Formulation Development Outsourcing Market Growth Trajectory Through 2024-2033

Posted by ramacharitbrc on February 9th, 2024

The Formulation Development Outsourcing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Formulation Development Outsourcing Global Market Report 2024, The formulation development outsourcing market size has grown strongly in recent years. It will grow from .49 billion in 2023 to .17 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The  growth in the historic period can be attributed to cost efficiency, focus on core competencies, regulatory compliance, accelerated drug development, access to specialized expertise..

The formulation development outsourcing market size is expected to see strong growth in the next few years. It will grow to .64 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increased complexity of drug molecules, strategic partnerships, rising r&d costs, biopharmaceutical innovations, flexible capacity.. Major trends in the forecast period include integration of continuous manufacturing processes, outsourcing for modified-release formulations, collaborations for specialized drug delivery systems, regulatory expertise in outsourced services, utilization of artificial intelligence (ai) in formulation design..

Growing chronic diseases are expected to propel the growth of the formulation development outsourcing market going forward. Chronic diseases are conditions that last for a year or longer, require continued medical care, and restrict daily activities. Developing effective formulations and therapies to manage and treat these conditions requires specialized expertise and resources. Formulation development outsourcing engages outside experts or specialized businesses to manage the research, development, and optimization of drug formulations to treat chronic diseases. For instance, in September 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, chronic diseases affect the lives of 41 million people every year, accounting for 74% of all deaths globally. Additionally, according to the Australian Institute of Health and Welfare, in 2020–21, 11.6 million Australians, or 47% of the population, had one or more chronic illnesses. Therefore, the growing number of chronic diseases is driving the growth of the formulation development outsourcing market.

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The formulation development outsourcing market covered in this report is segmented –

1) By Service: Preformulation, Formulation Development

2) By Therapeutic Area: Oncology, Infectious Disease, Neurology, Hematology, Respiratory, Cardiovascular, Dermatology, Other Therapeutics

3) By Formulation: Oral, Injectable, Topical, Other Formulations

4) By End-User: Pharmaceutical Industries, Research And Academic Development

Technological advancements are a key trend gaining popularity in the formulation development outsourcing market. Companies operating in the formulation development outsourcing market are adopting new technologies, such as artificial intelligence (AI) and machine learning (ML), to sustain their position in the market. For instance, in March 2023, Nvidia, a US-based software technology company, launched BioNeMo Cloud, a new component to their AI Foundations suite. This service offers researchers access to pre-trained AI models, allowing for private data customization. It is aimed to speed up life sciences research, drug discovery, and protein engineering. Amgen, a global biotech giant, and many startups currently use the technology, which is made available as a cloud service and allows for quicker drug development processes.

The formulation development outsourcing market report table of contents includes:

1. Executive Summary

2. Market Characteristics

3. Market Trends And Strategies

4. Impact Of COVID-19

5. Market Size And Growth

6. Segmentation

7. Regional And Country Analysis

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27. Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis