The Formulation Development Outsourcing Market is witnessing a phenomenal rise, projected to reach a staggering US$66.60 billion by 2032. This signifies a significant leap from the US$33.23 billion recorded in 2022. Fueling this impressive growth is a robust Compound Annual Growth Rate (CAGR) of 7.2%, indicating a vibrant and dynamic market poised for substantial expansion over the next decade.
The pharmaceutical industry’s increasing spending on research and development is one of the main factors causing this extraordinary upsurge. Formulation Development Outsourcing services are becoming more and more popular among small and medium-sized pharmaceutical enterprises as they realize
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Increases in pharmaceutical and raw material costs, as well as demand, can have a major negative impact on the market value of Formulation Development Outsourcing. As a marketing tactic to boost market growth, the Formulation Development Outsourcing company developed medical drug patent protection expiration.
Because of the increasing number of biopharmaceutical and pharmaceutical businesses outsourcing their work, the Formulation Development Outsourcing market has grown significantly. In 2021, the market for Formulation Development Outsourcing in North America maintained a commanding 26.8% share.
For instance, numerous clinical trials are conducted in the United States. Furthermore, it is anticipated that Europe will hold a significant share of the Formulation Development Outsourcing industry. This is due to the government’s supportive initiatives, sedentary lifestyles, and the rise in chronic illnesses driving the market in this region.
Formulation Development Outsourcing Market Key Takeaways
- With a market share of US$ 66.6 billion, the Formulation Development Outsourcing industry is predicted to grow at a 7.2% CAGR through 2032.
- The Formulation Development Outsourcing market in North America is anticipated to be valued at US$22.8 billion in 2021.
- Through 2032, the Asia Pacific Formulation Development Outsourcing industry is predicted to grow at an 8.1% CAGR.
- The Formulation Development Outsourcing industry is expected to be worth US$ 31 billion in 2021.
- The oral segment of the Formulation Development Outsourcing industry held a 63.6% revenue share in 2021.
- Based on services, the formulation development segment of the Formulation Development Outsourcing industry had a revenue share of 76.6% in 2021.
Competitive Landscape from the Formulation Development Outsourcing Market:
Some of the primary measures players are employing to take advantage of the Formulation Development Outsourcing industry opportunities include frequent product launches, geographic expansions, and distribution agreements to expand their consumer base.
Formulation Development Outsourcing Market Key Players
- SGS S.A.
- Intertek Group plc
- Recipharm
- Lonza
- Charles River Laboratories International, Inc.
- Eurofins Scientific SE
- Element
- Labcorp
- Thermo Fisher Scientific, Inc. (Patheon)
- Catalent Inc.
Recent Developments in the Formulation Development Outsourcing Market:
- Intertek extended its pharmaceutical services laboratory in Melbourne in 2019.
- Cataleny Inc. announced in 2021 that it has acquired the packaging and production businesses of Acorda Therapeutics Inc.
- In addition, Quotient BioSciences announced plans to acquire Arcinova, a UK-based startup, in 2021. As a result of this acquisition, Quotient Bioscience is now able to offer new services such as medical goods, clinical testing, and drug substance synthesis.
- In 2020, Catalent Inc. announced the acquisition of MaStherCell Global Inc. As a result of this increase, the biotech sector is fortifying its position, and new avenues for gene therapy are emerging.
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In North America, the Drug Development Outsourcing Market is dominated by the United States due to the presence of a large number of pharmaceutical and biotechnology companies, the availability of skilled professionals, and the presence of a well-established healthcare infrastructure. Canada is also expected to witness significant growth in the market due to the increasing adoption of outsourcing by pharmaceutical and biotechnology companies.
Formulation Development Outsourcing Market Key Segments
By Service:
- Preformulation
- Formulation Development
By Formulation:
- Oral
- Injectable
By Therapeutic Area:
- Oncology
- Infectious Diseases
- Neurology
- Hematology
- Respiratory
- Cardiovascular
- Dermatology
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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