The Formulation Development Outsourcing Global Market Report 2023, provides comprehensive information on the formulation development outsourcing market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
Learn More On The Formulation Development Outsourcing Market’s Growth:
The global formulation development outsourcing market size is expected to grow from $25 billion in 2022 to $27.49 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global formulation development outsourcing market size is expected to reach $39.3 billion in 2027 at a CAGR of 9.3%.
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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 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
North America was the largest region in the formulation development outsourcing market in 2022.
The table of contents in TBRC’s formulation development outsourcing market report includes:
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Top 5 Major Key Players Are:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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