Global Formulation Development Outsourcing Market to Grow at a 9.0% CAGR During the Forecast Period from 2022 to 2031

NEW YORK, April 28, 2023 /PRNewswire/ — The global formulation development outsourcing market is expected to grow primarily due to increasing demand for medications of chronic diseases. Formulation development sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.

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Global Formulation Development Outsourcing Market Forecast Analysis:

As per the report published by Research Dive, the global formulation development outsourcing market is expected to register a revenue of $51,901.3 million by 2031 at a CAGR of 9.0% during the forecast period 2022-2031.

Segments of the Formulation Development Outsourcing Market

The report has divided the market into the following segments:

  • Services Type: pre-formulation and formulation development

  • Route of Formulation: oral, injectable, and others

  • End-User: pharmaceutical industries and research and academic institutes

  • Region: North America, Europe, Asia-Pacific, and LAMEA

The highly developed healthcare system and cutting-edge technical advancements are predicted to propel the market in the forecast period.

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Dynamics of the Global Formulation Development Outsourcing Market

The increasing demand for medications of chronic diseases is expected to make the formulation development outsourcing market a highly profitable one in the forecast period. Additionally, growing relevance of novel drug development as a result of the increasing patent expirations of important pharmaceuticals is predicted to propel the market forward. However, according to market analysts, availability of limited funds for formulation development outsourcing might become a restraint in the growth of the market.

Increased outsourcing of formulation development services by the majority of pharmaceutical and biotechnological companies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing chronic diseases and increase in clinical trial drives is expected to propel the global market forward in the coming years.

COVID-19 Impact on the Global Formulation Development Outsourcing Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The formulation development outsourcing market, too, was negatively impacted due to the pandemic. The decrease in supply of active pharmaceutical ingredients led to a decline in the growth rate of the market during the pandemic period.

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Key Players of the Global Formulation Development Outsourcing Market

The major players of the market include

  • Charles River Laboratories

  • Intertek Group plc

  • Laboratory Corporation of America Holdings

  • Syngene International Limited

  • Thermo Fisher Scientific

  • Dr. Reddy’s Laboratories Ltd

  • Catalent Inc

  • Eurofins Scientific

  • EMERGENT

  • Piramal Pharma Ltd

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in October 2022, Catalent Inc., a leading pharmaceutical company, announced that it was acquiring Metrics Contract Services, a leading contract development and manufacturing organization (CDMO). This acquisition is expected to consolidate Catalent’s lead in the market considerably in the next few years.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

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