PUBLISHER: Allied Market Research | PRODUCT CODE: 1266493
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266493
The global formulation development outsourcing market is envisioned to garner $6518.8 million by 2031, growing from $3156.8 million in 2021 at a CAGR of 9.0% from 2022 to 2031. The process of assessing the patentability, lifetime, and success of pharmaceutical products is referred to as formulation development. Pre-formulation activities include the development and characterization of analytical assays, excipient screening to stabilize or improve the product's solubility, and dosage form. Due to time constraints and a lack of internal resources, it is frequently outsourced. Outsourcing formulation development has a lot of advantages as well, including shortened timescales, easier access to knowledge, and increased protection against defective products.
Drug developers at all levels are becoming interested in outsourcing pharmaceutical formulation development and manufacture, particularly in developing nations like India. The rising need for novel medications as a result of the significant burden of infectious and chronic diseases is one of the main factors driving the demand for formulation development. In addition, there is a strong emphasis on creating poorly water-soluble chemicals to increase bioavailability and patent expirations. The necessity for clinical trials to identify a cure for contagious viruses has also been influenced by the COVID-19 outbreak. As a result, substantial funds have been spent on R&D to create medicines, which are predicted to boost the industry.
It is anticipated that higher R&D expenses will raise demand for outsourcing formulation development. Small and medium-sized pharmaceutical enterprises that lack the requisite resources frequently use outsourcing services for formulation development. Due to trial-related expenses, the majority of pharmaceutical businesses use it to shorten the time spent on outsourcing services for formulation development. The pharmaceutical industry's growing reliance on collaborations with academic institutions is caused by the growth of the formulation development outsourcing industry.
The formulation development outsourcing market is expected to be restrained owing to high amount of budget required for outsourcing drug development by the companies. Additionally, the complexity of the substances is growing for formulators. Increases in the price and demand for various medicines and raw materials have the potential to have a substantial negative impact on the market value of formulation development outsourcing. Incorporating various active chemicals, tightening restrictions, shifting societal and customer preferences, and environmental considerations all have an impact on the creation of a product, as do usage and eventual decomposition. In addition to their total environmental impact, formulators are concerned with how their products will benefit consumers and patients.
The number of pharmaceutical and biopharmaceutical businesses outsourcing their work has led to an expansion of the formulation development outsourcing market. The COVID-19 pandemic is expected to have a positive impact on the formulation drug outsourcing market. The high demand for effective drug or vaccine discovery among healthcare professionals, researchers and scientists to treat the viral infection has boosted the research and development activities. Many contract formulation development outsourcing companies became active and started taking drug development formulation projects from major companies and even research institutes.
The key players profiled in this report include: Charles River Laboratories, Syngene International Limited, Catalent, Inc, Piramal Pharma Ltd., Intertek Group plc, Thermo Fisher Scientific, Eurofins Scientific, Laboratory Corporation of America Holdings., Dr. Reddy's Laboratories Ltd., and EMERGENT.