Overview and Scope
Formulation development outsourcing refers to the practice of hiring external experts or organizations to handle the process of formulating and developing a product. This outsourcing arrangement allows companies to leverage the specialized knowledge, resources, and expertise of external parties to develop or improve the formulation of their products.
Sizing and Forecast
The formulation development outsourcing market size has grown strongly in recent years. It will grow from $27.49 billion in 2023 to $30.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to cost efficiency, focus on core competencies, regulatory compliance, accelerated drug development, access to specialized expertise..
The formulation development outsourcing market size is expected to see strong growth in the next few years. It will grow to $43.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increased complexity of drug molecules, strategic partnerships, rising r&d costs, biopharmaceutical innovations, flexible capacity.. Major trends in the forecast period include integration of continuous manufacturing processes, outsourcing for modified-release formulations, collaborations for specialized drug delivery systems, regulatory expertise in outsourced services, utilization of artificial intelligence (ai) in formulation design..
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Segmentation & Regional Insights
The formulation development outsourcing market covered in this report is segmented
1) By Service: Preformulation, Formulation Development
2) By Therapeutic Area: Oncology, Infectious Disease, Neurology, Hematology, Respiratory, Cardiovascular, Dermatology, Other Therapeutics
3) By Formulation: Oral, Injectable, Topical, Other Formulations
4) By End-User: Pharmaceutical Industries, Research And Academic Development
North America was the largest region in the global formulation development outsourcing market in 2023. The regions covered in the formulation development outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing chronic diseases are expected to propel the growth of the formulation development outsourcing market going forward. Chronic diseases are conditions that last for a year or longer, require continued medical care, and restrict daily activities. Developing effective formulations and therapies to manage and treat these conditions requires specialized expertise and resources. Formulation development outsourcing engages outside experts or specialized businesses to manage the research, development, and optimization of drug formulations to treat chronic diseases. For instance, in September 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, chronic diseases affect the lives of 41 million people every year, accounting for 74% of all deaths globally. Additionally, according to the Australian Institute of Health and Welfare, in 2020–21, 11.6 million Australians, or 47% of the population, had one or more chronic illnesses. Therefore, the growing number of chronic diseases is driving the growth of the formulation development outsourcing market.
Key Industry Players
Major companies operating in the formulation development outsourcing market report are Syngene International Ltd., Aizant Drug Research Solutions Private Limited., Catalent Inc., Intertek Group PLC, Recipharm AB, SGS S.A., Lonza Group AG, Eurofins Scientific SE, Laboratory Corporation of America Holdings, Charles River Laboratories International Inc., Emergent Biosolutions Inc., IRISYS LLC, Piramal Pharma Limited., Biocon Limited., Dr Reddy’s Laboratories Ltd., Quotient Sciences Ltd., Almac Group, Patheon, Evonik Industries AG, Metrics Contract Services, Aenova Group, Fareva Group, Vetter Pharma International GmbH, Aesica Pharmaceuticals, WuXi AppTec, Formosa Laboratories Inc., Aptuit LLC, ProPharma Group, Laurus Labs Limited, Petrofly
The formulation development outsourcing market report table of contents includes:
1. Executive Summary
2. Formulation Development Outsourcing Market Characteristics
3. Formulation Development Outsourcing Market Trends And Strategies
4. Formulation Development Outsourcing Market – Macro Economic Scenario
5. Global Formulation Development Outsourcing Market Size and Growth
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31. Global Formulation Development Outsourcing Market Competitive Benchmarking
32. Global Formulation Development Outsourcing Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Formulation Development Outsourcing Market
34. Formulation Development Outsourcing Market Future Outlook and Potential Analysis
35. Appendix
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