North America Pharmaceutical Contract Manufacturing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The North America Pharmaceutical Contract Manufacturing Market was valued at USD 45.13 billion is expected to reach USD 62.04 billion at a CAGR of 5.2% over the forecast period from 2021 - 2026. Generic drugs present a massive opportunity for growth for the CMOs of North America. Traditionally, the CMOs of this region were unwilling to take risks about generics that produce low margins. However, as growing prices push more companies to enter into dermatology products, CMOs with semisolid capabilities benefit from strong generics demand. These generic drug companies are also turning more toward CMOs with injectable skills to overcome the shortage and address issues relating to offshore supplies.
Key HighlightsThe North America Pharmaceutical Contract Manufacturing Market is highly competitive as there is a robust presence of pharma and biotech research activity in the region. The consolidation of CMOs is expected to occur within the next few years, as the competitors will either leave the industry, or abandon a specific area within the industry, or go out of business. This improves the pricing power of value-added CMOs.
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