Global Formulation Development Outsourcing Market to Reach US$ 40.4 Billion by 2032, Stimulated by Continuous Demand for Innovative Products

August 21, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Formulation Development Outsourcing Market Report by Service (Pre-formulation Services, Formulation Optimization), Dosage Form (Injectable, Oral, Topical, and Others), Application (Oncology, Genetic Disorders, Neurology, Infectious Diseases, Respiratory, Cardiovascular, and Others), End User (Pharmaceutical and Biopharmaceutical Companies, Government and Academic Institutes), and Region 2024-2032,” the global formulation development outsourcing market size reached US$ 24.2 Billion in 2023. Formulation development involves creating and optimizing a formulation for a specific product or application. This process is particularly common in pharmaceuticals, cosmetics, food and beverages (F&B), and agrochemical sectors, where the product's composition is critical to its effectiveness, stability, and overall performance. Formulation development outsourcing refers to the process in which pharmaceutical companies delegate the tasks of drug formulation and development to external service providers. These service providers are usually contract research organizations (CROs) or contract development and manufacturing organizations (CDMOs) with specialized expertise and advanced technological capabilities. Drug formulation involves the design and manufacture of a stable and effective pharmaceutical product, encompassing aspects such as dosage form, composition, taste, and shelf life. This process can be complex and resource-intensive, involving numerous stages like pre-formulation, prototype development, stability studies, scale-up, and process validation. By outsourcing formulation development, pharmaceutical companies can access specialized knowledge, mitigate risks, increase efficiency, reduce costs, and accelerate time-to-market.


Global Formulation Development Outsourcing Market Trends:

The increasing prevalence of chronic diseases, such as diabetes, COPD, cancer, asthma, arthritis, and Alzheimer's disease, that creates a pressing need for new and effective drugs to address these conditions is one of the major factors driving the market growth. Additionally, the growing demand for highly specialized knowledge and skills in various scientific disciplines, such as chemistry, pharmacy, food science, or cosmetic technology, and the expertise of specialized contract development organizations (CDOs) that have dedicated teams with extensive experience in formulating specific types of products are acting as other growth-inducing factors. Moreover, the rising popularity of outsourcing that provides companies with the flexibility to adapt to changing market demands and the need for the development of new products or adjustments in the existing formulations, allowing for quick access to additional resources without long-term commitments, is creating a positive outlook for the market. Additionally, the increasing utilization of outsourcing to CROs with established protocols and workflows, leading to faster and more cost-efficient development, helping companies save time and resources in bringing new drugs to market, is favoring the market growth. Besides this, the increasing need to innovate and develop novel medicines the replace the lost revenue caused due to patent expiration is providing remunerative growth opportunities. Looking forward, the market value is projected to reach US$ 40.4 Billion by 2032, expanding at a CAGR of 5.6% during 2024-2032.


Market Summary:

  • Based on the service, the market has been segmented as pre-formulation services (discovery and preclinical services, and analytical services) and formulation optimization (phase I, phase II, phase III, and phase IV).
  • On the basis of the dosage form, the market has been divided into injectable, oral, topical, and others.
  • Based on the application, the market has been categorized into oncology, genetic disorders, neurology, infectious diseases, respiratory, cardiovascular, and others.
  • On the basis of the end user, the market has been divided into pharmaceutical and biopharmaceutical companies and government and academic institutes.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Aizant Drug Research Solutions Private Limited, Catalent Inc., Charles River Laboratories, Dr. Reddy’s Laboratories Ltd., Emergent BioSolutions Inc., Intertek Group plc, Irisys LLC (Recro Pharma), Laboratory Corporation of America Holdings, Lonza Group AG, Piramal Pharma Solutions, Quotient Sciences, Syngene International Limited (Biocon Limited) and Thermo Fisher Scientific Inc.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Service, Dosage Form, Application, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aizant Drug Research Solutions Private Limited, Catalent Inc., Charles River Laboratories, Dr. Reddy’s Laboratories Ltd., Emergent BioSolutions Inc., Intertek Group plc, Irisys LLC (Recro Pharma), Laboratory Corporation of America Holdings, Lonza Group AG, Piramal Pharma Solutions, Quotient Sciences, Syngene International Limited (Biocon Limited) and Thermo Fisher Scientific Inc.
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Global Formulation Development Outsourcing Market to Reach US$ 40.4 Billion by 2032, Stimulated by Continuous Demand for Innovative Products
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