According to the latest report by IMARC Group, titled “Formulation Development Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global formulation development outsourcing market size reached US$ 21.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 31.8 Billion by 2027, exhibiting at a CAGR of 6.3% during 2022-2027.
Formulation development is a major area of drug development that assists in determining the patentability, lifespan, and success of pharmaceutical products. It also includes pre-formulation activities, such as analytical assay development and characterization and excipient screening to enhance the solubility of products. It is generally outsourced to save time and expenses involved in the process. Formulation development outsourcing also offers advantages like compressing deadlines, accessing expertise and providing additional protection against product failure.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The rising need to develop novel drugs on account of the growing patent expirations of several pharmaceuticals is driving the market. Moreover, the increasing prevalence of diabetes, chronic obstructive pulmonary disease (COPD), cancer, asthma, arthritis, and Alzheimer’s disease is positively influencing the sales of new drugs. This, along with the rising need to minimize the risk and expenditure involved in the drug development, is propelling the market growth of formulation development outsourcing. Furthermore, major pharmaceutical and biotechnological companies are partnering with outsourcing services in the early stage of the process. This, in confluence with the increasing healthcare expenditure and extensive investments in research and development (R&D), is contributing to the market growth.
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 with Key Player:
- 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)
- Thermo Fisher Scientific Inc
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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