Evolving medicine manufacturing is driving the growth in Global Formulation Development Outsourcing Market in the forecast period, 2022-2026.
Pharmaceutical formulation development links the discovery of a new drug or pharmaceutical substance to the successful development of a commercial drug product. Established pharmaceutical companies are often researching and developing various drugs, with the completion of clinical trials, they often lend the formulation and product standards to the smaller pharmaceutical companies, or the startups, thus outsourcing the drug for the mass production. This is known as formulation development outsourcing.
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The global formulation development outsourcing market is segmented by services, dosage form, application, end user, regional distribution, and competitional landscape. Based on application, the market is further bifurcated into oncology, genetic disorders, neurology, infectious diseases, respiratory, cardiovascular, and others. Oncology is anticipated to register maximum revenue shares of the market and dominate the market on the account of rising instances of cancer and rapidly increasing number of pharmaceutical and biotechnological companies that are dedicated toward finding the solution to cancer. Formulation development for the oncology pharmacy is another reason that is anticipated to drive the growth of the market in the upcoming five years. Stability, solubility, and bioavailability are the most important consideration that is anticipated to support the growth of the global formulation development outsourcing market in the next five years.
Based on services, the market is further differentiated into pre-formulation services and formulation optimization. Pre-formulation services are again differentiated into discovery & preclinical services and analytical services whereas formulation optimization is differentiated again into phase I, phase II, phase III, phase IV. Formulation optimization service is anticipated to register larger revenue shares of the market and assert its dominance over the market on the account of various services that are available for the same. Solubility and pH profile studies, drug/excipient compatibility studies, preservative screening, selection, and testing, manufacture of lab-scale and feasibility batches, and feasibility studies all account for the various services under formulation optimization. Pre-formulation services is expected to have significant growth in upcoming five years on the account of increasing research and development and rapidly multiplying biotechnology and bio-pharmaceutical companies in the recent years.
Holding the major shares of the global formulation development outsourcing market are Charles River Laboratories International, Inc., Catalent Inc., Quotient Bioresearch Ltd., Aizant Drug Research Solutions Private Limited, Laboratory Corporation of America Holdings, Syngene International Ltd, Irisys LLC, Intertek Group plc, Piramal Pharma Limited, Emergent BioSolutions Inc., Lonza Group AG, Dr. Reddy's Laboratories Ltd, Thermo Fischer Scientific, Inc. (Patheon), PCI Pharma Services, Hermes Pharma, among others.
Market players are actively involved in the research and technological development in the medical device and testing kit developments. The advanced technology has made it possible for the healthcare industry to provide excellent healthcare services through Formulation Development Outsourcing. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“North America is anticipated to be the most promising region for the future of the market. Rising number of chronic diseases and abundant players in the region are anticipated to further drive the market growth in the upcoming five years. New market players must focus on the extensive research and development of the drugs that are outsourced with their formulation to save time, and investment pertaining to a series of clinical trials and evaluation studies in formulation development,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Formulation Development Outsourcing Market By Services (Pre-Formulation Services {Discovery & Preclinical Services v/s Analytical Services} v/s Formulation Optimization {Phase I, Phase II, Phase III, Phase IV}) By Dosage Form (Oral, Topical, Intravenous, Others) By Application (Oncology, Genetic Disorders, Neurology, Infectious Diseases, Respiratory, Cardiovascular, Others) By End User (Pharmaceutical & Biopharmaceutical Companies, Governments, Academic & Research Institutions, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global formulation development outsourcing 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 global formulation development outsourcing market.
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