New York, USA, April 17, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global formulation development outsourcing market is predicted to generate a revenue of $51,901.3 million and grow at a striking CAGR of 9.0% over the estimated period from 2022 to 2031.
As per our analysts, the increasing prevalence of chronic diseases among individuals such as neurological disorders, chronic kidney diseases (CKD), cardiac strokes, chronic respiratory diseases (CRD), and many others are expected to foster the growth of the formulation development outsourcing market over the forecast period. Besides, the emergence and spread of numerous infectious diseases and the increasing need for clinical trials of drugs for the treatment of such diseases are expected to foster the growth of the market throughout the analysis period. Moreover, the increasing demand for the development of proper medication and vaccination to combat chronic diseases is predicted to create ample growth opportunities for the market during the estimated period. However, the limited funds for formulation development outsourcing may hamper the growth of the market over the analysis period.
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Segments of the Formulation Development Outsourcing Market
The report has divided the market into segments based on services type, route of formulation, end-user, and region.
Services Type: Pre-Formulation Sub-Segment to be Most Profitable
The pre-formulation segment is expected to have the fastest growth over the forecast period. The increasing formulation and optimization of pre-clinical trials are expected to bolster the growth of the market sub-segment over the analysis timeframe.
Route of Formulation: Oral Segment to be Most Productive
The oral sub-segment generated the highest share in 2021. The increasing popularity of oral formulations as these are self-administering and do not require any kind of assistance from a trained physician is expected to propel the growth of the formulation development outsourcing market sub-segment over the estimated timeframe.
End-User: Pharmaceutical Industries Sub-Segment to be Most Beneficial
The pharmaceutical industries sub-segment garnered the highest revenue in 2021. Pharmaceutical industries provide medicines for the treatment of various types of diseases and produce personalized medicine based on the requirements of patients which is expected to amplify the growth of the market sub-segment over the analysis period.
North America Region to Hold the Largest Share of the Market
The North America region of the formulation development outsourcing market is expected to expand significantly and hold the maximum share of the market over the forecast period. This is mainly due to the existence of highly developed healthcare systems and cutting-edge technological advancements in this region. Moreover, the increasing number of approved drugs and the growing production of vaccines in this region is expected to drive the regional growth of the market throughout the analysis timeframe.
Covid-19 Impact on the Formulation Development Outsourcing Market
Initially, the outbreak of the Covid-19 pandemic slowed down the growth of the formulation development outsourcing market due to the statewide lockdowns imposed by the governments of various nations. Moreover, the disruption in the supply chains and the export of some crucial APIs and medications have further declined the market growth over the crisis. However, the adaptation of various business strategies by leading pharmaceutical firms has created major growth opportunities for the market over the crisis.
Key Players of the Formulation Development Outsourcing Market
The major players of the market include
- Intertek Group plc
- Piramal Pharma Ltd.
- Thermo Fisher Scientific
- Catalent Inc.
- Eurofins Scientific
- Syngene International Limited
- Laboratory Corporation of America Holdings
- EMERGENT
- Charles River Laboratories
- Dr. Reddy’s Laboratories Ltd.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the global industry.
For instance, in January 2023, Charles River Laboratories International Inc., an American pharmaceutical company specializing in a variety of preclinical and clinical laboratory, gene therapy, and cell therapy services, announced its partnership with Rznomics Inc., a South Korea-based biopharmaceutical company. This partnership would leverage Charles River’s viral vector CDMO experience to begin the clinical development of its RNA-based anticancer gene therapy for liver cancer patients worldwide.
Further, the report also presents other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
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
