LONDON–(BUSINESS WIRE)–Mar 13, 2020–
The global pharmaceutical contract research and manufacturing (CRAM) market is poised to grow by USD 69.09 billion during 2020-2024, progressing at a CAGR of over 9% during the forecast period.
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Technavio has announced its latest market research report titled Global Pharmaceutical Contract Research and Manufacturing Market 2020-2024 (Graphic: Business Wire)
The market is driven by the availability of cost-efficient resources in emerging markets. In addition, the growing need to focus on core competencies is anticipated to boost the growth of the pharmaceutical contract research and manufacturing (CRAM) market.
The drug development processes department of various emerging economies including Brazil, Mexico, China, and India is incorporating technological advances in its healthcare infrastructure. In addition, they are installing more US FDA-approved manufacturing plants. For instance, India has more than 100 US FDA-approved manufacturing facilities. These factors are encouraging many large and medium-sized pharmaceutical companies from developed countries to approach these countries and outsource the research and manufacturing operations of drugs and therapies. Outsourcing of these processes to emerging economies is gaining popularity due to the availability of labor at a comparatively lower price in emerging markets. Thus, the availability of cost-efficient resources in emerging markets is expected to drive market growth during the forecast period.
Boehringer Ingelheim International GmbH operates the business under various segments such as Human Pharmaceuticals, Animal Health, and Biopharmaceuticals. The company offers animal pharmaceutical products, human pharmaceutical products, and biopharmaceuticals.
Cadila Healthcare Ltd. offers veterinary, health, active pharmaceutical ingredients wellness products, and human formulations. The company also provides pre-clinical and clinical trials for immunologicals, anti-diabetics, gastrointestinal therapeutics, anti-infectives, antibiotics, cardiovascular therapeutics, analgesics, and respiratory therapeutics drug development.
Catalent Inc. operates under various business segments, namely Softgel Technologies, Clinical Supply Services, Biologics and Specialty Drug Delivery, and Oral Drug Delivery. The company provides clinical research services for biological drugs.
Dr. Reddy’s Laboratories Ltd. offers products through the following business segments: Global Generics, Pharmaceutical Services & Active Ingredients, and Proprietary Products. The company offers Custom Pharma Services. It also offers intellectual property services for innovator pharmaceutical businesses.
ICON Plc conducts outsourced development services to generate revenue. The company provides independent product development solutions and services for the medical devices, biotechnology, and pharmaceutical industries.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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CONTACT: Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email:media@technavio.com
Website:https://www.technavio.com
KEYWORD:
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH OTHER HEALTH
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 03/13/2020 05:00 AM/DISC: 03/13/2020 05:00 AM
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