The Formulation Development Outsourcing Global Market Report 2023, provides comprehensive information on the formulation development outsourcing market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
Learn More On The Formulation Development Outsourcing Market’s Growth:
The global formulation development outsourcing market size is expected to grow from $25 billion in 2022 to $27.49 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global formulation development outsourcing market size is expected to reach $39.3 billion in 2027 at a CAGR of 9.3%.
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Technological advancements are a key trend gaining popularity in the formulation development outsourcing market. Companies operating in the formulation development outsourcing market are adopting new technologies, such as artificial intelligence (AI) and machine learning (ML), to sustain their position in the market. For instance, in March 2023, Nvidia, a US-based software technology company, launched BioNeMo Cloud, a new component to their AI Foundations suite. This service offers researchers access to pre-trained AI models, allowing for private data customization. It is aimed to speed up life sciences research, drug discovery, and protein engineering. Amgen, a global biotech giant, and many startups currently use the technology, which is made available as a cloud service and allows for quicker drug development processes.
The formulation development outsourcing market 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 formulation development outsourcing market in 2022.
The table of contents in TBRC’s formulation development outsourcing market report includes:
- Executive Summary
- Formulation Development Outsourcing Market Characteristics
- Formulation Development Outsourcing Market Trends And Strategies
- Formulation Development Outsourcing Market – Macro Economic Scenario
- Formulation Development Outsourcing Market Size And Growth
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- Africa Formulation Development Outsourcing Market
- Formulation Development Outsourcing Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Formulation Development Outsourcing Market
- Formulation Development Outsourcing Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Syngene International Ltd
- Aizant Drug Research Solutions Private Limited
- Catalent Inc
- Intertek Group plc
- Recipharm AB
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