Global Formulation Development Outsourcing Market Research Report—Forecast till 2027
Global Formulation Development Outsourcing Market is estimated to exhibit a significant CAGR of 8.19% during the review period of 2020 to 2027, to surpass USD 13,530.01 Million by 2027. The formulation development is the area of product development that can determine patentability, lifecycle, and, ultimately, the achievement of a pharmaceutical product. Many companies integrate formulation development functions and personnel into their product development cycle in many ways. The global market growth is attributed to the increasing focus of biopharmaceutical companies establishing a partnership with academia, Contract Research Organizations (CROs), and biotechnology start-up companies to develop formulation against diseases. Additionally, the increasing demand for outsourcing of services from pharmaceutical companies and the presence of market players involved in new services and strategic collaborations are further propelling the growth of the formulation development outsourcing market during the review period.
The global formulation development outsourcings market is set to witness substantial market growth during the review owing to the patent protection expiration of major drugs. Moreover, the rising number of pharmaceutical and biopharmaceutical companies outsourcing their services in the industry have opened new opportunities for the formulation development outsourcing manufacturers. However, structural changes in the pharmaceutical industry and insufficient funding to carry out the drug development process through formulation development outsourcing in developing are hindering market growth during the review period.
The global formulation development outsourcing market has been classified into services, dosage form, application, and end-user.
Based on services, the global market has been classified into preformulation services and formulation optimization. Preformulation services are further divided into formulation discovery, pre-clinical services, and analytical services. Formulation optimization is further segmented into Phase I, Phase II, Phase III, and Phase IV.
In terms of the global formulation development outsourcing market has been categorized into oncology, genetic disorders, neurology, infectious diseases, respiratory, cardiovascular, and others.
Based on the end-user segment the global formulation development outsourcing market has been divided into pharmaceutical & biopharmaceutical companies, government, and academic institutes.
Geographically, the global formulation development outsourcing market has been classified into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is expected to contribute the largest share of the global market owing to the spearheaded market in 2019. The regional market is driven by the presence of a well-established healthcare system and the increasing prevalence of chronic diseases & the need for drug development.
Europe is expected to register the second largest market during the review period owing to the presence of favorable government initiatives, and large target population base, an increasing prevalence of chronic and lifestyle-associated conditions, and rising adoption of formulation development outsourcing by pharmaceutical and biopharma companies.
The global formulation market in Asia-Pacific is anticipated to register the fastest market growth potential over the review period owing to growing per capita health expenditure, the emerging healthcare sector in China, India, and Australia, growing demand for the drug development process, and the increasing number of pharmaceutical companies involved in drug development.
The major players in the global formulation development outsourcing market include Laboratory Corporation of America (US), Charles River Laboratories (US), Catalent, Inc. (US), and Intertek (US).
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.