NEW YORK, April 24, 2019 /PRNewswire/ -- About this market
The significant advances in their healthcare infrastructure and technological advances in their drug development processes. As a result, large and medium-sized pharmaceutical companies from developed countries are outsourcing the research and manufacturing operations of various drugs and therapies to the vendors in such countries. Factors such as the increasing number of US FDA-approved manufacturing plants in such countries also encourage outsourcing. The rapidly evolving market environment and the strong support of the Government of China help the country specialize in the research of drugs, including regenerative medicines and small-molecule based drugs. Therefore, the global pharmaceutical CRAM market is expected to grow strongly during the forecast period. Analysts have predicted that the pharmaceutical contract research and manufacturing (CRAM) market will register a CAGR of more than 9% by 2023.
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Market Overview
Growing need to focus on core competencies
One of the growing changes in the global pharmaceutical market is the increasing volume of outsourcing of partial or complete research and manufacturing processes to CROs and CMOs. This is primarily due to the rising focus of the sourcing companies on developing therapies for large indications such as oncology, neurology, and autoimmune disorders.
Stereotypical nature of CMOs
Despite the growing popularity of CMOs in emerging countries such as China and India, the global pharmaceutical CRAM market faces a major challenge from the limited offerings of the CMOs. This is currently a major challenge faced by CMOs, which is expected to significantly hinder the growth of the global pharmaceutical CRAM market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the pharmaceutical contract research and manufacturing (CRAM) market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately concentrated and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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