|Global Fill-finish Manufacturing Market Is Expected to Reach USD 14.81 billion by 2027 : Fior Markets|
|By GLOBE NEWSWIRE|
|Tuesday, 15 September 2020 14:00|
Newark, NJ, Sept. 15, 2020 (GLOBE NEWSWIRE)
Newark, NJ, Sept. 15, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fill-finish manufacturing market is expected to grow from USD 6.81 billion in 2019 and to reach USD 14.81 billion by 2027, growing at a CAGR of 10.2% during the forecast period 2020-2027.
The fill-finish manufacturing market is expected to witness significant growth from the past years. This growth is attributed to increasing technological advancement in fill-finish manufacturing equipment and increasing demand for sterile products. Increasing thrust on scientific research is another important factor driving the market. Funds received from private and government organisations to support research for niche healthcare products, many people requiring healthcare and medical attention, and increasing consumption of medications are expected to influence the market growth. Other factors like rise in fill-finish outsourcing will propel market growth.
An introduction of a drug product into a container or delivery system under aseptic conditions is essential to ensure the efficacy and safety of the product, known as fill-finish manufacturing. It is a manufacturing technology that is used during the final process of drug production in pharmaceuticals. Various challenges to fill-finish manufacturing include sterility of production, equipment, and components areas. This process involves the introduction of a drug product in any form like a solution, powder, suspension in containers such as syringes, cartridges, vials, and various others. In the manufacturing of any pharmaceutical product, fill-finish is the last procedure before a product is packaged and delivered to the patient. This process involves the thawing of the frozen product solution, pH buffering agent preparations, and lastly, filling the solution into syringes or vials.
Global fill-finish manufacturing market is expected to witness significant growth, owing to high capital investment in R&D, growing biopharmaceutical industry, increased capital expenditure related to research, and increasing government support for the pharmaceutical and biotechnology industry. The factors restraining the market growth are stringent government regulations and high costs of the system. Technological advancements and untapped markets provide market growth opportunities.
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Key players operating in global fill-finish manufacturing market include Syntegon Technology GmbH, Dickson and Company, OPTIMA Packaging Group GmbH, I.M.A. (Industria Macchine Automatiche) S.p.A, Becton, Groninger & Co. GmbH, Stevanato Group, West Pharmaceutical Services, Inc., Gerresheimer AG, and Bausch+Strobel. To gain a significant market share in the global fill-finish manufacturing market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Dickinson and Company and Syntegon Technology GmbH are some of the leading manufacturers of the fill-finish manufacturing.
Consumables segment dominated the market and held the largest market share of 56.12% in the year 2019
Liquids segment dominated the market and held the largest share of 39.14% in the year 2019
Contract manufacturing organizations dominated the market and held the largest share of 42.1% in the year 2019
Regional Segment of Fill-finish Manufacturing Market
On the basis of geography, the global fill-finish manufacturing market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe holds the major share of 29.13% in the year 2019. This growth is attributed to the rising incidence of chronic disorders, rising focus on major players on growing their presence in the region, and the emergence of the biosimilar market. The Asia-Pacific region is expected to witness significant growth, owing to rapidly developing economies like India and China. Other factors influencing growth in the Asia-Pacific region are increasing investments by CMOs and rising government support, and growth in the biopharmaceutical industry.
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