Generic Pharmaceutical Contract Manufacturing Market Size, Report 2022-2030
The global generic pharmaceutical contract manufacturing market is expected to grow significantly during the forecast period. Increasing government initiatives to promote generic products, and patent expiry of major drugs are some of the primary industry growth drivers. The expiry of patent exclusivity of innovator drugs provides opportunities for generic manufacturers to introduce products at a reduced price. For instance, more than 220 patents are going to expire between 2021 to 2025. Also, more than 80% of the manufacturing of generic pharmaceuticals is outsourced to contract manufacturing organizations (CMOs).
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The COVID-19 pandemic moderately impacted the generic pharmaceutical contract manufacturing market. During the first half of the pandemic, the supply chain was disrupted due to stay-at-home orders by the government to control the spread of the virus. However, during the second half, the manufacturing of generic drugs resumed for the prevention and treatment of the virus. For instance, in October 2021, Merck & Co announced that they were signing an agreement with the United Nations-backed Medicines Patent Pool (MPP). The main goal of this agreement is to allow 105 low- and middle-income countries to produce a generic version of COVID-19, an oral antiviral treatment.
In the application segment, oncology has the largest share and is going to grow at a lucrative rate. This is due to the rise in patent expiration of cancer drugs, an increasing number of cancer patients, and a rise in demand for cancer-related drugs at a low rate. According to the American Cancer Society, Inc., Surveillance Research, in 2021, there were around 1,898,160 new cases of cancer and 608,570 deaths in the U.S. due to cancer.
The Europe region is expected to witness the largest market share and growth in the forecast period this is due to a large number of generic drug manufacturers in this region, there is also the establishment of differentiating business model for setting generic manufacturing, and generation of new generic and biosimilar to fight against various diseases.
The industry is marked by the presence of various small and large industry players. The generic pharmaceutical contract manufacturing market is highly competitive in the region such as Europe and Asia Pacific. Key global industry players include Jubilant Generics Limited, Recipharm AB, Siegfried Holding AG, Aurobindo Pharma, Cambrex Corporation, Alcami Corporation, Inc., and IQVIA Holdings.
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