AI And Machine Learning Fueling Growth Of The Global Healthcare CMO Market

 

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 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

The healthcare CMO market comprises contract manufacturing organizations (CMOs) that provide manufacturing services for pharmaceutical companies. Services offered by healthcare CMOs include sterile filling, lyophilization, tableting and encapsulation, bioequivalence studies, clinical trial packaging and commercial packaging for clinical trial and commercial production. Rising demand for generics and biologics owing to increasing chronic disease prevalence is driving the market growth.

Market key trends:

One of the key trends in the healthcare CMO market is increasing adoption of artificial intelligence and machine learning technologies. CMOs are incorporating AI and machine learning tools in manufacturing processes to enhance productivity, quality control and reduce costs. For instance, machine learning algorithms can help analyze huge datasets on equipment performance, materials characteristics and process parameters to predict failures and optimize operations. AI is also being utilized for advanced process automation, predictive analytics and robotics. This is allowing CMOs to offer innovative, personalized and affordable treatment options to patients globally.

Segment Analysis

The Global Healthcare CMO Market Size is dominated by Pharmaceutical Manufacturing Services segment. This segment accounts for over 60% of the total market share as majority pharmaceutical and biotech companies outsource their manufacturing activities to specialised CMOs for gaining expertise. CMOs help companies to manage complex production processes efficiently with optimal costs.

Key Takeaways

The global healthcare CMO market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing demand for cost-effective manufacturing and capacity expansion.

Regional Analysis

North America dominated the global healthcare CMO market in 2023 with over 40% share driven by high demand and presence of many CMOs and pharmaceutical companies in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to low manufacturing costs and expanding pharmaceutical industries in countries such as China and India.

The global healthcare CMO market size was valued at US$ 440.5 Mn in 2023. The market is expected to reach nearly US$ 1,300 Mn by 2030 with rising need to reduce production costs and ensure quality manufacturing of pharmaceutical products.

Key Players
Key players operating in the healthcare CMO market are Accellent, Inc., Boehringer Ingelheim GmbH, Catalent Pharma Solutions, Inc., DSM, Fareva, Greatbatch, Inc., Lonza Group, Patheon, Inc. (Thermo Fisher Scientific Inc.), Piramal Healthcare, Binex, Cytovance Biologics, Emerge

nt BioSolutions Inc., MilliporeSigma, Symbiosis Pharmaceutical Services, Albany Molecular Research Inc., Samsung Biologics, and Symmetry Medical, Inc. These players are focusing on geographical expansion and capacity additions to increase their market share in the high growth healthcare CMO industry.

Read Our More Blogs : https://www.rapidwebwire.com/healthcare-cmo-market-size-share-analysis-2023-2030/ 


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