As per the report titled ‘Global CMO/CDMO Market Size study, by Service (Contract Development, Contract Manufacturing), by Product (Hair Products, Skin Products, Lip Products, Eye Products, Body hygiene, Oral hygiene) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global CMO/CDMO market is anticipated to record a healthy growth rate during 2021-2027.
 

Escalating demand for skincare products like face care creams and sunscreen lotions along with the necessity for state-of-the-art processes and production technologies are stimulating global CMO/CDMO market growth.
 

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For the uninitiated, CMO/CDMO are companies whose business model entails the manufacturing of pre-formulated drugs.
 

Experts cite that surging demand for generic medicines and biologics will continue to add substantial traction to the industry development. However, stringent government regulations may negatively impact revenue flow in the market.
 

From a geographical standpoint, North America (U.S., Canada), Europe (United Kingdom, France, Germany, Italy, Spain), Asia Pacific (India, China, Australia, Japan, South Korea), Latin America (Mexico, Brazil) are the major contributors to the industry growth.
 

Europe currently captures majority of the industry share on account of heavy investments along with facility expansion, mergers, and acquisitions steps by CMO/CDMOs in the region. Meanwhile, Asia Pacific is touted to record a strong growth rate over the forecast timeframe, creditable to the presence of prominent raw material suppliers in the pharmaceutical space.
 

North America is also likely to record strong gains in the ensuing years, with the U.S. as the major revenue generator. High healthcare costs and expenditure along with the presence of well-developed healthcare infrastructure are proving beneficial for businesses in this domain. Moreover, credible sources cite that drug companies in the United States generate 23% of the US health revenue, but also make 63% of the total profits.
 

Speaking of the competitive landscape, major players influencing global CMO/CDMO market trends are Zoic Cosmetics, Ori BioNature Sdn Bhd, Vive Cosmetics, Cho Chuang Industrial Co. Ltd., Lonza Group AG, Kolmar Group, Cosmetic Solutions, Paragon Nordic, Farmaceutici Srl, Chemineau, and Samriddhi Life Sciences.