Asia Pacific to account for 31.2% of global healthcare CMO market

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A new report released by Transparency Market Research showed that Asia Pacific will account for 31.2% of the global healthcare contract manufacturing outsourcing (CMO) market by the end of 2019. Asia Pacific will closely trail North America, which is projected to lead the global market with 32.9%. The global healthcare CMO market is anticipated to rise at a compounded annual growth rate of 14.30% between 2013 and 2019. The market is expected to reach a worth of USD246.5bn by the end of 2019 from a value of USD97.6bn in 2012. The report said CMO has become a major need for the manufacturers of pharmaceuticals and medical devices as they strive to retain their position in the market.