Formulation Development Outsourcing Market to Grow with an Impressive CAGR During the Forecast Period
The growing
demand for improving sanitary packaging and rising pharmaceutical supplies is
expected to drive the growth of Global in Formulation Development Outsourcing
during the forecast period, 2024-2028.
According to
TechSci Research report, “Formulation Development Outsourcing Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”,
Global Formulation Development Outsourcing market is anticipated to grow at an
impressive rate in the forecast period, 2024-2028. This can be
ascribed to the growing demand for new drugs and increased research and
development costs. Additionally, the growing demand for generics and
biosimilars are the major factors driving the growth of the market during the
forecast period. Besides, governments around the world are providing support
for development of healthcare industry, including funding for research and
development, which is driving the demand for Formulation Development
Outsourcing Market during the forecast period. Similarly, growing research
centers and biopharmaceuticals sectors are the major factor driving the growth
of the market over the years.
However,
Pharmaceutical companies must ensure that their outsourcing partners have
robust quality control systems in place and that they adhere to strict quality
standards throughout the development process which can slow down the growth of
the Global Formulation Development Outsourcing Market in the forecast period.
Also, effective communication and coordination between the outsourcing partner
and the pharmaceutical company are essential for successful outsourcing
which may restrict the growth of the market during the forecast period.
Similarly, outsourcing formulation development introduces additional risk into
the drug development process, particularly if the outsourcing partner is
located in a different country or region which may restrict the growth of the
market.
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"Global Formulation Development Outsourcing Market.”
Formulation
Development Outsourcing Market can be segmented by service, formulation,
therapeutic area, and region.
Based on the
service, the Global Formulation Development Outsourcing Market can be divided
into preformulation and formulation development. Formulation Development
dominated the market in 2022, and is expected to continue maintaining its
dominance throughout the forecast period. This can be ascribed to the
significant number of manufacturers outsourcing formulation development activities.
Also, the high prevalence of chronic diseases such as cancer, diabetes, HIV,
and other diseases is further contributing to the demand for developing
innovative therapies which will further drive the growth of the market during
the forecast period.
Based on
Formulation, the market can be grouped into oral, injectable, topical, and
others. The oral formulation segment is expected to dominate during the
forecast period on account of the increasing trend of patent protection
expiration of major drugs and the rising number of pharmaceutical and
biopharmaceutical companies outsourcing their services.
Major companies
operating in the global Formulation Development Outsourcing market are:
- Charles River Laboratories.
- Aizant Drug Research Solutions Private Limited.
- Catalent Inc.
- Laboratory Corporation of America Holdings.
- Syngene International Ltd.
- Irisys LLC.
- Intertek Group PLC.
- Piramal Pharma Solutions
- Qiotient Sciences Ltd.
- Patheon Inc.
- Emergent BioSolutions Inc
- Lonza Group AG
In June 2022,
Lonza inaugurated a new R&D facility in Bend dedicated to supporting
early-phase clinical trials.
In April 2022,
LabCorp collaborated with a developer of cell and gene therapy technologies,
Xcell Biosciences, to expand its research capabilities in cell and gene
therapies.
In June 2021,
Taylor France Online published a paper regarding the use of 3D printing for the
formulation and development of personalized medicines.
In 2021,
Quotient Biosciences also disclosed plans to acquire Arcinova, a United
Kingdom-based business. With this acquisition, Quotient Bioscience can offer
more services such as medicinal goods, clinical testing, and drug substance
development.
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“North America
is expected to dominate the Global Formulation Development Outsourcing Market
due to the presence of many pharmaceutical and biotechnology companies in the
region, as well as significant government funding for research and development
in life sciences. Similarly, growing demand for formulation development
outsourcing services, as these technologies are critical for developing new
treatments and therapies along with growing prevalence of chronic diseases is
expected to create lucrative growth in the market during the forecast period.
Also, growing government funding for healthcare infrastructure, and a large and
rapidly expanding population is expected to drive the growth of the market
during the forecast period. Furthermore, increased R&D spending in
proteomics research and increased market demand for high-quality analytical
equipment for protein analysis will further be expected to create lucrative
opportunities for market growth” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Formulation
Development Outsourcing Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028F” Segmented By Service (Preformulation,
Formulation Development), By Formulation (Oral, Injectable, Topical, Others),
By Therapeutic Area (Oncology, Infectious Disease, Neurology, Hematology,
Respiratory, Cardiovascular, Dermatology, Others ), By Region and By
Competition”, has evaluated the future growth potential of
global Formulation Development Outsourcing market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Formulation Development Outsourcing market.
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