The outburst of Coronavirus pandemic is expected to create an optimistic impact on the global market for contract development and manufacturing organization. The contract manufacturing organization segment is projected to unlock lucrative opportunities for the growth of the market. The Asia Pacific region is anticipated to show substantial growth throughout the forecast period. The leading players of the market are implementing numerous business tactics to withstand their business during this disastrous situation.
The unexpected rise of COVID-19 disease has created a positive impact on the financial growth of numerous countries worldwide. A latest report by Research Dive divulges that the contract development and manufacturing organization market is projected to gather $315.7 billion by 2026, rising at a CAGR of 12.4% from 2019 to 2026. The report states that this market is expected to experience significant growth after the end of this pandemic. It offers a comprehensive analysis of the COVID-19 impact on the drivers & limitations, key segments, opportunities, and major players of the global industry.
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Factors Driving the Market Growth amidst COVID-19 Crisis
Several organizations will be in an attempt to speed up their productivity to fulfill the growing demand, after the end of the covid-19 pandemic. Such bigger companies are therefore, expected to appoint contract development and manufacturing organizations to overcome the losses suffered in the course of the crisis. Furthermore, numerous government bodies are coming up with innovative plans to fuel the growth of contract development and manufacturing organizations; so that these organizations can support the other larger organizations to upsurge their productivity.
Contract Manufacturing Organization Segment Anticipated to Unlock Lucrative Growth Opportunities
Based on service, the report categorizes the market into contract manufacturing organization and contract research organization. Among these, the contract manufacturing organization segment is expected to garner $224.1 billion by 2026, rising at a CAGR of 12.1% throughout the projected period. Contract development and manufacturing organizations are specifically beneficial in medical industries for manufacturing of medicines, trials of drugs, and commercial medications.
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Regional Outlook of the Market
Based on region, the report assesses the market across Europe, North America, Asia-Pacific, and LAMEA. Among these, the Asia-Pacific market is expected to progress with a CAGR of 13.2% throughout the projected period. This is chiefly due to the presence of many major companies and accessibility of reasonably priced labor force in this region.
Major Market Players
Some of the foremost market players in contract development and manufacturing organization industry are Thermo Fisher Scientific Inc, FAMAR Health Care Services, The Lubrizol Corp, Siegfried Holding AG, Lonza Group Ltd, Aenova Holding GmbH, Recipharm AB, FAREVA SA, Catalent Inc, Almac Group Ltd, and others. These players are applying various business tactics such as mergers and acquisitions, regional expansions, collaborations & partnerships, and novel developments to survive during this nerve-wracking period.
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