The outsourced clinical trials and formulation market is

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NEW YORK, March 24, 2022 (GLOBE NEWSWIRE) — Formulation development, being a crucial part of product/drug development, has a huge impact on the patentability, sustainability and success of pharmaceutical products. the global outsourced clinical trials and formulation market recorded sales worth $13.3 billion in 2021 and is expected to grow at a pace CAGR of 6.7% over the forecast period (2022-2032).

In recent years, pharmaceutical companies have focused their efforts on their core competencies. To reduce the time and money spent on testing, most pharmaceutical companies outsource formulation services. Outsourcing allows the use of the therapeutic and operational knowledge, geographic reach, and well-established procedures and tools of CROs, while reserving their own limited resources for value-added tasks. The trend towards drug discovery in specific therapeutic areas such as cancer is also significant. Small and medium organizations can outsource clinical trials in these areas if they do not have the therapeutic area expertise and/or resources to manufacture the product independently.

Rising geriatric populations and increasing prevalence of chronic diseases are prompting CDMOs to develop new products to expedite treatment procedures by pharmaceutical companies. The role of CDMOs is to simplify the supply chain and introduce new products to the market, which, in turn, will increase the growth of CDMOs in the market. An increase in therapeutic applications of biologics and an increased share of molecules in the pipeline will drive the development of contracts and the growth of the manufacturing market.

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As the outsourced clinical trials and formulation market has emerging key players across the globe, it will provide lucrative prospects for new market players to establish their presence and expand their businesses. Larger, full-service CDMOs can improve efficiency and reduce time to market for customers, as well as earn better margins, grow faster, and have greater capacity for capital investment and funding through better access to integrated capital services.

  • For example, on December 1, 2021, Adare Pharma Solutions acquired Frontida BioPharm to expand core CDMO offerings.

Key insights from market research

  • The oral dosage form dominates the product segment in terms of revenue and accounted for more than 61% market share in 2021.
  • With over 46% market share, API manufacturing is the leading segment by application.
  • Small and medium-sized pharmaceutical/biotech companies held more than half of the global market share in 2021.
  • The North American market for outsourced clinical trials and formulations accounted for more than 40% of the global market share in 2021.

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“Expiring patents and growing demand for generic drugs will drive the demand for outsourced clinical trials and formulations over the next few years,” says an analyst at Persistence Market Research.

Market competition

Major market players involved in outsourced clinical trials and formulations are investing in R&D activities and expanding their commercial footprint by collaborating with emerging companies to capture the attention of healthcare providers in the global market. Along with expansions, market players are also aiming for various new product launches and acquisitions to create goodwill and grow successfully in the market.

  • On November 16, 2020, Aenova completed the launch of the vegan softgel product, Aenova VegaGels®.
  • On November 22, 2021, Hovione expanded its facilities in East Windsor, New Jersey, laying the foundation for a state-of-the-art Hovione campus.

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What does the report cover?

Persistence Market Research offers a unique perspective and actionable insights on the outsourced clinical trials and formulation market in its latest study, presenting a historical demand assessment from 2016 to 2021 and projections for 2022 to 2032.

The research study is based on Product (Oral Dosage Forms {Solid Dosage Forms, Liquid Dosage Forms, Semi-Solid Dosage Forms}, Injectable and Other Dosage Forms), Application (Manufacture of APIs, Manufacture of filling-finishing, pharmaceutical product development, packaging/labelling and others) and end user (large pharma and biotech companies, small and medium pharma/biotech companies, emerging/virtual pharma and nutraceutical companies), in four key regions (South America North, Europe, Asia-Pacific, and Rest of the World).

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