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Formulation Development Outsourcing Market 2024 - Consumption Analysis, Business Overview And Upcoming Trends 2033
Formulation Development Outsourcing Market
According to The Business Research Company's, The formulation development outsourcing market size has grown strongly in recent years. It will grow from $27.49 billion in 2023 to $30.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to cost efficiency, focus on core competencies, regulatory compliance, accelerated drug development, access to specialized expertise..
The formulation development outsourcing market size is expected to see strong growth in the next few years. It will grow to $43.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increased complexity of drug molecules, strategic partnerships, rising r&d costs, biopharmaceutical innovations, flexible capacity.. Major trends in the forecast period include integration of continuous manufacturing processes, outsourcing for modified-release formulations, collaborations for specialized drug delivery systems, regulatory expertise in outsourced services, utilization of artificial intelligence (ai) in formulation design..
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Market Drivers and Trends:
Growing chronic diseases are expected to propel the growth of the formulation development outsourcing market going forward. 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. For instance, in September 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, chronic diseases affect the lives of 41 million people every year, accounting for 74% of all deaths globally. Additionally, according to the Australian Institute of Health and Welfare, in 2020-21, 11.6 million Australians, or 47% of the population, had one or more chronic illnesses. Therefore, the growing number of chronic diseases is driving the growth of the formulation development outsourcing market.
Technological advancements are a key trend gaining popularity in the formulation development outsourcing market. 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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Major Key Players of the Market:
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.; Emergent Biosolutions Inc.; IRISYS LLC; Piramal Pharma Limited.; Biocon Limited.; Dr Reddy's Laboratories Ltd.; Quotient Sciences Ltd.; Almac Group; Patheon; Evonik Industries AG; Metrics Contract Services; Aenova Group; Fareva Group; Vetter Pharma International GmbH; Aesica Pharmaceuticals; WuXi AppTec; Formosa Laboratories Inc.; Aptuit LLC; ProPharma Group; Laurus Labs Limited; Petrofly
Formulation Development Outsourcing Market 2024 Key Insights:
• The formulation development outsourcing market will grow to $43.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Chronic Disease Surge Drives Formulation Development Outsourcing Growth
• Technology Trends Reshaping Formulation Development Outsourcing Market
• North America was the largest region in the global formulation development outsourcing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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