Rise in demand for biopharmaceuticals and advanced drug delivery systems drives the growth of the global formulation development outsourcing market.
PORTLAND, Ore., March 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Formulation Development Outsourcing Market By Services Type (Pre-Formulation, Formulation Development), By Route of Formulation (Oral, Injectable, Others), By End-user (Pharmaceutical Industries, Research and Academic Institutes): Global Opportunity Analysis and Industry Forecast, 2021-2031.“According to the report, the global formulation development outsourcing industry was estimated at $22.5 billion in 2021, and is anticipated to hit $51.9 billion by 2031, registering a CAGR of 9% from 2022 to 2031.
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Drivers, restraints, and opportunities-
Rise in demand for biopharmaceuticals and advanced drug delivery systems drives the growth of the global formulation development outsourcing market. However, structural changes in the pharmaceutical sector and lack of funds to complete the medication development process through formulation development restrain the market growth to some extent. On the other hand, global awareness of vaccines and extensive R&D works have paved the way for lucrative opportunities for the key players in the industry.
Impact of Covid-19 on Formulation Development Outsourcing Market-
Several countries happened to introduce new measures to thrust the demand for domestic Active Pharmaceutical Ingredient (API), which boosted the global formulation development outsourcing market in several ways.
Rapid advancements in research & development activities also impacted the market positively.
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The formulation development segment to rule the roost-
By services type, the formulation development segment held the major share in 2021, accounting for more than half of the global formulation development outsourcing market revenue. This is because formulation development plays a crucial role in creating stable and patient-acceptable drug preparations and forms. The pre-formulation segment, on the other hand, would showcase the fastest CAGR of 9.2% during the forecast period. This is due to the fact that in pre-formulation, the physicochemical qualities of drug materials are described which ease the research process.
The injectable segment to retain its dominance by 2031-
By route of administration, the injectable segment accounted for the highest share in 2021, holding around three-fourths of the global formulation development outsourcing market revenue. This is owing to the fact that the injectable formulation development is sterile pharmaceutical entities that are administered to the human body via injection. The oral segment, however, would showcase the fastest CAGR of 9.3% by 2031. This is attributed to the introduction of substances using tablets, capsules, and controlled time-release preparations that do not need the assistance of trained professionals.
The pharmaceutical industries segment to rule the roost-
By end-user, the pharmaceutical industries segment held around three-fourths of the global formulation development outsourcing market share in 2021, and is projected to dominate by 2031. The same segment would also cite the fastest CAGR of 9.3% from 2022 to 2031. The fact that pharmaceutical industries provide medicines for the individual treatment of various types of diseases propels the growth of the segment.
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North America garnered the major share in 2021 –
By region, North America contributed to around one-third of the global formulation development outsourcing market share in 2021, and is expected to retain its dominance by 2031. Asia-Pacific, simultaneously, would display the fastest CAGR of 10.4% throughout the forecast period. Advancements in the healthcare and pharmaceutical sector with cutting-edge technological developments fuel the market growth.
Key Players in the Industry-
Syngene international limited
Piramal Pharma Limited
Intertek Group PLC
Thermo Fisher Scientific Inc.
Dr Reddy’s Laboratories Ltd.
Charles River Laboratories International Inc.
Laboratory Corporation of America Holdings
Emergent BioSolutions Inc.
The report analyzes these key players in the global formulation development outsourcing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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