Formulation Development Outsourcing Market Overview
Formulation Development Outsourcing Market is expected to register a CAGR of 8.19% during the assessment period of 2020 to 2027, to reach USD 13,530.01 Million by 2027. Formulation development outsourcing is gaining popularity due to the increasing focus of biopharmaceutical companies on collaborating with academia, Contract Research Organizations (CROs), and biotechnology startup companies to develop formulations against diseases such as cancer, which is boosting the market’s growth.
Additionally, the growing number of pharmaceutical and biopharmaceutical businesses that outsource their services in the industry has created new prospects for formulation development outsourcing organizations. The increasing relevance of new drug development as a result of the increasing patent expirations of important pharmaceuticals and the growing tendency of pharmaceutical and biotechnology businesses outsourcing formulation development services are the primary drivers driving the market’s expansion.
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One of the factors fueling the growth of the formulation development outsourcing market is the expiration of patent protection on important medications. The global healthcare market, more precisely the pharmaceutical industry, is experiencing a significant patent cliff. The patent cliff will result in the introduction of less expensive generic alternatives, which will raise demand for contract manufacturing organizations. Increased demand is likely to benefit the healthcare contract manufacturing business, which is driving the formulation development outsourcing market expansion.
Additionally, the growing demand for outsourcing services from pharmaceutical companies, as well as the existence of market players engaged in innovative services and strategic collaborations, are all contributing to the formulation development outsourcing market growth.
However, structural changes in the pharmaceutical sector and a lack of finance to carry out the drug development process in emerging nations via formulation development outsourcing are impeding market expansion.
Formulation Development Outsourcing Market Segmentation
The outsourcing formulation development market is categorized by service, dosage form, application, and end user.
The global market for services has been segmented into two segments: preformulation and formulation optimization.
The formulation development outsourcing market has been divided by dosage form into injectable, topical, oral, and breathed.
According to application, the formulation development outsourcing industry is classified into cancer, genetic disorders, neurology, infectious illnesses, respiratory, and cardiovascular diseases, among others.
According to end user, the formulation development outsourcing market is classified into pharmaceutical and biopharmaceutical corporations, as well as government and academic organizations.
Formulation Development Outsourcing Market Regional Overview
According to region, the formulation development outsourcing market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Americas led the market in 2019 and is expected to continue to do so throughout the assessment period. This is due to the existence of a well-developed healthcare system and the increasing prevalence of chronic diseases, necessitating the creation of new drugs.
Europe is expected to trail the Americas in terms of value during the forecast period, owing to the presence of favorable government initiatives, a sizable target population, rising prevalence of chronic and lifestyle-related diseases, and increasing adoption of formulation development outsourcing by pharmaceutical and biopharma companies.
Asia-Pacific is expected to have the highest growth potential over the forecast period, owing to rising per capita health expenditure, a developing healthcare sector in China, India, and Australia, increasing demand for the drug development process, and an increasing number of pharmaceutical companies involved in drug development. The growing population, particularly in emerging economies, has increased demand for medications and medical devices. The formulation development outsourcing market is rising globally, particularly in developing countries such as India and China.
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The Middle East & Africa region’s formulation development outsourcing market expansion is expected to be fueled by the progressive acceptance rate of formulation development outsourcing.
Formulation Development Outsourcing Market Competitive Dynamics
The prominent players in the formulation development outsourcing market are Laboratory Corporation of America (US), Charles River Laboratories (US), Catalent, Inc. (US), and Intertek (US).
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