A global formulation development outsourcing is expected to rise 7.2% of CAGR, securing a valuation of US$ 33.23 Billion by 2022. The market is likely to be valued at US$ 66.60 Billion in 2032, driven by:
The formulation development outsourcing market is growing at a moderate pace by securing a higher CAGR during the forecast period. The demand for formulation development outsourcing is rising in end-use industries such as oncology, infectious diseases, cardiovascular, respiratory, and others. Although, pharmaceuticals are leading the market size by securing a high share during the forecast period. Moreover, growing research centers and bio-pharmaceuticals sectors are other factors that flourish the market growth. In the therapeutical area, cancer therapeutical are likely to dominate the size of the market during the foreseen time. However, it is a great influencing factor globally in the growth of formulation development outsourcing.
| Attributes | Details |
|---|---|
| Formulation Development Outsourcing Market CAGR (2022 to 2032) | 7.2% |
| Formulation Development Outsourcing Market Size (2021) | US$ 31 billion |
| Formulation Development Outsourcing Market Size (2032) | US$ 66.6 billion |
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Based on geography, North America dominates the formulation development outsourcing market by capturing the highest share during the forecast period. The increasing number of approved drugs and the development of a vaccine in the region is growing the demand for formulation development outsourcing in the region. The countries such as China and India are leading the market and accelerating market growth.
The Europe market is predicted to secure better growth in the market due to rising government-supportive activities and rising chronic disorders during the forecast period. In addition, United Kingdom & Germany are the leading countries in the market due to rising sedentary lifestyles. The cancer research institutes in the United Kingdom are supporting and collecting funds for several pharmaceutical firms and clinics to innovate early drug developments during the forecast period.
On the other hand, the North American region is also in a queue to drive the market size by capturing a good market share during the forecast period. Rising clinical trials and growing chronic diseases in the USA have been propelling the market size in recent years. In addition, the development of anti-cancer drugs and bioavailability in the region accelerates the demand for formulation development outsourcing.
Pharmaceutical manufacturers are playing an essential role in the formulation development outsourcing market by innovating and focusing on oncology formulation development and other drug development. The key playing industries are together developing efficient drugs and gene therapies that strengthen the biotech sector. Moreover, the adoption of new methods availability and pharmaceutical services by key market players accelerates the market size during the forecast period. Some of the key players are providing clinical, drug substance development, and medical goods to patients. Currently, the formulation development outsourcing market players are competing in the market to upsurge their business by developing and innovating several unique products that drive consumer demand.
However, they are capturing maximum profit in the market by adopting several marketing tactics and methodologies. Some of the commonly used marketing strategies include partnerships, mergers, acquisitions, and product launches, among others. Global marketers are spending billions of bucks in developed and developing regions to provide sufficient treatment to patients. Although, growing uncountable medical services and facilities are meeting the patient needs in the urban areas during the forecast period.
The pharmaceutical industry's pursuit of novel and efficient medicines continues to fuel longer-term growth, and clinical research for both new and existing COVID-19 medications continues to flourish. Contrast Research Organizations, or CROs, and biotechnology start-up businesses began creating formulations to fight disease.
The majority of pharmaceutical businesses employ it to cut down on the amount of time spent on formulation development outsourcing services due to trial-related investment. The growing emphasis of biopharmaceutical companies that have developed academic relationships is attributed to the formulation development outsourcing market growth.
Principal Consultant
The demand for formulation development outsourcing services is anticipated to increase as a result of the rising Research and Development expenditures. Small and medium-sized pharmaceutical enterprises that lack the capacity for formulation development frequently use formulation development services.
To remain competitive and adaptable, pharmaceutical companies are increasingly concentrating on their Research and Development efforts. The patent expiration of important pharmaceuticals was accelerated due to the growing significance of novel drugs and their use.
Most pharmaceutical companies, who are the main market drivers of the formulation development outsourcing market, are increasing the outsourcing of their formulation services as a result of this. Cancer research in the United Kingdom supports early drug development and provides funding to numerous pharmaceutical firms.
Formulation development outsourcing market growth is anticipated to be constrained by rising instrument prices needed for testing, diagnosis, and treatment. Structure changes in the pharmaceutical industry also affect the growth of the formulation development outsourcing market share.
The rise in price and demand for various pharmaceuticals and raw materials can have a significant negative impact on the market value of formulation development outsourcing.
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With a revenue share of 76.6% in 2021, the formulation development segment dominated the market for formulation development outsourcing. Every stage of clinical trials requires the development of a formulation, and the quantity of clinical research has greatly expanded over time.
The market for formulation development outsourcing is projected to benefit if a sizable number of businesses outsource formulation development services. The rising frequency of chronic diseases, including cancer, diabetes, HIV, and other illnesses, is also encouraging the need for formulation development by increasing the demand for producing novel medicines.
In 2021, the oral segment dominated the market for formulation development outsourcing, accounting for the highest revenue share at 63.6%.
Tablets, capsules, syrups, and powders are a few examples of oral formulations. As they are primarily used to treat some common disorders like migraines, infectious diseases, fever, and diabetes, among others, oral formulations have grown significantly in formulation development outsourcing market share.
One of the main factors contributing to oral formulations' great acceptability is their self-administrability and lack of need for a skilled physician to provide the medication. Additionally, compared to others, these formulations have more design flexibility, which increases their demand for formulation development outsourcing.
In the formulation development outsourcing market, the injectable formulation sector is anticipated to grow at the quickest rate (7.8% CAGR). The primary driver for its quickest growth is the high bioavailability of injectable formulations, which results in an instantaneous commencement of effect.
If the medications are poorly absorbed, injectable forms are favored. This type of formulation is also frequently chosen in medical situations, which is propelling the market even more.
The cancer therapeutic area dominated the formulation development outsourcing market share and accumulated the greatest revenue share of 24.5% in 2021. The quickest CAGR during the projection period is also anticipated for this market category.
The need for innovative cancer medicines has been greatly influenced by the fact that cancer is one of the leading causes of mortality around the globe. Additionally, a sizable number of organizations finance cancer research.
For instance, the World Cancer Research Fund International offers investigator-initiated trials of more than GBP 300,000 over a three-year period. Additionally, the NCI generously funds a lot of cancer research.
With a revenue share of 39.1% in 2021, Asia Pacific dominated the market for formulation development outsourcing. The quickest CAGR of 8.1% over the forecast period is also anticipated for the area.
One of the main factors contributing to the greatest formulation development outsourcing market share is the existence of a sizable number of CROs providing affordable formulation development services. Public groups are also making efforts to shorten the time it takes for drugs to be approved in the area.
It is predicted that Europe would have the second-largest formulation development outsourcing market share. The market in this region is being driven by the government's supportive activities, sedentary lifestyles, and rising chronic disorders.
In North America, the market for formulation development outsourcing maintained a sizable proportion of 26.8% in 2021. For instance, a large number of clinical trials are carried out in the USA.
In addition, public USA organizations provide financial assistance for the research. As a result, the market in this area is being driven by the rising incidence of chronic diseases and the development of new medications.
Key players are active in the creation of novel therapeutics, as the majority of the medications are approaching the point of patent expiration. Pharmaceutical companies are outsourcing formulation development services to CROs in this situation to save time and money on a number of clinical trials and assessment studies, which could propel market expansion in the area.
Presently, there are several market players that are becoming fiercely competitive in the formulation development outsourcing market share. Few of the competitors are likely to capture the maximum portion of the formulation development outsourcing market.
Due to the presence of numerous major competitors, the formulation development outsourcing market is fragmented.
Recent Developments
The green technology and sustainability market are projected to have a CAGR of 7.2% through 2032.
The formulation development outsourcing market size is anticipated to be US$ 66.6 billion through 2032.
The formulation development outsourcing market size is US$ 31 billion in 2021.
The formulation development segment holds the largest revenue share of 76.6% in the market.
The oral segment led the market with a revenue share of 63.6% during the forecast period.
1. Executive Summary | Formulation Development Outsourcing Market 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 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021 4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Service, 2017 to 2021 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Service, 2022 to 2032 5.3.1. Preformulation 5.3.2. Formulation Development 5.4. Y-o-Y Growth Trend Analysis By Service, 2017 to 2021 5.5. Absolute $ Opportunity Analysis By Service, 2022 to 2032 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Formulation 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Formulation, 2017 to 2021 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Formulation, 2022 to 2032 6.3.1. Oral 6.3.2. Injectable 6.3.3. Topical 6.3.4. Others 6.4. Y-o-Y Growth Trend Analysis By Formulation, 2017 to 2021 6.5. Absolute $ Opportunity Analysis By Formulation, 2022 to 2032 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Therapeutic Area 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Therapeutic Area, 2017 to 2021 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Therapeutic Area, 2022 to 2032 7.3.1. Oncology 7.3.2. Infectious Diseases 7.3.3. Neurology 7.3.4. Hematology 7.3.5. Respiratory 7.3.6. Cardiovascular 7.3.7. Dermatology 7.3.8. Others 7.4. Y-o-Y Growth Trend Analysis By Therapeutic Area, 2017 to 2021 7.5. Absolute $ Opportunity Analysis By Therapeutic Area, 2022 to 2032 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032 8.3.1. North America 8.3.2. Latin America 8.3.3. Europe 8.3.4. Asia Pacific 8.3.5. Middle East and Africa 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 9.2.1. By Country 9.2.1.1. United Kingdom 9.2.1.2. Canada 9.2.2. By Service 9.2.3. By Formulation 9.2.4. By Therapeutic Area 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Service 9.3.3. By Formulation 9.3.4. By Therapeutic Area 9.4. Key Takeaways 10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Service 10.2.3. By Formulation 10.2.4. By Therapeutic Area 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Service 10.3.3. By Formulation 10.3.4. By Therapeutic Area 10.4. Key Takeaways 11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. United Kingdom 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Europe 11.2.2. By Service 11.2.3. By Formulation 11.2.4. By Therapeutic Area 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Service 11.3.3. By Formulation 11.3.4. By Therapeutic Area 11.4. Key Takeaways 12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 12.2.1. By Country 12.2.1.1. China 12.2.1.2. Japan 12.2.1.3. South Korea 12.2.1.4. Malaysia 12.2.1.5. Singapore 12.2.1.6. Australia 12.2.1.7. Rest of Asia Pacific 12.2.2. By Service 12.2.3. By Formulation 12.2.4. By Therapeutic Area 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Service 12.3.3. By Formulation 12.3.4. By Therapeutic Area 12.4. Key Takeaways 13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 13.2.1. By Country 13.2.1.1. GCC Countries 13.2.1.2. South Africa 13.2.1.3. Israel 13.2.1.4. Rest of Middle East and Africa 13.2.2. By Service 13.2.3. By Formulation 13.2.4. By Therapeutic Area 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Service 13.3.3. By Formulation 13.3.4. By Therapeutic Area 13.4. Key Takeaways 14. Key Countries Market Analysis 14.1. United Kingdom 14.1.1. Pricing Analysis 14.1.2. Market Share Analysis, 2021 14.1.2.1. By Service 14.1.2.2. By Formulation 14.1.2.3. By Therapeutic Area 14.2. Canada 14.2.1. Pricing Analysis 14.2.2. Market Share Analysis, 2021 14.2.2.1. By Service 14.2.2.2. By Formulation 14.2.2.3. By Therapeutic Area 14.3. Brazil 14.3.1. Pricing Analysis 14.3.2. Market Share Analysis, 2021 14.3.2.1. By Service 14.3.2.2. By Formulation 14.3.2.3. By Therapeutic Area 14.4. Mexico 14.4.1. Pricing Analysis 14.4.2. Market Share Analysis, 2021 14.4.2.1. By Service 14.4.2.2. By Formulation 14.4.2.3. By Therapeutic Area 14.5. Rest of Latin America 14.5.1. Pricing Analysis 14.5.2. Market Share Analysis, 2021 14.5.2.1. By Service 14.5.2.2. By Formulation 14.5.2.3. By Therapeutic Area 14.6. Germany 14.6.1. Pricing Analysis 14.6.2. Market Share Analysis, 2021 14.6.2.1. By Service 14.6.2.2. By Formulation 14.6.2.3. By Therapeutic Area 14.7. United Kingdom 14.7.1. Pricing Analysis 14.7.2. Market Share Analysis, 2021 14.7.2.1. By Service 14.7.2.2. By Formulation 14.7.2.3. By Therapeutic Area 14.8. France 14.8.1. Pricing Analysis 14.8.2. Market Share Analysis, 2021 14.8.2.1. By Service 14.8.2.2. By Formulation 14.8.2.3. By Therapeutic Area 14.9. Spain 14.9.1. Pricing Analysis 14.9.2. Market Share Analysis, 2021 14.9.2.1. By Service 14.9.2.2. By Formulation 14.9.2.3. By Therapeutic Area 14.10. Italy 14.10.1. Pricing Analysis 14.10.2. Market Share Analysis, 2021 14.10.2.1. By Service 14.10.2.2. By Formulation 14.10.2.3. By Therapeutic Area 14.11. Rest of Europe 14.11.1. Pricing Analysis 14.11.2. Market Share Analysis, 2021 14.11.2.1. By Service 14.11.2.2. By Formulation 14.11.2.3. By Therapeutic Area 14.12. China 14.12.1. Pricing Analysis 14.12.2. Market Share Analysis, 2021 14.12.2.1. By Service 14.12.2.2. By Formulation 14.12.2.3. By Therapeutic Area 14.13. Japan 14.13.1. Pricing Analysis 14.13.2. Market Share Analysis, 2021 14.13.2.1. By Service 14.13.2.2. By Formulation 14.13.2.3. By Therapeutic Area 14.14. South Korea 14.14.1. Pricing Analysis 14.14.2. Market Share Analysis, 2021 14.14.2.1. By Service 14.14.2.2. By Formulation 14.14.2.3. By Therapeutic Area 14.15. Malaysia 14.15.1. Pricing Analysis 14.15.2. Market Share Analysis, 2021 14.15.2.1. By Service 14.15.2.2. By Formulation 14.15.2.3. By Therapeutic Area 14.16. Singapore 14.16.1. Pricing Analysis 14.16.2. Market Share Analysis, 2021 14.16.2.1. By Service 14.16.2.2. By Formulation 14.16.2.3. By Therapeutic Area 14.17. Australia 14.17.1. Pricing Analysis 14.17.2. Market Share Analysis, 2021 14.17.2.1. By Service 14.17.2.2. By Formulation 14.17.2.3. By Therapeutic Area 14.18. Rest of Asia Pacific 14.18.1. Pricing Analysis 14.18.2. Market Share Analysis, 2021 14.18.2.1. By Service 14.18.2.2. By Formulation 14.18.2.3. By Therapeutic Area 14.19. GCC Countries 14.19.1. Pricing Analysis 14.19.2. Market Share Analysis, 2021 14.19.2.1. By Service 14.19.2.2. By Formulation 14.19.2.3. By Therapeutic Area 14.20. South Africa 14.20.1. Pricing Analysis 14.20.2. Market Share Analysis, 2021 14.20.2.1. By Service 14.20.2.2. By Formulation 14.20.2.3. By Therapeutic Area 14.21. Israel 14.21.1. Pricing Analysis 14.21.2. Market Share Analysis, 2021 14.21.2.1. By Service 14.21.2.2. By Formulation 14.21.2.3. By Therapeutic Area 14.22. Rest of the Middle East and Africa 14.22.1. Pricing Analysis 14.22.2. Market Share Analysis, 2021 14.22.2.1. By Service 14.22.2.2. By Formulation 14.22.2.3. By Therapeutic Area 15. Market Structure Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Market Share Analysis of Top Players 15.3.1. By Regional 15.3.2. By Service 15.3.3. By Formulation 15.3.4. By Therapeutic Area 16. Competition Analysis 16.1. Competition Deep Dive 16.1.1. SGS S.A. 16.1.1.1. Overview 16.1.1.2. Product Portfolio 16.1.1.3. Profitability by Market Segments 16.1.1.4. Sales Footprint 16.1.1.5. Strategy Overview 16.1.1.5.1. Marketing Strategy 16.1.2. Intertek Group plc 16.1.2.1. Overview 16.1.2.2. Product Portfolio 16.1.2.3. Profitability by Market Segments 16.1.2.4. Sales Footprint 16.1.2.5. Strategy Overview 16.1.2.5.1. Marketing Strategy 16.1.3. Recipharm 16.1.3.1. Overview 16.1.3.2. Product Portfolio 16.1.3.3. Profitability by Market Segments 16.1.3.4. Sales Footprint 16.1.3.5. Strategy Overview 16.1.3.5.1. Marketing Strategy 16.1.4. Lonza 16.1.4.1. Overview 16.1.4.2. Product Portfolio 16.1.4.3. Profitability by Market Segments 16.1.4.4. Sales Footprint 16.1.4.5. Strategy Overview 16.1.4.5.1. Marketing Strategy 16.1.5. Charles River Laboratories International, Inc. 16.1.5.1. Overview 16.1.5.2. Product Portfolio 16.1.5.3. Profitability by Market Segments 16.1.5.4. Sales Footprint 16.1.5.5. Strategy Overview 16.1.5.5.1. Marketing Strategy 16.1.6. Eurofins Scientific SE 16.1.6.1. Overview 16.1.6.2. Product Portfolio 16.1.6.3. Profitability by Market Segments 16.1.6.4. Sales Footprint 16.1.6.5. Strategy Overview 16.1.6.5.1. Marketing Strategy 16.1.7. Element 16.1.7.1. Overview 16.1.7.2. Product Portfolio 16.1.7.3. Profitability by Market Segments 16.1.7.4. Sales Footprint 16.1.7.5. Strategy Overview 16.1.7.5.1. Marketing Strategy 16.1.8. Labcorp 16.1.8.1. Overview 16.1.8.2. Product Portfolio 16.1.8.3. Profitability by Market Segments 16.1.8.4. Sales Footprint 16.1.8.5. Strategy Overview 16.1.8.5.1. Marketing Strategy 16.1.9. Thermo Fisher Scientific, Inc. 16.1.9.1. Overview 16.1.9.2. Product Portfolio 16.1.9.3. Profitability by Market Segments 16.1.9.4. Sales Footprint 16.1.9.5. Strategy Overview 16.1.9.5.1. Marketing Strategy 16.1.10. Catalent Inc. 16.1.10.1. Overview 16.1.10.2. Product Portfolio 16.1.10.3. Profitability by Market Segments 16.1.10.4. Sales Footprint 16.1.10.5. Strategy Overview 16.1.10.5.1. Marketing Strategy 17. Assumptions & Acronyms Used 18. Research Methodology
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Formulation Development Outsourcing Market
