A research study on the global healthcare CMO market, recently published by Transparency Market Research (TMR), anticipate this market to rise at a healthy CAGR of 14.30% over the period from 2013 to 2019. The market is likely to experience an increase in its value from US$97.6 bn in 2012 to US$246.5 bn by the end of the forecast period.The research report is titled “Healthcare CMO Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
Contract manufacturing outsourcing (CMO) involves outsourcing of certain manufacturing activities that were previously performed by the producer to a third-party. It is an emerging trend in the global healthcare industry. Nowadays, most of the medical and pharmaceutical devices manufacturers are outsourcing production activities to contract manufacturers in order to reduce production cost without compromising on the product quality or to achieve expertise in a specific business segment, which is not available in-house.
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According to the report, the presence of a skilled workforce at a low price in emerging economies has encouraged companies involved in the production of medical and pharmaceutical devices to outsource certain manufacturing activities, propelling the global healthcare CMO market significantly. The restructuring of manufacturing procedures and other activities involved in the production of medical and pharmaceutical devices has also strengthened the contract manufacturing outsourcing trend in the global healthcare industry.