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Formulation Development Outsourcing Market Analysis, Trends, Growth, Research And Forecast 2032
Formulation Development Outsourcing Market
The Business Research Company's Formulation Development Outsourcing Global Market Report 2023 identifies growing chronic diseases as the major driver for the formulation development outsourcing market's growth in the forecast period. Chronic diseases are conditions that last for a year or longer, require continued medical care, and restrict daily activities. Developing effective formulations and therapies to manage and treat these conditions requires specialized expertise and resources. Formulation development outsourcing engages outside experts or specialized businesses to manage the research, development, and optimization of drug formulations to treat chronic diseases.
The global formulation development outsourcing market size is expected to grow from $25 billion in 2022 to $27.49 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global formulation development outsourcing market size is expected to reach $39.3 billion in 2027 at a CAGR of 9.3%.
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Major competitors in the formulation development outsourcing market are Syngene International Ltd., Aizant Drug Research Solutions Private Limited., Catalent Inc., Intertek Group plc, Recipharm AB, SGS S.A., Lonza Group AG, Eurofins Scientific SE, Laboratory Corporation of America Holdings, Charles River Laboratories International Inc.
A key trend in the formulation development outsourcing market includes technological advancement. Companies operating in the formulation development outsourcing market are adopting new technologies, such as artificial intelligence (AI) and machine learning (ML), to sustain their position in the market. For instance, in March 2023, Nvidia, a US-based software technology company, launched BioNeMo Cloud, a new component to their AI Foundations suite. This service offers researchers access to pre-trained AI models, allowing for private data customization. It is aimed to speed up life sciences research, drug discovery, and protein engineering. Amgen, a global biotech giant, and many startups currently use the technology, which is made available as a cloud service and allows for quicker drug development processes.
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The formulation development outsourcing market is segmented -
• By Service: Preformulation, Formulation Development
• By Therapeutic Area: Oncology, Infectious Disease, Neurology, Hematology, Respiratory, Cardiovascular, Dermatology, Other Therapeutics
• By Formulation: Oral, Injectable, Topical, Other Formulations
• By End-User: Pharmaceutical Industries, Research And Academic Development
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the formulation development outsourcing market.
The Business Research Company's "Global Formulation Development Outsourcing Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Formulation Development Outsourcing Market Include:
1. Executive Summary
2. Formulation Development Outsourcing Market Characteristics
3. Formulation Development Outsourcing Market Trends And Strategies
4. Formulation Development Outsourcing Market - Macro Economic Scenario
5. Formulation Development Outsourcing Market Size And Growth
……
26. Africa Formulation Development Outsourcing Market
27. Formulation Development Outsourcing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Formulation Development Outsourcing Market
29. Formulation Development Outsourcing Market Future Outlook and Potential Analysis
30. Appendix
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