The global contract manufacturing will reach $64.07bn in 2016, according to a new report by London-based business information company Visiongain. The report, ‘Pharmaceutical Contract Manufacturing: World Market Outlook 2011-2021,’ says that the market will grow with a CAGR of 8.7% between 2010 and 2016, with finished dosage forms manufacturing driving the revenue growth. API manufacturing remained the largest market sector in 2010, accounting for 71.1% of the total market and the API manufacturers in India and China will achieve increasing demand for their services.Between 2011 and 2021, demand for contract manufacturing services will continue to come from developed market-based pharmaceutical companies, the Visiongain report says.
This decade, pharmaceutical companies will outsource increasing amounts of manufacturing, as companies focus on activities such as R&D and marketing. Growth in the biotechnology market will also provide a great opportunity for contract manufacturing organisations.