Global Formulation Development Outsourcing Market to 2031: Rising Need for Novel Medications Drives Growth
Global Formulation Development Outsourcing Market
Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Formulation Development Outsourcing Market by Services Type, Route of Formulation, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global formulation development outsourcing market size was valued at $22.5 billion in 2021, and is projected to reach $51.9 billion by 2031, growing at a CAGR of 9% from 2022 to 2031.
Key Market Players
Charles River Laboratories International, Inc.
Syngene international limited
Piramal Pharma Limited
Intertek Group Plc
Thermo Fisher Scientific Inc.
Laboratory Corporation of America Holdings
Dr Reddy's Laboratories Ltd.
Emergent BioSolutions, Inc.
Due to time constraints and a lack of internal resources, it is frequently outsourced. Outsourcing formulation development has a lot of advantages as well, including shortened timescales, easier access to knowledge, and increased protection against defective products.
Drug developers at all levels are becoming interested in outsourcing pharmaceutical formulation development and manufacture, particularly in developing nations like India. The rising need for novel medications as a result of the significant burden of infectious and chronic diseases is one of the main factors driving the demand for formulation development.
In addition, there is a strong emphasis on creating poorly water-soluble chemicals to increase bioavailability and patent expirations. The necessity for clinical trials to identify a cure for contagious viruses has also been influenced by the COVID-19 outbreak. As a result, substantial funds have been spent on R&D to create medicines, which are predicted to boost the industry.
It is anticipated that higher R&D expenses will raise demand for outsourcing formulation development. Small and medium-sized pharmaceutical enterprises that lack the requisite resources frequently use outsourcing services for formulation development. Due to trial-related expenses, the majority of pharmaceutical businesses use it to shorten the time spent on outsourcing services for formulation development. The pharmaceutical industry's growing reliance on collaborations with academic institutions is caused by the growth of the formulation development outsourcing industry.
The formulation development outsourcing market is expected to be restrained owing to high amount of budget required for outsourcing drug development by the companies. Additionally, the complexity of the substances is growing for formulators. Increases in the price and demand for various medicines and raw materials have the potential to have a substantial negative impact on the market value of formulation development outsourcing.
Incorporating various active chemicals, tightening restrictions, shifting societal and customer preferences, and environmental considerations all have an impact on the creation of a product, as do usage and eventual decomposition. In addition to their total environmental impact, formulators are concerned with how their products will benefit consumers and patients.
The number of pharmaceutical and biopharmaceutical businesses outsourcing their work has led to an expansion of the formulation development outsourcing market. The COVID-19 pandemic is expected to have a positive impact on the formulation drug outsourcing market.
The high demand for effective drug or vaccine discovery among healthcare professionals, researchers and scientists to treat the viral infection has boosted the research and development activities. Many contract formulation development outsourcing companies became active and started taking drug development formulation projects from major companies and even research institutes.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the formulation development outsourcing market analysis from 2021 to 2031 to identify the prevailing formulation development outsourcing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the formulation development outsourcing market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global formulation development outsourcing market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Services Type
By Route of Formulation
Research and Academic Institutes
For more information about this report visit https://www.researchandmarkets.com/r/3muovl
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