DUBAI, United Arab Emirates, July 5, 2022 (GLOBE NEWSWIRE) — The formulation development outsourcing market is forecast to be US$66.6 billion in 2032, up from US$31 billion in 2021 and meanwhile with a CAGR of 7.2% increase forecast period (2022-2032).
Increased R&D costs are expected to drive demand for formulation development outsourcing. Formulation development outsourcing services are often used by small and medium-sized pharmaceutical companies that lack the necessary resources.
The majority of pharmaceutical companies use it to reduce the time spent outsourcing formulation development services due to trial-related costs. The expansion of the outsourcing business for formulation development is responsible for the fact that the pharmaceutical industry increasingly relies on partnerships with academic institutions.
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The market value of outsourcing formulation development can be significantly impacted by increasing costs and increasing demand for various drugs and raw materials. Medical drug patent expiration was a marketing strategy devised by formulation development outsourcing business to boost market growth.
The size of the formulation development outsourcing market has increased as the number of biopharmaceutical and pharmaceutical companies outsourcing their labor has increased. In North America, the market for formulation development outsourcing accounted for a significant share of 26.8% in 2021.
To illustrate, many clinical trials are being conducted in the United States. In addition, Europe is expected to retain market share in formulation development outsourcing. Government supportive initiatives, sedentary lifestyles and the rise of chronic diseases are driving the market in this region.
The central theses
- The formulation development outsourcing market is projected to grow at a CAGR of 7.2% with a market share of US$66.6 billion by 2032.
- North America Formulation Development Outsourcing Market holds a sizeable 22.8 share in 2021.
- The Asia-Pacific formulation development outsourcing market is expected to show a significant CAGR of 8.1% by 2032.
- The formulation development outsourcing market had a share of US$31 billion in 2021.
- The oral segment of the formulation development outsourcing market, based on formulation, accounted for 63.6% revenue share in 2021.
- The formulation development segment of the formulation development outsourcing market based on services accounted for 76.6% of revenue in 2021.
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Competitive landscape:
The key actions players are taking to capture the Formulation Development Outsourcing market opportunities include frequent product launches, geographic expansions, and distribution agreements to expand their customer bases.
key figures
- SGS SA
- Intertek Group plc
- Recipharm
- lonza
- Charles River Laboratories International, Inc.
- Eurofins Scientific SE
- element
- lab corp
- Thermo Fisher Scientific, Inc. (Patheon)
- Catalent Inc.
Recent Developments:
- In 2019, Intertek expanded its Melbourne-based pharmaceutical services laboratory.
- In 2021, Cataleny Inc. announced that it had acquired Acorda Therapeutics Inc.’s packaging and manufacturing divisions.
- In 2021, Quotient BioSciences also announced plans to acquire Arcinova, a UK-based company. Through this acquisition, Quotient Bioscience is able to offer additional services such as pharmaceuticals, clinical testing and drug development.
- In 2020, Catalent Inc. announced the acquisition of MaStherCell Global Inc. The biotech sector is strengthening its position with this increase and new methods for gene therapy are becoming available.
key segments
After service:
- pre-formulation
- formulation development
After formulation:
By therapeutic area:
- oncology
- infectious diseases
- neurology
- hematology
- breathing
- Cardiovascular
- dermatology
- Other
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Table of Contents
1. Summary
1.1. Global Market Outlook
1.2. Demand-side trends
1.3. Supply-side trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Restrictions
3. Market background
3.1. market dynamics
3.1.1. driver
3.1.2. limitations
3.1.3. opportunity
3.1.4. tendencies
3.2. scenario forecast
3.2.1. demand in the optimistic scenario
3.2.2. demand in the probable scenario
3.2.3. Demand in the conservative scenario
3.3. Opportunity Map Analysis
3.4. Investment feasibility matrix
3.5. PESTLE and Porter’s analysis
3.6. regulatory landscape
3.6.1. By key regions
3.6.2. By key countries
3.7. Outlook on the regional parent market. Click here for the full table of contents
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