Formulation Development Outsourcing Market is projected to have a CAGR of 7.2% through 2032
The formulation development outsourcing market is expected to be worth US$ 66.60 billion in 2032, up from US$ 33.23 billion in 2022, with a 7.2% CAGR during the forecast period (2022 to 2032).
Higher R&D costs are projected to drive the demand for formulation development outsourcing. Small and medium-sized pharmaceutical enterprises that lack the requisite resources frequently use formulation development outsourcing services.
The majority of pharmaceutical businesses utilise it to reduce the amount of time spent on formulation development outsourcing services as a result of trial-related costs. The pharmaceutical industry’s increased reliance on relationships with academic institutions can be attributed to the expansion of the formulation development outsourcing business.
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Increases in medication and raw material costs and demand can significantly harm the market value of formulation development outsourcing. To encourage market growth, the formulation development outsourcing business developed medical medication patent protection expiration as a marketing strategy.
The formulation development outsourcing market has witnessed significant growth due to the increasing number of biopharmaceutical and pharmaceutical companies outsourcing their work. In 2021, the market for formulation development outsourcing held a substantial share of 26.8% in North America.
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 market. This is due to the government’s supportive initiatives, sedentary lifestyles, and the rise in chronic illnesses driving the market in this region.
- The formulation development outsourcing market is expected to grow at a 7.2% CAGR through 2032, with a market share of US$ 66.6 billion.
- In 2021, North America’s formulation development outsourcing industry is expected to be worth $22.8 billion.
- The Asia Pacific formulation development outsourcing market is expected to grow at an 8.1% CAGR through 2032.
- In 2021, the formulation development outsourcing market was worth US$ 31 billion.
- In 2021, the oral segment of the formulation development outsourcing market had a revenue share of 63.6%.
- In 2021, the formulation development segment of the formulation development outsourcing market had a revenue share of 76.6% based on services.
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Some of the primary measures players are employing to take advantage of the formulation development outsourcing market opportunities include frequent product launches, geographic expansions, and distribution agreements to expand their consumer base.
- SGS S.A.
- Intertek Group plc
- Charles River Laboratories International, Inc.
- Eurofins Scientific SE
- Thermo Fisher Scientific, Inc. (Patheon)
- Catalent Inc.
- In 2019, Intertek expanded its pharmaceutical services laboratory in Melbourne.
- Cataleny Inc. announced in 2021 that it has acquired Acorda Therapeutics Inc.’s packaging and production businesses.
- Quotient BioSciences also announced plans to buy Arcinova, a UK-based company, in 2021. Quotient Bioscience is now able to provide new services, such as medical goods, clinical testing, and drug substance creation, as a result of this acquisition.
- Catalent Inc. announced the acquisition of MaStherCell Global Inc. in 2020. As a result of this increase, the biotech sector is strengthening its position, and new ways for gene therapies are becoming available.
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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
By Therapeutic Area:
- Infectious Diseases
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