Formulation Development Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Formulation Development Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global formulation development outsourcing market size reached US$ 22.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.89% during 2022-2028.

Formulation development refers to the process of determining patentability, lifecycle, and the success of the pharmaceutical product. It also involves pre-formulation, including analytical assay development and characterization, excipient screening to stabilize or enhance the solubility of the product and dosage form development. It is often outsourced due to time pressure and a lack of internal resources. Formulation development outsourcing also offers numerous benefits, such as compressing timelines, accessing expertise, and providing extra insurance against product failure.

Formulation Development Outsourcing Market Trends:
The growing prevalence of chronic diseases, such as diabetes, chronic obstructive pulmonary disease (COPD), cancer, asthma, arthritis, and Alzheimer’s disease, is catalyzing the demand for the discovery and development of new drugs. This, in turn, represents one of the key factors resulting in the formulation development services being outsourced to contract research organizations (CROs) around the world. Besides this, there is a rise in the need to overcome the risk and save time and money involved in passing the drug through the development pipeline. As a result, leading pharmaceutical and biotechnological companies worldwide are partnering with outsourcing services in the early phases of the drug development process. This, along with a significant increase in the need to innovate novel drugs on account of the rising patent expirations of major drugs, is contributing to market growth. Furthermore, expanding healthcare expenditure by business enterprises and governing agencies of several countries is creating a favorable market outlook. Moreover, the coronavirus disease (COVID-19) outbreak has positively influenced the need for clinical trials to find an effective treatment against the contagious infection. This has resulted in extensive investments in research and development (R&D) to develop therapeutics, which is projected to drive the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global formulation development outsourcing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service, dosage form, application and end user.

Breakup by Service:

Pre-formulation Services
Discovery and Preclinical Services
Analytical Services
Formulation Optimization
Phase I
Phase II
Phase III
Phase IV

Breakup by Dosage Form:

Injectable
Oral
Topical
Others

Breakup by Application:

Oncology
Genetic Disorders
Neurology
Infectious Diseases
Respiratory
Cardiovascular
Others

Breakup by End User:

Pharmaceutical and Biopharmaceutical Companies
Government and Academic Institutes

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aizant Drug Research Solutions Private Limited, Catalent Inc., Charles River Laboratories, Dr. Reddy’s Laboratories Ltd., Emergent BioSolutions Inc., Intertek Group plc, Irisys LLC (Recro Pharma), Laboratory Corporation of America Holdings, Lonza Group AG, Piramal Pharma Solutions, Quotient Sciences, Syngene International Limited (Biocon Limited) and Thermo Fisher Scientific Inc.

Key Questions Answered in This Report:
How has the global formulation development outsourcing market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global formulation development outsourcing market?
What are the key regional markets?
What is the breakup of the market based on the service?
What is the breakup of the market based on the dosage form?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global formulation development outsourcing market and who are the key players?
What is the degree of competition in the industry?