The global market for healthcare CDMO is projected to have considerable CAGR of around 7.6% during the forecast period. The major factor that driving the global healthcare CDMO market is the rising adoption of the outsourcing services by the pharmaceutical and biotechnology companies across the globe. Additionally, outsourcing the manufacturing in the pharmaceutical industry provide the companies to deviate workforce to other processing tasks which as a result makes monetary savings and reduce the time for R&D activities. Time plays a significant role in a highly competitive market as frequent product launches provide an edge to the companies to gain competitiveness. Therefore, in order to remain competitive in the market, contract manufacturing is considered as significant support for the companies. Thus, significant adoption of outsourcing services in pharmaceutical industry is propelling the healthcare CDMO market.
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Moreover, the healthcare organizations are adopting outsourcing services for increasing productivity and reducing overall cost of the products. Contract manufacturing plays an important role in reducing the expenses of healthcare businesses. Healthcare organizations can save a considerable amount of money by signing contract for the manufacturing of their products, which otherwise are carried out by hired in-house employees. Medical outsourcing partners consist of an ability of handling a large team of professional on behalf of the company, thereby enabling to save the company the cost of acquiring additional staff and training facility. Moreover, the dedicated team of healthcare outsourcing services keep themselves updated by recent changes in regulations and standards. As medical outsourcing vendors are compliant with rules and regulations related to healthcare such as HIPAA and Health Care Reform Bill, they ensure higher accuracy rates in services such as billing, claim adjudication, record indexing, medical coding and so forth.
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Contract manufacturing is a commonplace for the manufacturing of medical device products. Labor are often the reason manufacturers outsourcing production, the driver for contract medical device manufacturing is time to market. In a highly regulated environment, low cost labor is not as important as getting products on the market as quickly as possible while meeting the industry’s many quality, compliance, and approval standards. Large medical device manufacturers and small start-ups alike have found that contract manufacturers can ramp up production while meeting government and industry requirements more quickly than can be done in-house.
Furthermore, the regulatory bodies are emphasizing in maintaining the quality of healthcare devices that are provided to the public, contributes to stringent and cumbersome policy for the contract manufacturing organizations. In order to combat the situation, there are several services introduced in the favor of contract manufacturing organizations such as regulatory consulting, which is actively used by major market players. For instance, the European Medical Device Regulation (EMDR) takes a special unannounced scrutiny of outsourced products, in order to cross-check with the quality and conformity of the announced standards. Therefore the growing contract manufacturing for medical devices further propels the healthcare CDMO market.
Global Healthcare CDMO Market Segmentation
By Services
- Contract Development
- Contract Manufacturing
