The healthcare CMO market consist of contract manufacturing organizations that provide development and manufacturing services for pharmaceutical, biotechnology and medical device companies. They help pharmaceutical companies to reduce manufacturing costs, access specialized expertise and focus resources on core competencies. The global healthcare CMO Market is estimated to be valued at US$ 440.5 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Rising outsourcing activities is one of the key trend fueling the growth of healthcare CMO market. Outsourcing drug manufacturing allows companies to reduce manufacturing costs by leveraging economies of scale of large CMOs. It also help alleviate risks associated with product liability as manufacturers transfer quality and regulatory responsibilities to CMOs. Specialized CMOs also provide access to advanced technologies and expertise in areas such as biologics and cell therapies. This enable pharmaceutical companies to focus internal resources on drug discovery and clinical development. Growing preference towards outsourcing manufacturing is expected to drive demand over the forecast period. Segment Analysis Content: The global healthcare CMO market is segmented based on service, therapeutic area and region. The pharmaceutical manufacturing segment is expected to dominate this market during the forecast period. This segment accounts for the largest market share owing to increasing demand for generic drug manufacturing and high outsourcing of pharmaceutical manufacturing activities to CMOs. Key Takeaways Global Healthcare CMO Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 8.3% during this period and reach a size of US$ 817.6 Mn by 2030 from US$ 440.5 Mn in 2023. Regional analysis: North America is currently the largest and fastest growing regional market for healthcare CMOs. This is attributed to factors such as presence of well-established pharmaceutical and medical device companies, high healthcare expenditure and increasing focus on outsourcing manufacturing activities to lower costs. Asia Pacific is expected to be the fastest growing region during the forecast period due to low manufacturing costs and huge patient base in the region. Key players: Key players operating in the healthcare CMO market are Abbott Laboratories, Danaher Corporation, Siemens Healthineers, Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Sysmex Asia Pacific Pte Ltd, Becton, Dickinson and Company, Sight Diagnostics, Horiba, and Nihon Kohden Corporation. Abbott Laboratories and Danaher Corporation are the prominent players contributing to the dominant share of North America in the global market. Sysmex Asia Pacific Pte Ltd and Nihon Kohden Corporation have strong presence in the Asia Pacific market. Get More Insights On This Topic: https://www.ukwebwire.com/global-healthcare-cmo-market-trends/
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