Formulation Development Services Market Trends, Growth, and Forecast to 2030
The global formulation development outsourcing market is experiencing significant growth, driven by increasing demand for pharmaceutical and biopharmaceutical products. According to Straits Research, the market was valued at USD 21.12 billion in 2021 and is projected to reach USD 40.33 billion by 2030, growing at a CAGR of 7.45% during the forecast period (2022–2030).
Market Definition & Latest Trends
Formulation development outsourcing involves contracting external organizations to develop stable and effective drug formulations. This service is essential for pharmaceutical and biopharmaceutical companies looking to optimize drug delivery, enhance bioavailability, and ensure regulatory compliance.
Latest Market Trends:
- Rising R&D Investments: Increased spending on drug discovery and clinical trials is fueling the demand for formulation development outsourcing.
- Biopharmaceutical Expansion: The growth of biologics and biosimilars is driving the need for specialized formulation expertise.
- Advancements in Drug Delivery Systems: Companies are increasingly focusing on novel injectable, oral, and topical drug formulations.
- Regulatory Compliance Pressure: Stringent regulatory requirements are encouraging pharmaceutical firms to partner with outsourcing providers for quality and compliance assurance.
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Key Opportunities in the Market
- Increased Demand for Personalized Medicine
- Expansion of Generic Drug Manufacturing
- Adoption of Advanced Technologies in Drug Formulation
Key Players in the Formulation Development Outsourcing Market
- Charles River Laboratories International Inc
- Aizant Drug Research Solutions Pvt. Ltd
- Catalent Inc.
- Laboratory Corporation of America Holdings
- Biocon Limited (Syngene International)
- IRISYS LLC
- Intertek Group PLC
- Piramal Enterprises Ltd
- Qiotient Sciences
- Thermo Fisher Scientific Inc. (Patheon)
- Emergent BioSolutions Inc
- Lonza Group AG
- Aurigene Pharmaceutical Services Ltd
- PCI Pharma Services
- Hermes Pharma
- Pyramid Laboratories Inc
Market Segmentation
By Service
- Pre-Formulation Service
- Formulation Optimization
By Dosage Form
- Injectable
- Oral
- Topical
- Other Dosage Forms
By Applications
- Oncology
- Genetic Disorders
- Neurology
- Infectious Diseases
- Respiratory
- Cardiovascular
- Other Applications
By End-User
- Pharmaceutical and Biopharmaceutical Companies
- Government and Academic Institutes
About Straits Research
Straits Research is a leading provider of business intelligence, offering in-depth market research, analytics, and advisory services. Our comprehensive reports help businesses make informed decisions based on accurate data and strategic insights.
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