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Pharmaceutical Contract Manufacturing Market Analysis
Spend growth of this market has the potential to touch a value of over USD 30 billion with spend momentum that will accelerate at a CAGR of more than 6% between 2019-2024. This increasing spend on pharmaceutical contract manufacturing services will be primarily attributed to the robust growth of the API market due to the increasing prevalence of chronic diseases such as cancer, diabetes, dementia, and arthritis. The rise in the prevalence of these diseases is driving the need for new technological advancements for the production of innovative APIs.
Top Spending Regions in the Pharmaceutical Contract Manufacturing Market
Factors like outsourcing of services and high expenditure on healthcare are some of the critical spend growth drivers in the global pharmaceutical contract manufacturing market.
North America
Market share in this region will be owed to the adoption of well-developed novel technologies by service providers and high healthcare expenditure in the region. Historically, this region has outsourced its manufacturing to LCCs in APAC, such as India, China, and Singapore.
APAC
In the global pharmaceutical contract manufacturing market, APAC is expected to experience the highest growth owing to the several manufacturing facilities built by governments, with plant utilization capacities of nearly 75%. For instance, the government of China has built manufacturing facilities and provided loans at very low interest rates to manufacturers.
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Insights Offered in this Pharmaceutical Contract Manufacturing Market Report
Insights into Some of the Leading Pharmaceutical contract Manufacturing Service Providers
This pharmaceutical contract manufacturing market procurement intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top pharmaceutical contract manufacturing service providers. The top service providers highlighted in this report include:
Criteria to select suppliers in this dynamic pharmaceutical contract manufacturing market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
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