Global Formulation Development Outsourcing Market to Grow at a 9.0% CAGR During the Forecast Period from 2022 to 2031 | Defined by Research Dive
NEW YORK, April 28, 2023 /PRNewswire/ -- The global formulation development outsourcing market is expected to grow primarily due to increasing demand for medications of chronic diseases. Formulation development sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
Global Formulation Development Outsourcing Market Forecast Analysis:
As per the report published by Research Dive, the global formulation development outsourcing market is expected to register a revenue of $51,901.3 million by 2031 at a CAGR of 9.0% during the forecast period 2022-2031.
Segments of the Formulation Development Outsourcing Market
The report has divided the market into the following segments:
- Services Type: pre-formulation and formulation development
- Formulation Development– Most dominant in 2021
- The process of formula development is crucial because it entails creating a stable and patient-acceptable drug preparation and form. This crucial role played by formulation development is expected to push the growth of this sub-segment further.
- Route of Formulation: oral, injectable, and others
- Oral – Highest market share in 2021
- Since oral formulations are self-administering and do not require the assistance of a trained physician for medication administration, they are quite popular. This growth in popularity is expected to augment the growth rate of the market in the 2022-2031 timeframe.
- End-User: pharmaceutical industries and research and academic institutes
- Pharmaceutical Industries– Most profitable in 2021
- Pharmaceutical industries provide medicines for the individual treatment of various types of diseases which is expected to propel the sub-segment forward.
- Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The highly developed healthcare system and cutting-edge technical advancements are predicted to propel the market in the forecast period.
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Dynamics of the Global Formulation Development Outsourcing Market
The increasing demand for medications of chronic diseases is expected to make the formulation development outsourcing market a highly profitable one in the forecast period. Additionally, growing relevance of novel drug development as a result of the increasing patent expirations of important pharmaceuticals is predicted to propel the market forward. However, according to market analysts, availability of limited funds for formulation development outsourcing might become a restraint in the growth of the market.
Increased outsourcing of formulation development services by the majority of pharmaceutical and biotechnological companies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing chronic diseases and increase in clinical trial drives is expected to propel the global market forward in the coming years.
COVID-19 Impact on the Global Formulation Development Outsourcing Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The formulation development outsourcing market, too, was negatively impacted due to the pandemic. The decrease in supply of active pharmaceutical ingredients led to a decline in the growth rate of the market during the pandemic period.
Key Players of the Global Formulation Development Outsourcing Market
The major players of the market include
- Charles River Laboratories
- Intertek Group plc
- Laboratory Corporation of America Holdings
- Syngene International Limited
- Thermo Fisher Scientific
- Dr. Reddy's Laboratories Ltd
- Catalent Inc
- Eurofins Scientific
- EMERGENT
- Piramal Pharma Ltd
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in October 2022, Catalent Inc., a leading pharmaceutical company, announced that it was acquiring Metrics Contract Services, a leading contract development and manufacturing organization (CDMO). This acquisition is expected to consolidate Catalent's lead in the market considerably in the next few years.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Formulation Development Outsourcing Market:
- What Factors Cause a High Demand for Formulation Development Outsourcing in the Pharmaceutical Industry?
- Global Formulation Development Outsourcing Market to Generate $51,901.3 Million by 2031 Owing to the Increasing Relevance of Novel Drug Development
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About Research Dive
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