The Formulation Development Outsourcing Market Size is valued at 38.33 billion in 2023 and is predicted to reach 69.54 billion by the year 2031 at a 7.80% CAGR during the forecast period for 2024-2031.
Formulation development outsourcing market factors driving market expansion include the increasing relevance of novel drug development due to the growing patent expiration of important pharmaceuticals and the increased outsourcing of formulation development services by most pharmaceutical and biotechnological companies. Most biopharmaceutical companies work with outsourcing services in their early phases to reduce the risk and save time and money as the drug develops.
The rising need for novel mediation due to the significant burden of infectious and chronic diseases is one of the main aspects pushing the demand for formulation development. These factors are anticipated to boost formulation development outsourcing growth in the upcoming years.
However, the COVID-19 pandemic slowed major pharmaceutical companies' production, supply chain, and export of some crucial APIs and medication. It also bought to light the world's reliance on China for various pharmaceutical APIs, Due to lockdown measures implemented by the Chinese government during the outbreak. It affected important materials. It has caused serval countries to launch plans for domestic API production, and countries around the EU have reviewed their healthcare system to combat pandemics and guarantee a steady flow of API production.
Competitive Landscape:
Manufacturing locally to reduce operating costs is one major business strategy manufacturers adopt in the formulation development outsourcing industry to benefit clients and enhance the market sector. Some of the formulation development outsourcing market players are:
- 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
Market Segmentation:
The formulation development outsourcing market is segmented based on service, application and formulation outlook. The service segment includes Preformulation, Formulation Development. The application segment comprises oncology, neurology, infectious disease, respiratory, dermatology and others. The formulation segment includes injectable, topical, inhaled, oral and others.
Based On Application, The Respiratory Segment Is A Major Contributor To The Formulation Development Outsourcing Market
The respiratory inhaler segmentation has been segmented by type into manually operated and digitally operated. The wearable segment dominated the market growth in 2023 and is projected to be the faster-growing segment during the forecast period. The main objective of manually operated inhaler equipment is to enhance medicine delivery to better manage respiratory disorders. The technique has some benefits, including a quick beginning of the effect, the ability to administer medication in precise quantities, and systematic absorption.
The Oral Care Segment Witnessed Growth At A Rapid Rate
The oral segment accounted for the largest market share. An oral formulation is a licensed product administered orally and absorbed through the stomach, intestine, or gastrointestinal tract. The oral formulations are self-administering and do not require the assistance of a trained physician for medication administration. Furthermore, as compared to others, these formulations provide greater formulation design flexibility.
In The Region, The North American Formulation Development Outsourcing Market Holds A Significant Revenue Share:
The North American formulation development outsourcing market will generate the highest revenue shortly. The regional growth can be attributed to the increasing burden of chronic disease and the existence of key players in the region, especially in the US. As most of the prominent drugs are in the stage of patent expiration, major players are involved in novel drug formulation development outsourcing, which may drive market growth in the region. Moreover, the UK market of formulation development outsourcing held the largest market share, and the German market of formulation development outsourcing was the fastest-growing market in the region.
Formulation Development Outsourcing Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 38.33 Bn |
|
Revenue forecast in 2031 |
USD 69.54 Bn |
|
Growth rate CAGR |
CAGR of 7.80% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Service, Application And Formulation |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Charles Rover Laboratories (US), Laboratory Corporation of America (US), Intertek (US), Recipharm, Lonza, Element, Thermo Fisher Scientific, Inc. (Patheon) |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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