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Formulation Development Outsourcing Global Market Report 2023
Major players in the formulation development outsourcing market are Syngene International Ltd., Aizant Drug Research Solutions Private Limited., Catalent Inc., Intertek Group plc, Recipharm AB, SGS S.
New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Formulation Development Outsourcing Global Market Report 2023" - https://www.reportlinker.com/p06486633/?utm_source=GNW
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., and Dr Reddy’s Laboratories Ltd.
The global formulation development outsourcing market is expected to grow from $25 billion in 2022 to $27.49 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The formulation development outsourcing market is expected to reach $39.3 billion in 2027 at a CAGR of 9.3%.
The formulation development outsourcing market includes revenues earned by entities by providing services such as ingredient sourcing, stability studies, analytical testing, and regulatory support.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Formulation development outsourcing refers to the practice of hiring external experts or organizations to handle the process of formulating and developing a product. This outsourcing arrangement allows companies to leverage the specialized knowledge, resources, and expertise of external parties to develop or improve the formulation of their products.
North America was the largest region in the formulation development outsourcing market in 2022. The regions covered in formulation development outsourcing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services of formulation development outsourcing are pre-formulation, and formulation development.Preformulation refers to the stage of development in pharmaceutical formulations.
The various therapeutic area includes oncology, infectious disease, neurology, hematology, respiratory, cardiovascular, dermatology, others, for various formulations include oral, injectable, topical, other formulations. It is used by various end-user including pharmaceutical industries, research, and academic development.
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.
In August 2022, Catalent Inc., a US-based pharmaceutical company, acquired Metrics Inc. for $475 million. This acquisition broadened, diversified and enriched Catalent’s portfolio by adding capabilities in integrated oral solid formulation development, manufacturing, and packaging to assist customers in simplifying and accelerating their programs and increasing their capacity to handle highly potent compounds. Metrics Inc. is a US-based global pharmaceutical formulation development organization specializing in novel oral dosage forms.
The countries covered in the formulation development outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The formulation development outsourcing research report is one of a series of new reports that provides formulation development outsourcing statistics, including formulation development outsourcing industry global market size, regional shares, competitors with a formulation development outsourcing share, detailed formulation development outsourcing segments, market trends, and opportunities, and any further data you may need to thrive in the formulation development outsourcing industry. This formulation development outsourcing research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06486633/?utm_source=GNW
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