Press release
Formulation Development Outsourcing Market is Booming and Predicted to Hit US$ 33.7 Billion by 2028
Formulation Development Outsourcing Market Report 2023
Report Highlights
How big is the formulation development outsourcingmarket?
The global formulation development outsourcing market size reached US$ 22.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
What is formulation development outsourcing?
Formulation is an important aspect of medication development that contributes to the patentability, longevity, and success of pharmaceutical products. It also involves pre-formulation procedures such as analytical test development and characterization, as well as excipient screening to improve product solubility. It is usually outsourced to save time and money on the procedure. Outsourcing formulation development also has advantages such as shortening deadlines, gaining access to expertise, and offering additional protection against product failure.
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What are the growth prospects and trends in the formulation development outsourcing industry?
The market is being driven by the increasing need to discover novel drugs as various pharmaceutical patents expire. Furthermore, the rising prevalence of diabetes, chronic obstructive pulmonary disease (COPD), cancer, asthma, arthritis, and Alzheimers disease is boosting medicine sales. This, together with the growing desire to reduce the risk and cost of medication development, is fueling the market expansion of formulation development outsourcing. Furthermore, large pharmaceutical and biotech businesses are collaborating with outsourcing services early in the process. This, together with rising healthcare costs and significant investments in research and development (RD), is fueling market expansion.
What is included in market segmentation?
The report has segmented the market into the following categories:
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 (U.S. Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Aizant Drug Research Solutions Private Limited
Catalent Inc.
Charles River Laboratories
Reddys 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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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Groups information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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