Worldwide Formulation Development Outsourcing Industry to 2026 - Increasing Trend of Patent Protection Expiration of Major Drugs is Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Formulation Development Outsourcing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Formulation Development Outsourcing market was valued at approximately USD 8,055 million in 2020 and is expected to witness a revenue of USD 12,650 million in 2026, with a CAGR of 7.2% over the forecast period.
- Charles River Laboratories
- Aizant Drug Research Solutions Private Limited
- Catalent, Inc
- Laboratory Corporation of America Holdings
- Syngene International Ltd
- IRISYS, LLC
- Intertek Group plc
- Piramal Pharma Solutions
- Qiotient Sciences
- Patheon (Thermo Fisher Scientific Inc.)
- Emergent BioSolutions, Inc.
- Lonza Group AG
- Dr. Reddy's Laboratories Ltd
- PCI Pharma Services
- Hermes Pharma
Key Market Trends
The Oncology Sub-Segment is Expected to Witness Significant Growth in the Application Segment over the Forecast Period.
The application of formulation development outsourcing in the area of oncology is predicted to register healthy growth due to the rising incidence of cancer cases globally. According to estimates from the International Agency for Research on Cancer (IARC) 2018, by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. According to the research article published in the European Society for Medical Oncology (ESMO), 2020, the number of clinical trials being performed in the European countries from 2010 to 2018 increase by 33%, among which the early phase trials increased by 61% in phase I-II trials, whereas late-phase trials showed an increase by 7% in phase II-III trials.
Formulation development plays a vital role in anti-cancer drugs as formulation issues, including stability, solubility and bioavailability are the important considerations to be looked into during drug development. Hence, most of the pharma services companies are focused on oncology formulation development to provide end-to-end solutions for oncology drug development. For instance, Quotient sciences had been involved in providing nearly 300 oncology development projects for 91 different oncology drug candidates across approximately 34 different disease indications, which primarily involves pre-formulation Assessment & Formulation Development. Thus, owing to the high incidence of cancers and the increasing focus on cancer therapeutics by biopharmaceutical companies is expected to aid in the growth of the studied segment over the forecast period.
North America is Holds a Significant Share in the Market and Expected to do Same over the Forecast Period
The North American region is anticipated to witness tremendous growth in the studied market, owing to the growing burden of chronic diseases and the presence of key players in the region, especially in the United States. As most of the major drugs are in the stage of patent expiration, the key players are involved in novel drug development. In this context, to save time and investment on a series of clinical trials and evaluation studies in formulation development, the pharmaceutical companies are outsourcing the formulation development services to CROs which is expected to drive the market growth in the country.
Additionally, in the present COVID-19 pandemic, several collaborative research programs are taking initiatives to fast-track in terms of advancing in therapeutics and vaccines, with institutions, such as Biomedical Advanced Research and Development Authority ( BARDA), and Coalition for Epidemic Preparedness Innovations (CEPI), Europe's Innovative Medicines Initiative( IMI). In May 2020, the US Department of Commerce's National Institute of Standards and Technology (NIST) funded around USD 8.9 million to the highly impacted biopharmaceutical manufacturing projects in response to the emerged outbreak. Hence, the COVID-19 pandemic is also expected to boost the studied market growth.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Trend of Patent Protection Expiration of Major Drugs
4.2.2 Rising Number of Pharmaceutical and Biopharmaceutical Companies Outsourcing Their Services
4.3 Market Restraints
4.3.1 Structural Changes in the Pharmaceutical Industry
4.3.2 Insufficient Funding to Perform the Drug Development Process Through Formulation Development Outsourcing
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Services
5.2 By Dosage Form
5.3 By Application
5.4 By End User
5.5.1 North America
5.5.4 Rest of World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/dnqv1f
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