DUBAI, United Arab Emirates, 05 Jul. 2022 (GLOBE NEWSWIRE) — The formulation development outsourcing market is expected to be worth US$66.6 billion in 2032, from US$31 billion in 2021, growing at a CAGR of 7.2% during of the forecast period (2022-2032).
Rising R&D costs are expected to increase the demand for formulation development outsourcing. Formulation development outsourcing services are widely used by small and medium sized pharmaceutical companies that lack the necessary resources.
The majority of pharmaceutical companies use it to reduce the time spent on outsourcing formulation development services due to testing costs. The expansion of the formulation development outsourcing business is at the root of the pharmaceutical industry’s growing reliance on partnerships with academic institutions.
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The market value of outsourcing formulation development can be significantly affected by the increasing cost and demand for various drugs and raw materials. The expiration of medical drug patent protection was a marketing strategy developed by the formulation development outsourcing company to encourage market growth.
The formulation development outsourcing market size has grown owing to the increase in the number of biopharmaceutical and pharmaceutical companies outsourcing their work. In North America, the formulation development outsourcing market held a substantial share of 26.8% in 2021.
By way of illustration, many clinical trials are being conducted in the United States. In addition, Europe is expected to hold the formulation development outsourcing market share. Government support initiatives, sedentary lifestyles and rise in chronic diseases are driving the market in this region.
Key points to remember
- The formulation development outsourcing market is expected to grow at a CAGR of 7.2%, with a market share of US$66.6 billion through 2032.
- The North America formulation development outsourcing market holds a major share of 22.8 in 2021.
- The Asia-Pacific formulation development outsourcing market is expected to have a significant CAGR of 8.1% through 2032.
- The formulation development outsourcing market accounted for a share of US$31 billion in 2021.
- The oral segment of the formulation development outsourcing market, formulation-based, had a revenue share of 63.6% in 2021.
- The formulation development segment of the service-based formulation development outsourcing market had a revenue share of 76.6% in 2021.
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Some of the major measures players are using to take advantage of opportunities in the formulation development outsourcing market include frequent product launches, geographic expansions, and distribution deals to expand their consumer base.
- SGS S.A.
- Intertek Group plc
- Charles River International Laboratories, Inc.
- Eurofins Scientific SE
- Thermo Fisher Scientific, Inc. (Patheon)
- Catalent Inc.
- In 2019, Intertek expanded its Melbourne-based pharmaceutical services laboratory.
- In 2021, Cataleny Inc. announced that it had acquired the packaging and manufacturing divisions of Acorda Therapeutics Inc.
- In 2021, Quotient BioSciences also announced its intention to acquire Arcinova, a UK-based company. With this acquisition, Quotient Bioscience is able to offer more services, such as medicinal products, clinical trials and drug substance development.
- 2020 saw the announcement by Catalent Inc. of the acquisition of MaStherCell Global Inc. The biotechnology sector is strengthening its position thanks to this increase and new methods of gene therapies are being made available.
- Formula development
By therapeutic area:
- Infectious diseases
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
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3.1. Market dynamics
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3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in the conservative scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
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3.6.1. By key regions
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