Formulation Development Outsourcing Market is Likely to Witness Steady Growth by 2032

The formulation development outsourcing market is expected to be worth US$ 66.60 billion in 2032, up from US$ 33.23 billion in 2022, with a 7.2% CAGR during the forecast period (2022 to 2032).

Higher R&D costs are projected to drive the demand for formulation development outsourcing. Small and medium-sized pharmaceutical enterprises that lack the requisite resources frequently use formulation development outsourcing services.

The majority of pharmaceutical businesses utilise it to reduce the amount of time spent on formulation development outsourcing services as a result of trial-related costs. The pharmaceutical industry's increased reliance on relationships with academic institutions can be attributed to the expansion of the formulation development outsourcing business. 

Increases in medication and raw material costs and demand can significantly harm the market value of formulation development outsourcing. To encourage market growth, the formulation development outsourcing business developed medical medication patent protection expiration as a marketing strategy.

The formulation development outsourcing market has witnessed significant growth due to the increasing number of biopharmaceutical and pharmaceutical companies outsourcing their work. In 2021, the market for formulation development outsourcing held a substantial share of 26.8% in North America.

For instance, numerous clinical trials are conducted in the United States. Furthermore, it is anticipated that Europe will hold a significant share of the formulation development outsourcing market. This is due to the government's supportive initiatives, sedentary lifestyles, and the rise in chronic illnesses driving the market in this region.

Key Players

  • SGS S.A.
  • Intertek Group plc
  • Recipharm
  • Lonza
  • Charles River Laboratories International, Inc.
  • Eurofins Scientific SE
  • Element
  • Labcorp
  • Thermo Fisher Scientific, Inc. (Patheon)
  • Catalent Inc.

Get More Details About Report@ https://www.futuremarketinsights.com/reports/formulation-development-outsourcing-market

Key Segments

By Service:

  • Preformulation
  • Formulation Development

By Formulation:

  • Oral
  • Injectable

By Therapeutic Area:

  • Oncology
  • Infectious Diseases
  • Neurology
  • Hematology
  • Respiratory
  • Cardiovascular
  • Dermatology
  • Others

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