Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global contract manufacturing market is expected to grow at a CAGR of more than 5.5% during the forecast period. Contract manufacturing is a form of outsourcing and is a contract between two firms in which one firm manufactures products under the label or brand of another firm. Contract manufacturers offer such services to various firms built on their own methodology or the customers' designs, formulas, and/or specifications. Contract manufacturers provide highly valuable services to expanding industries such as pharmaceutical, automobile, consumer electronics, chemical, packaging, and others. Pharmaceutical contract manufacturing is growing rapidly due to the increasing demand for generic medicines and biologics, capital-intensive nature of the business, and complex manufacturing requirements. Moreover, factors such as reduced operational cost and time, flexibility in operation, and increased efficiency are some of the major factors driving the growth of the contract manufacturing market.
Market Segmentation
The global contract manufacturing market has been analyzed on the basis of industry and region. Based on industry, the market is segmented into pharmaceutical, automobile, food & beverages, chemical, construction, packaging, consumer electronics, and others. The pharmaceutical industry is one of the leading industries that is adopting contract manufacturing services in its regular practices. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the contract manufacturing market owing to improved reimbursement policy, well-developed technology, high healthcare expenditure, and the presence of the leading market players.
Market Structure and Competition Landscape
The growth of the global contract manufacturing market is characterized by the presence of players operating in the market. Some of the prominent players that contribute significantly to the market growth include Patheon (Thermo Fisher Scientific Inc.), Lonza Group, Boehringer Ingelheim International GmbH, Almac Group, Dr. Reddy Laboratories Ltd., Faurecia SA, Hyundai Dymos, Lear Corp., Magna International Inc., NHK Springs Co., Ltd., Britech Industries, Hankscraft Inc., Maysteel Industries LLC., Talan Products Inc., GSH Industries Inc., Hon Hai Precision Industry Co., Ltd. (Foxconn), Pegatron Corp., Jabil Inc., Flex Ltd., Wistron Corp., Hearthside Food Solutions Inc., Gehl Foods LLC, Agilery AG, Valk Industries Inc., and Warren Industries Inc. among others.
• In November 2020, Laurus Labs Ltd. acquired Bangalore-based biotech company Richcore Lifesciences. Laurus Labs has signed a definitive agreement to acquire 72.55% of Richcore's shares from its private equity investors Eight Roads Ventures and VenturEast and other promoters. This acquisition aimed to diversify into the manufacturing of biotech drugs. Richcore has advanced R&D and manufacturing facilities and focuses on developing and manufacturing biotech products critical for manufacturing biological drugs. Richcore also offers support to develop and scale up bioprocesses by providing contract research, development, and manufacturing services (CDMO).
• In February 2021, Foxconn Technology Group reached a tentative agreement with Fisker Inc., an electric vehicle (EV) startup-turned-SPAC to manufacture EVs primarily to be sold in North America, Europe, China, and India. Under the agreement, Foxconn will begin production of EVs in 2023 with a projected annual volume of over 250,000 vehicles under the Fisker brand name.
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