According to the latest report by IMARC Group, titled “Formulation Development Outsourcing Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027,” the market to reach US$ 31.8 Billion by 2027, exhibiting at a CAGR of 6.3% during 2022-2027.
Formulation development is a major area of drug development that assists in determining the patentability, lifespan, and success of pharmaceutical products. It also includes pre-formulation activities, such as analytical assay development and characterization and excipient screening to enhance the solubility of products. It is generally outsourced to save time and expenses involved in the process. Formulation development outsourcing also offers advantages like compressing deadlines, accessing expertise and providing additional protection against product failure.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Formulation Development Outsourcing Market Trends:
The rising need to develop novel drugs on account of the growing patent expirations of several pharmaceuticals is driving the market. Moreover, the increasing prevalence of diabetes, chronic obstructive pulmonary disease (COPD), cancer, asthma, arthritis, and Alzheimer’s disease is positively influencing the sales of new drugs. This, along with the rising need to minimize the risk and expenditure involved in the drug development, is propelling the market growth of formulation development outsourcing. Furthermore, major pharmaceutical and biotechnological companies are partnering with outsourcing services in the early stage of the process. This, in confluence with the increasing healthcare expenditure and extensive investments in research and development (R&D), is contributing to the market growth.
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Formulation Development Outsourcing Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Aizant Drug Research Solutions Private Limited, Catalent Inc., Charles River Laboratories, Dr. Reddy’s Laboratories Ltd., Emergent BioSolutions Inc., Intertek Group plc, Irisys LLC (Recro Pharma), Laboratory Corporation of America Holdings, Lonza Group AG, Piramal Pharma Solutions, Quotient Sciences, Syngene International Limited (Biocon Limited) and Thermo Fisher Scientific Inc.
The report has segmented the market on the basis on region, service, dosage form, application, end user.
Breakup by Service:
- Pre-formulation Services
- Discovery and Preclinical Services
- Analytical Services
- Formulation Optimization
- Phase I
- Phase II
- Phase III
- Phase IV
Breakup by Dosage Form:
Breakup by Application:
- Genetic Disorders
- Infectious Diseases
Breakup by End User:
- Pharmaceutical and Biopharmaceutical Companies
- Government and Academic Institutes
Breakup by Region:
- North America:(United States, Canada
- Asia-Pacific:(China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America:(Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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