The Formulation Development Outsourcing Market Size is Expected

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According to Market Statsville Group (MSG), the global formulation development outsourcing market size is expected to grow from USD 31,135.6 billion in 2021 to USD 56,761.9 billion by 2030, with a CAGR of 6.9% from 2022 to 2030. Formulation development is a process of determining the patentability, shelf life and success of a pharmaceutical product. It includes pre-formulation activities such as development and characterization of analytical tests, screening of excipients to stabilize or improve product solubility, and development of dosage forms. It is frequently outsourced due to time constraints and a lack of internal resources. Outsourcing formulation development has various advantages, such as reducing lead times, providing access to experts, and providing additional insurance against product failures.

Diabetes, arthritis, cancer, chronic obstructive pulmonary disease (COPD), asthma and Alzheimer’s disease are all on the rise, fueling demand for new drug discovery and development. This, in turn, is one of the main reasons why formulation development services are outsourced to Contract Research Organizations (CROs) around the world. Apart from this, there is a growing desire to reduce risk while saving time and money in the drug development pipeline. As a result, leading pharmaceutical and biotech companies around the world are collaborating with outsourcing services from the earliest stages of drug development.

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This, combined with a sharp increase in the need to invent new drugs when major pharmaceutical patents expire, is contributing to the expansion of the market. Additionally, increasing healthcare spending by companies and governments in various countries gives a positive image of the market. Additionally, the coronavirus disease (COVID-19) outbreak has increased the demand for clinical studies to develop effective therapy against infectious diseases. This has led to significant R&D spending to create treatments, which is expected to boost the market.

Impact of COVID-19 on the Global Formulation Development Outsourcing Market
Amid the COVID-19 pandemic, countries’ healthcare systems are spending heavily on R&D to fight the virus, which has a great influence on the formulation development outsourcing industry. For example, AiPharma will join a global coalition of pharmaceutical, manufacturing and distribution companies in October 2020 to advance Avigan/Reeqomus oral antiviral for COVID-19. AiPharma, as a member of the collaboration, markets all formulations of favipiravir, a broad-spectrum oral antiviral drug that targets COVID-19 and 11 other infectious disorders. As a result, the pandemic outbreak has greatly benefited the formulation development outsourcing business.

Furthermore, according to an article titled “Pharmaceutical Technology, 2021 Outsourcing Resources Supplement”, published in August 2021, the pharmaceutical outsourcing market has seen an increase in vaccine development and manufacturing activity over the year. previous, due to the industry’s response to COVID-19. 19 pandemic. As a result, the number of formulation development outsourcing deals has increased, leading to market growth.

Dynamics of the Global Formulation Development Outsourcing Market
Factors: Increased expiration of patent protection
Growing relevance of innovative drug development due to increasing expiration of key drug patents and increased outsourcing of formulation development services by most of the pharmaceutical and biotech companies are important drivers for the market expansion . Most biopharmaceutical companies work with outsourcing services in the early stages of drug development to mitigate risk and save time and money as the drug progresses through the development process.

Constraints: limited funds
Drug development is a long, expensive and complex process, full of uncertainty about whether a drug will be successful or not. Each step of the drug development process requires funding. Long development times and low success rates result in high total R&D costs. The major factors limiting the market growth are structural changes in the pharmaceutical industry and insufficient funding to conclude the drug development process with formulation development.

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Opportunities: the burden of chronic diseases is increasing
Chronic diseases and conditions are on the rise all over the world. Due to the growing need for innovative medicines, the European pharmaceutical and biotechnology sectors have increased their R&D investments in recent years. This could be due to the aging of the population, chronic diseases and infectious diseases. The development of cancer drug formulations is critical because the formulation includes stability, solubility, and bioavailability throughout drug development.

Scope of the Global Formulation Development Outsourcing Market
The study categorizes the formulation development outsourcing market on the basis of service, formulation, and therapeutic area regionally and globally.

By Service Outlook (Sales, USD Billion, 2017-2030)
Preformulation
Formula development
By Formulation Outlook (Sales, USD Billion, 2017-2030)
Oral
Injectable
Topical
Others
By Therapeutic Area Outlook (sales, USD billion, 2017-2030)
Oncology
Infectious diseases
Neurology
Hematology
Respiratory
Cardiovascular
Dermatology
Others
Outlook by region (sales, billion USD, 2017-2030)
North America
WE
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
The rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia and New Zealand
Rest of Asia-Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
North Africa
Rest of MEA

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The oral segment accounts for the largest market share by formulation
Based on formulation, the market is divided into oral, injectable, topical, and others. In 2021, the oral segment dominated the formulation development outsourcing market, accounting for the largest market share due to the treatment of common diseases such as migraines, fever, infectious disorders and diabetes, among others. Oral formulations are self-administered and do not require the assistance of a qualified physician for drug administration, which is one of the main reasons for their great popularity. Additionally, these formulations offer greater formulation design flexibility than others, which increases their market demand for outsourcing formulation development. Tablets, capsules, syrups and powders are examples of oral formulations.

Asia-Pacific accounts for the highest CAGR during the forecast period by region
Based on region, the global formulation development outsourcing market has been segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. The Asia-Pacific region is expected to have the fastest CAGR during the forecast period due to a large number of CROs offering cost-effective formulation development services. In addition, public institutions are taking steps to shorten drug approval times in the region. For example, the Department of Pharmaceuticals (India) issued new guidelines in October 2021 to reduce the time required for approval of innovative drugs by at least 50% over the following two years to strengthen the R&D operations of the country. Such activities are expected to increase in-country demand for outsourced formulation development services.

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As a result, these market trends are likely to help Asia-Pacific dominate the overall market.

Key Market Players in Global Formulation Development Outsourcing Market
The global formulation development outsourcing market is highly competitive with major industry players adopting strategies such as partnerships, product development, acquisitions, agreements, and expansion to strengthen their positions in the market. market. Most of the companies in the market are engaged in expanding their business in all regions, improving their capabilities and building strong partnership relationships.

Key Players of the Global Formulation Development Outsourcing Market are:

SGS S.A.
Intertek Group plc
Recipharm
lonza
Charles River International Laboratories, Inc.
Eurofins Scientific SE
Element
Labcorp
Thermo Fisher Scientific, Inc. (Patheon)
Catalent Inc.

Eric Martin
416 Standberry Street East,
Perkins, Oklahoma 74059, USA
USA: +1-580-205-2707 | India: +91-702-496-8807
Email: [email protected]
MSG Blog https://marketstatsvilleblogs.com/
The Web: https://marketstatsville.com/

Market Statsville Group (MSG) partners with businesses and society to address their critical risks and challenges in order to seize the enormous opportunities before them. MSG began its work in 2017, and since then the brand has evolved to become a pioneer in business consulting and market research services.
We are the leading market research and strategy builder with the depth and breadth of solutions that perfectly meet all your needs. MSG provides solutions across a wide range of industry verticals in market sizing, analytics and incisive business intelligence. MSG’s experienced research analysts are skilled at digging deep and providing a variety of customizable data that helps you make decisions with clarity, confidence, and impact.

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