According to a report by TechSci Research, the global formulation development outsourcing market is projected to experience impressive growth from 2022 to 2028, with a significant CAGR, due to the rising demand for research and development in the pharmaceutical industry. This growth is driven by the need to develop drugs that can effectively treat diseases and conditions that are not yet curable. Pharmaceutical formulation development involves the successful transformation of a new drug or pharmaceutical substance into a commercial drug product. Established pharmaceutical companies often outsource formulation development to smaller companies or startups after completing clinical trials and determining the formulation and product standards.
The global formulation development outsourcing market is segmented by services, dosage form, application, end user, regional distribution, and competitional landscape. The market is dominated by oncology, which accounts for the highest revenue shares due to the increasing number of cancer cases and the growing number of companies dedicated to finding solutions to cancer. The stability, solubility, and bioavailability of drugs are critical considerations in the market's growth over the next five years.
The market is further differentiated by services, with formulation optimization accounting for a larger share of revenue due to the many services available. Pre-formulation services, which include discovery and preclinical services and analytical services, are expected to experience significant growth in the next five years due to increasing research and development and the multiplication of biotechnology and bio-pharmaceutical companies in recent years.
Leading market players include Charles River Laboratories International, Inc., Catalent Inc., Quotient Bioresearch Ltd., Aizant Drug Research Solutions Private Limited, Laboratory Corporation of America Holdings, Syngene International Ltd, Irisys LLC, Intertek Group plc, Piramal Pharma Limited, Emergent BioSolutions Inc., Lonza Group AG, Dr. Reddy's Laboratories Ltd, Thermo Fischer Scientific, Inc. (Patheon), PCI Pharma Services, Hermes Pharma, among others. These players are actively engaged in research and technological development, particularly in medical devices and testing kits.
The future growth of the formulation development outsourcing market depends on continued research and technological advancements that improve healthcare services. New market players may focus on research and development to meet consumer demands and build brand value, while mergers and acquisitions and new product development are competitive strategies for existing players.
“North America is anticipated to be the most promising region for the future of the market. Rising number of chronic diseases and abundant players in the region are anticipated to further drive the market growth in the upcoming five years. New market players must focus on the extensive research and development of the drugs that are outsourced with their formulation to save time, and investment pertaining to a series of clinical trials and evaluation studies in formulation development,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Formulation Development Outsourcing Market By Services (Pre-Formulation Services {Discovery & Preclinical Services v/s Analytical Services} v/s Formulation Optimization {Phase I, Phase II, Phase III, Phase IV}) By Dosage Form (Oral, Topical, Intravenous, Others) By Application (Oncology, Genetic Disorders, Neurology, Infectious Diseases, Respiratory, Cardiovascular, Others) By End User (Pharmaceutical & Biopharmaceutical Companies, Governments, Academic & Research Institutions, Others) By Region, Competition Forecast & Opportunities, 2028”, has evaluated the future growth potential of global formulation development outsourcing and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global formulation development outsourcing market.
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