With 6.3% CAGR, Formulation Development Outsourcing Market to hit US$ 31.8 Billion 2027

According to the latest report by IMARC Group, titled "Formulation Development Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," 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.

Request for a free sample copy of this report: https://www.imarcgroup.com/formulation-development-outsourcing-market/requestsample

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.

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/formulation-development-outsourcing-market

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

Competitive Landscape with Key Player:

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)
Thermo Fisher Scientific Inc

Related Report by IMARC Group:

Nanopore Technologies Market Report: https://www.imarcgroup.com/nanopore-technologies-market

United States DNA Sequencing Products Market Report: https://www.imarcgroup.com/united-states-dna-sequencing-products-market

Europe DNA Sequencing Products Market Report: https://www.imarcgroup.com/europe-dna-sequencing-products-market

Pyrogen Testing Market Report: https://www.imarcgroup.com/pyrogen-testing-market

Pen Needles Market Report: https://www.imarcgroup.com/pen-needles-market

Nuclear Medicine Equipment Market Report: https://www.imarcgroup.com/nuclear-medicine-equipment-market

Biosurgery Market Report: https://www.imarcgroup.com/biosurgery-market

United States Insulin Pumps Market Report: https://www.imarcgroup.com/united-states-insulin-pumps-market

IMARC Group
30 N Gould St Ste R
Sheridan, WY 82801 USA - Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.