of Covid-19.