Formulation Development Outsourcing Market Share, Growth, Analysis, Key Players and Future Scope 2027
According to the latest report by IMARC Group, titled “Formulation Development Outsourcing Market: Global Industry Trends, Share, Size, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the formulation development outsourcing market growth. The global formulation development outsourcing market size reached US$ 21.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 31.8 Billion by 2027, exhibiting at a CAGR of 6.3% during 2022-2027.
Formulation development represents the process of determining the lifecycle, patentability, and the success of the pharmaceutical product. It also involves pre-formulation, including analytical assay characterization and growth, excipient screening to enhance or stabilize the solubility of the product, and dosage from the effect. Formulation development is often outsourced owing to time pressure and a lack of internal resources. However, this process also offers various benefits, such as accessing expertise, compressing timelines, and providing extra insurance against product failure. As a result, formulation outsourcing development finds widespread applications in biopharmaceutical companies and research institutes across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The escalating prevalence of severe diseases, including diabetes, asthma, arthritis, chronic obstructive pulmonary disease (COPD), cancer, Alzheimer’s, etc., and the rising need for these services by contract research organizations (CROs) are among the primary factors driving the formulation development outsourcing market. Besides this, the elevating requirement for overcoming the risk and saving time and money involved in passing the drug via the development pipeline is further augmenting the market growth. Moreover, the leading pharmaceutical and biotechnological companies across the globe are partnering with outsourcing services in the early stages of the medicine development process, which is also catalyzing the global market. Apart from this, the increasing demand for innovative novel medicines, on account of the high patent expirations of major drugs, is acting as another significant growth-inducing factor. Additionally, the launch of several policies by the government bodies to expand the healthcare infrastructure is also stimulating the market growth. Furthermore, the growing popularity of clinical trials to find an effective treatment against the infectious disease, owing to the sudden outbreak of the COVID-19 pandemic, and the inflating number of investments for the introduction of advanced therapeutics are anticipated to propel the formulation development outsourcing market over the forecasted period.
Breakup by Service:
Pre-formulation Services
Discovery and Preclinical Services
Analytical Services
Formulation Optimization
Phase I
Phase II
Phase III
Phase IV
Breakup by Dosage Form:
Injectable
Oral
Topical
Others
Breakup by Application:
Oncology
Genetic Disorders
Neurology
Infectious Diseases
Respiratory
Cardiovascular
Others
Breakup by End User:
Pharmaceutical and Biopharmaceutical Companies
Government and Academic Institutes
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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