Contract Pharmaceutical Manufacturing Market, By Service Type (Contract Manufacturing Organization, Contract Research Organization), By Molecule Type (Small Molecule and Large Molecule), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : May 2024

Code : CMI2397

Pages :224

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Challenge – Labor Shortages and Skills Gaps

The global contract pharmaceutical manufacturing market is facing significant challenges due to widespread labor shortages and skills gaps. A lack of qualified workers is restricting the production capacities of contract manufacturers and hindering their ability to meet rising customer demand. Several factors are exacerbating the talent crunch. The aging workforce in developed nations is depleting the pool of experienced professionals in pharmaceutical manufacturing. Younger generations often prefer less industrial careers, weakening recruitment pipelines. Stringent immigration policies during the pandemic also reduced the flows of skilled overseas workers to countries with major contract manufacturing industries.

Market Opportunity – Increasing Launch of Novel services

Increasing adoption of organic growth strategies such as launch of novel services by the key market players is expected to drive the market growth over the forecast period. For instance, in December 2021, IQVIA, a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, launched new research nursing and phlebotomy services to offer access to a global network of high-quality, credentialed professionals for patients participating in clinical trials. The IQVIA research nursing and phlebotomy teams possess the capability to conduct a diverse range of assessments, collect data and specimens, and provide assistance in the direct delivery and administration of investigational products to patients.