Global Formulation Development Outsourcing Market Size to touch US$ 12.2 Billion by 2025, growing at a CAGR of 8% from 2020-2025
Noida, Uttar Pradesh, India, February 18 2021 (Wiredrelease) Report Ocean Pvt Ltd –:The patent protection expiration of effective drugs is one factor driving the formulation development outsourcing market’s growth. There has been an increasing demand for medicines and medical devices owing to the growing population, especially in emerging economic countries such as China, Indonesia, Malaysia, Mexico, and others. The global market is expanding, especially in developing countries such as India and China, regarding healthcare spending and focus on healthcare supplies with an efficient supply chain. There is a significant patent cliff occurring in the healthcare market worldwide, specifically in the pharmaceutical industry, which creates scope for cheaper generic versions in the market, that expected to raise the demand for CMOs. The improved demand is expected to advantage the healthcare contract manufacturing industry and drive overall market growth.
However, the pharmaceutical industry’s structural changes and inadequate funding to carry out the effective drug development process through formulation development outsourcing in emerging countries will slow down the overall market growth. Following these promising factors, the Global Formulation Development Outsourcing Market is estimated to see healthy growth, pegged at a CAGR of ~8% during the forecast period 2020-2025.
North America is the crucial opportunistic region for companies to cater to new demand
In 2019, North America anticipated the largest market share in the global formulation development outsourcing market due to the significant market players’ presence, highly developed healthcare infrastructure, and rising innovation for improving healthcare outsourcing services by domestic pharmaceutical companies. Moreover, the European market has been expected to account for the second-largest market owing to the highly advanced healthcare infrastructure and government awareness for improving healthcare services to the people. The presence and high spending of Germany, France, the UK, Italy, and Spain are expected to enhance further the region’s market position in the global formulation development outsourcing market.
Formulation development outsourcing is done by biopharmaceutical and pharmaceutical companies to outsource their services for improved efficacy, better patient compliance, and precision delivery. In the past few years, the companies in the formulation development outsourcing market are focused on various growth strategies such as product advancements, product launches, and expansions to cater to the growing needs and advanced demands. For instance, in January 2019, Quotient Sciences extended its operations with a clinical trial manufacturing facility and new early-phase formulation development.
Segmentation Overview of the Global Formulation Development Outsourcing Market
The formulation development outsourcing market is segmented based on Services, Dosage Form, Application, and End User. These major market segments are further categorized into various sub-segments to study the market in detail.
Pre Formulation Services (Formulation Discovery, Preclinical Services, Analytical Services)
Formulation Optimization (Phase I, Phase II, Phase III, Phase IV)
By Dosage Form (Injectable, Oral, Topical, Inhaled, Others)
By Application (Oncology, Genetic Disorders, Neurology, Infectious Diseases, Respiratory, Cardiovascular, Others)
By End User (Pharmaceutical and Biopharmaceutical Companies, Government and Academic Institutes)
Key Players Insights
Laboratory Corporation of America, Charles River Laboratories, Catalent, Inc., and Intertek, among others, are some significant players included in the global formulation development outsourcing market. These crucial are focus to invest in the partnerships and collaborations with the end users to enhance its competitive market position.
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