Pharmaceutical Products CMO Market: Rising Demand Promises Double Digit Growth
The pharmaceutical products CMO market is expected to witness major growth in the near future. The demand for various pharmaceutical products is rising, thanks to an aging population, rising chronic illnesses, and an expanding manufacturing base. Additionally, technological advances are also expected to open new cost-cutting and outsourcing opportunities in the pharmaceutical products CMO market. The market is expected to witness double-digit growth in both emerging and developed nations, mainly due to the expansion of healthcare facilities and rapidly rising aging population.
Changing Regulatory Framework Promises to Push Conventional Boundaries
The changing regulatory framework in emerging nations is a major boost for the pharmaceutical products CMO market. This includes China’s move to push innovation in healthcare by laying emphasis on the creation of original patents. Additionally, various LATAM nations have adopted free-trading agreements in another boost to the pharmaceutical products CMO market. The newly adopted regulatory framework in these countries promises to open new and vibrant opportunities for players in the pharmaceutical products CMO market.
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Patent Expiries a Mixed Bag of Challenges and Opportunities
Outsourcing has become a major source of growth for the pharmaceutical products CMO market. Additionally, technologies like 3D printing are pushing the envelope with easy access to advanced manufacturing design and processes. Moreover, the expiry of patents in the developed world is expected to drive a much wider push for the pharmaceutical products CMO market. This promises to be a mixed bag of opportunities as expiry of patents would likely have an adverse impact on profit margins. However, the challenge is expected to drive more revenues in the hands of CMOs as product innovation becomes easier to outsource, and marketing ventures often become the sole responsibility of the parent organization.