Formulation Development Outsourcing Market: Top Trends and industry overview to watch by the year 2028

According to TechSci Research report, “Formulation Development Outsourcing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, Global Formulation Development Outsourcing market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the growing demand for new drugs and increased research and development costs. Additionally, the growing demand for generics and biosimilars are the major factors driving the growth of the market during the forecast period. Besides, governments around the world are providing support for development of healthcare industry, including funding for research and development, which is driving the demand for Formulation Development Outsourcing Market during the forecast period. Similarly, growing research centers and biopharmaceuticals sectors are the major factor driving the growth of the market over the years.

However, Pharmaceutical companies must ensure that their outsourcing partners have robust quality control systems in place and that they adhere to strict quality standards throughout the development process which can slow down the growth of the Global Formulation Development Outsourcing Market in the forecast period. Also, effective communication and coordination between the outsourcing partner and the pharmaceutical company are essential for successful outsourcing  which may restrict the growth of the market during the forecast period. Similarly, outsourcing formulation development introduces additional risk into the drug development process, particularly if the outsourcing partner is located in a different country or region which may restrict the growth of the market.

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Formulation Development Outsourcing Market can be segmented by service, formulation, therapeutic area, and region.

Based on the service, the Global Formulation Development Outsourcing Market can be divided into preformulation and formulation development. Formulation Development dominated the market in 2022, and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to the significant number of manufacturers outsourcing formulation development activities. Also, the high prevalence of chronic diseases such as cancer, diabetes, HIV, and other diseases is further contributing to the demand for developing innovative therapies which will further drive the growth of the market during the forecast period.

Based on Formulation, the market can be grouped into oral, injectable, topical, and others. The oral formulation segment is expected to dominate during the forecast period on account of the increasing trend of patent protection expiration of major drugs and the rising number of pharmaceutical and biopharmaceutical companies outsourcing their services.

Major companies operating in the global Formulation Development Outsourcing market are:

• Charles River Laboratories.
• Aizant Drug Research Solutions Private Limited.
• Catalent Inc.
• Laboratory Corporation of America Holdings.
• Syngene International Ltd.
• Irisys LLC.
• Intertek Group PLC.
• Piramal Pharma Solutions
• Qiotient Sciences Ltd.
• Patheon Inc.
• Emergent BioSolutions Inc
• Lonza Group AG
  
  

In June 2022, Lonza inaugurated a new R&D facility in Bend dedicated to supporting early-phase clinical trials.

In April 2022, LabCorp collaborated with a developer of cell and gene therapy technologies, Xcell Biosciences, to expand its research capabilities in cell and gene therapies.

In June 2021, Taylor France Online published a paper regarding the use of 3D printing for the formulation and development of personalized medicines.

In 2021, Quotient Biosciences also disclosed plans to acquire Arcinova, a United Kingdom-based business. With this acquisition, Quotient Bioscience can offer more services such as medicinal goods, clinical testing, and drug substance development.

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“North America is expected to dominate the Global Formulation Development Outsourcing Market due to the presence of many pharmaceutical and biotechnology companies in the region, as well as significant government funding for research and development in life sciences. Similarly, growing demand for formulation development outsourcing services, as these technologies are critical for developing new treatments and therapies along with growing prevalence of chronic diseases is expected to create lucrative growth in the market during the forecast period. Also, growing government funding for healthcare infrastructure, and a large and rapidly expanding population is expected to drive the growth of the market during the forecast period. Furthermore, increased R&D spending in proteomics research and increased market demand for high-quality analytical equipment for protein analysis will further be expected to create lucrative opportunities for market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Formulation Development Outsourcing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” Segmented By Service (Preformulation, Formulation Development), By Formulation (Oral, Injectable, Topical, Others), By Therapeutic Area (Oncology, Infectious Disease, Neurology, Hematology, Respiratory, Cardiovascular, Dermatology, Others ), By Region and By Competition”, has evaluated the future growth potential of global Formulation Development Outsourcing market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Formulation Development Outsourcing market.

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About TechSci Research:

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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