DUBAI, United Arab Emirates, July 05, 2022 (GLOBE NEWSWIRE) -- The formulation development outsourcing market is predicted to account for US$ 66.6 billion in 2032, up from US$ 31 billion in 2021, advancing at a CAGR of 7.2% during the forecast period (2022-2032).
The increased R&D costs are expected to increase demand for formulation development outsourcing. Formulation development outsourcing services are widely used by small and medium-sized pharmaceutical companies that lack the necessary resources.
The majority of pharmaceutical companies use it to reduce the amount of time spent on outsourcing services for formulation development as a result of trial-related costs. The expansion of the formulation development outsourcing business is responsible for the pharmaceutical industry's increasing reliance on partnerships with academic institutions.
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The market value of formulation development outsourcing can be significantly harmed by increases in the cost and demand for various medications and raw materials. The medical medication patent protection expiration was a marketing strategy developed by the formulation development outsourcing business to encourage market growth.
The formulation development outsourcing market size has increased as a result of the rise in the number of biopharmaceutical and pharmaceutical companies that contract out their work. In North America, the market for formulation development outsourcing held a substantial share of 26.8% in 2021.
As an illustration, many clinical trials are conducted in the United States. Furthermore, it is anticipated that Europe will hold the formulation development outsourcing market share. The government's supportive initiatives, sedentary lifestyles, and the rise in chronic illnesses are driving the market in this region.
Key Takeaways
- The formulation development outsourcing market is predicted to develop at a CAGR of 7.2%, with a market share of US$ 66.6 billion through 2032.
- The formulation development outsourcing market in North America holds a sizable share of 22.8 in 2021.
- The formulation development outsourcing market in Asia Pacific is anticipated to have a significant CAGR of 8.1% through 2032.
- The formulation development outsourcing market had a share of US$ 31 billion in 2021.
- The oral segment of the formulation development outsourcing market, based on formulation, had a revenue share of 63.6% in 2021.
- The formulation development segment of the formulation development outsourcing market, based on services, had a revenue share of 76.6% in 2021.
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Competitive Landscape:
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.
Key Players
- 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.
Recent Developments:
- In 2019, Intertek enlarged its Melbourne-based laboratory for pharmaceutical services.
- In 2021, Cataleny Inc. announced that it had acquired the packaging and manufacturing divisions of Acorda Therapeutics Inc.
- In 2021, Quotient BioSciences also disclosed plans to acquire Arcinova, a UK-based business. With this acquisition, Quotient Bioscience is able to offer more services, such as medicinal goods, clinical testing, and drug substance development.
- 2020 saw the announcement by Catalent Inc. of the acquisition of MaStherCell Global Inc. The biotech sector is strengthening its position as a result of this increase, and new methods for gene therapies are made available.
Key Segments
By Service:
- Preformulation
- Formulation Development
By Formulation:
- Oral
- Injectable
By Therapeutic Area:
- Oncology
- Infectious Diseases
- Neurology
- Hematology
- Respiratory
- Cardiovascular
- Dermatology
- Others
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook. Click Here for Full Toc
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