Global Formulation Development Outsourcing Market is expected to have a market value of USD 13,530.01 Million by 2027.
Formulation development outsourcing is done by pharmaceutical and biopharmaceutical companies to outsource their services for improved efficacy, precision delivery, and better patient compliance. Over the years, major players in the formulation development outsourcing market are focusing on various growth strategies such as product launches, product advancements, and expansions to cater to the growing needs. For instance, in January 2019, Quotient Sciences expanded its operations with new early-phase formulation development and clinical trial manufacturing facility.
Global Formulation Development Outsourcing Market is segmented based on services, dosage form, application, and end user. The global market based on the formulation development services has been divided into preformulation services and formulation optimization. Pre formulation services is further bifurcated into formulation discovery, pre-clinical services, and analytical services. Formulation optimization is further segmented into Phase I, Phase II, Phase III, and Phase IV. The global formulation development outsourcing market, based on dosage form, has been segmented into injectable, topical, oral, inhaled, and others. The global formulation development outsourcing market, based on application, is segmented into oncology, genetic disorders, neurology, infectious diseases, respiratory, cardiovascular, and others. The market, based on end user, is segmented into pharmaceutical and biopharmaceutical companies, government and academic institutes.
The global formulation development outsourcing market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East Africa.
The Americas has been segmented into North America and Latin America, with the North America market further divided into the US and Canada. The Americas led the market and accounted for the largest share in 2019 owing to the presence of major market players, developed healthcare infrastructure, and the rising in pharmaceutical formulation development companies.
The Europe formulation development outsourcing market has been further segmented into Western Europe and Eastern Europe. The Western Europe formulation development outsourcing market has further been classified into Germany, France, the UK, Italy, Spain, and the Rest of Western Europe. The presence of a vast patient pool in European countries is expected to propel the demand for formulation development outsourcings during the forecast period, thus fueling the market growth in the European region.
The formulation development outsourcing market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Asia-Pacific is expected to register the highest growth rate over the forecast period from 2020 to 2027. This is attributed to the major players actively expanding their regional presence, as well as launching products in Asia-Pacific countries.
The Middle East Africa formulation development outsourcing market is segmented into the Middle East and Africa. The increasing awareness about formulation development outsourcing in the region is expected to fuel the market growth in the region.
MRFR recognizes the following companies as the Key Players in the global formulation development outsourcing market— Thermo Fisher Scientific (US), Laboratory Corporation of America (US), Charles River Laboratories (US), Catalent, Inc. (US), and Intertek (US).
Key Findings of the Study
- Global Formulation Development Outsourcing Market is estimated to reach USD 2,191.08 Million by 2027 at a CAGR of 8.19% during the assessment period of 2020 to 2027
- The Americas accounted for the largest share of the global formulation development outsourcing market due to the presence of prominent players in the US, high uptake rate, and product clearances from regulatory authorities
- Based on services, the formulation optimization segment accounted for the largest market share of 8.29% in 2019.
- On the basis of dosage form, the injectable segment is expected to be the fastest-growing segment during the forecast period at a CAGR of 8.85%.
- Based on application, the oncology was the largest and fastest-growing segment at a CAGR of 8.32% during the forecast period.
- On the basis of end user, the pharmaceutical and biopharmaceutical segment is likely to be the largest segment at a CAGR of 7.82% during the assessment period.
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