Size of the formulation development outsourcing market worth USD 13530 million by 2027 at a CAGR of 8.19%, according to Market Research Future (MRFR)

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Overview of the formulation development outsourcing market

The Formulation Development Outsourcing Market is anticipated to register a CAGR of 8.19% during the assessment period from 2020 to 2027, to reach USD 13,530.01 Million by 2027. of formulations is gaining popularity owing to the growing interest of biopharmaceutical companies in collaborating with research organizations (CROs) and biotech startups to develop formulations against diseases such as cancer, which is driving the growth of the market .

Additionally, the growing number of pharmaceutical and biopharmaceutical companies outsourcing their services to the industry has created new opportunities for formulation development outsourcing organizations. The growing relevance of new drug development owing to increasing patent expiration of major pharmaceutical products and growing trend of pharmaceutical and biotechnology companies to outsource formulation development services are the major drivers for the market expansion .

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The expiration of patent protection on important drugs is one of the factors fueling the growth of the formulation development outsourcing market. The global healthcare market, more specifically the pharmaceutical industry, is experiencing a significant patent cliff. The patent cliff will lead to the introduction of less expensive generic alternatives, which will increase the demand for contract manufacturing organizations. The increase in demand is expected to benefit healthcare contract manufacturing activity, which is driving the expansion of the formulation development outsourcing market.

Moreover, the growing demand for outsourcing services from pharmaceutical companies, along with the existence of market players engaged in innovative services and strategic collaborations, are all contributing to the growth of the formulation development outsourcing market. .

However, structural changes in the pharmaceutical sector and lack of funding to carry out the drug development process in emerging countries via outsourcing of formulation development are hampering market expansion.

Formulation Development Outsourcing Market Segmentation

The formulation development outsourcing market is categorized by service, dosage form, application, and end-user.

The global services market 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 inhaled.

According to the application, the formulation development outsourcing industry is categorized into cancer, genetic disorders, neurology, infectious diseases, respiratory and cardiovascular diseases, among others.

According to end-user, the formulation development outsourcing market is categorized into pharmaceutical and biopharmaceutical companies, as well as government and academic organizations.

Regional Overview of Formulation Development Outsourcing Market

Based on region, the formulation development outsourcing market is segmented into Americas, Europe, Asia-Pacific, and Middle East & Africa.

The Americas dominated the market in 2019 and are expected to continue to do so throughout the assessment period. This is due to the existence of a well-developed health system and the growing prevalence of chronic diseases, requiring the creation of new drugs.

Europe is expected to lag the Americas in terms of value over the forecast period, owing to the presence of supportive government initiatives, large target population, rising prevalence of chronic and heart disease. lifestyle and the growing adoption of outsourcing formulation development by pharmaceutical and pharmaceutical companies. biopharmaceutical companies.

Asia-Pacific is expected to have the highest growth potential over the forecast period, owing to rising healthcare spending per capita, healthcare sector development in China, India and Australia , the growing demand for the drug development process and an increasing number of pharmaceutical products. companies involved in drug development. Population growth, especially in emerging economies, has increased the demand for drugs and medical devices. The formulation development outsourcing market is growing globally, especially in developing countries like India and China.

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The expansion of the formulation development outsourcing market in the Middle East and Africa region is expected to be fueled by the progressive acceptance rate of formulation development outsourcing.

Competitive Dynamics of Formulation Development Outsourcing Market

Key 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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