Healthcare Contract Development And Manufacturing Organization Market Growth & Trends
The global healthcare contract development and manufacturing organization market size is expected to reach USD 471.0 billion by 2030 at a CAGR of 9.2% according to a new report by Grand View Research, Inc. The market is expected to show lucrative growth due to increasing R&D expenditure and rising outsourcing trends.
Healthcare contract development and manufacturing organization (CDMO) provides outsourcing services to various pharmaceutical industries on a contract basis. An increase in the outsourcing by pharmaceutical companies, expansions in the pharmaceutical industry, and the support of CDMOs in reducing the operational and capital expenses are some of the major factors anticipated to propel the market growth in the forecast period.
In addition, growing pressure on pharmaceutical and medical device companies to follow stringent timelines has increased the demand for outsourcing development and manufacturing activities to CDMOs. Further, due to the increasing demand for medical devices in emerging countries, various companies are shifting their focus on research and development and outsourcing medical devices. Also, the rise in outsourcing of R&D and the growing competency of CDMOs are expected to further contribute to the growing demand for early-stage development CDMOs by life science companies.
However, increasing logistic costs, serialization issues faced by healthcare organizations, and the threat of infringement of Intellectual Property (IP) rights are anticipated to restrain the market growth for healthcare contract development & manufacturing organization over the forecast period.
Healthcare Contract Development and Manufacturing Organization Market Report Highlights
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