The global formulation development outsourcing market size was US$ 31,135.6 billion in 2021. The global formulation development outsourcing market size is forecast to reach US$ 56,761.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.
The success, longevity, and patentability of a pharmaceutical product are all determined through the formulation development process. It comprises pre-formulation operations such as the invention and characterization of analytical tests, the screening of excipients to stabilize or improve product solubility, and the development of dosage forms. There are many benefits to outsourcing formulation development, including shortened timeframes, access to experts, and more protection against product failure.
Factors Influencing Market Growth
• The rising demand for new drugs due to the increased burden of chronic and infectious diseases drives the global market.
• The increasing focus on bioavailability improvement for poorly soluble drugs and the problems associated with drug development boost the global market growth.
• The rising trend of patent protection expiration of major drugs fuels the global market growth.
• The lack of funding to perform the drug development process through formulation development may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a positive impact on the global market. In order to combat the virus, the health systems of many nations are quickly increasing their R&D expenditures, which has a substantial impact on the market for formulation development outsourcing. To advance the oral antiviral Avigan/Reeqomus for COVID-19, for instance, AiPharma formed a global coalition of pharmaceutical, manufacturing, and distribution leaders in October 2020. AiPharma, a member of the consortium, commercializes all forms of favipiravir, an oral antiviral medication with a broad range of activity that fights COVID-19 and other infectious disorders. Even though COVID-19 cases have decreased, the relevance of COVID-19 vaccinations has increased significantly. The demand for COVID-19 vaccinations is rising due to concern over the potential appearance of new COVID-19 variations. Furthermore, public organizations are sponsoring drug development significantly in order to be ready for upcoming pandemics.
The Asia Pacific region garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the existence of a substantial number of CROs offering cost-effective formulation developing services and rising initiatives to decrease the time of drug approval by public organizations.
The leading prominent companies profiled in the global formulation development outsourcing market are:
• SGS S.A.
• Intertek Group plc
• Charles River Laboratories International, Inc.
• Eurofins Scientific SE
• Thermo Fisher Scientific, Inc. (Patheon)
• Catalent Inc.
• Other Prominent Players
Scope of the Report
The global formulation development outsourcing market segmentation focuses on Service, Formulation, Therapeutic Area, and Region.
Segmentation based on Service
• Formulation Development
Segmentation based on Formulation
Segmentation based on Therapeutic Area
• Infectious Diseases
Segmentation based on Region
• North America
• The U.S.
• Western Europe
• The UK
• Rest of Western Europe
• Eastern Europe
• Rest of Eastern Europe
• Asia Pacific
• Australia & New Zealand
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Rest of South America
Meta Title: Formulation Development Outsourcing Market Size, Share, Insight and Forecast 2022 to 2030
Meta Description: Global Formulation Development Outsourcing Market is projected to reach US$ 56,761.9 billion by the end of 2030 from US$ 31,135.6 billion in 2021, at a CAGR of 6.9%
Meta Keywords: formulation development outsourcing market Size, formulation development outsourcing market share, formulation development outsourcing market trend, formulation development outsourcing market Forecast, formulation development outsourcing market insight