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Formulation Development Outsourcing Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033
Formulation Development Outsourcing Market
The formulation development outsourcing market size is expected to see strong growth in the next few years. It will grow to $43.64 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..
Market Overview -
Formulation development outsourcing refers to the practice of hiring external experts or organizations to handle the process of formulating and developing a product. This outsourcing arrangement allows companies to leverage the specialized knowledge, resources, and expertise of external parties to develop or improve the formulation of their products.
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Chronic Disease Surge Drives Formulation Development Outsourcing Growth
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.
Competitive Landscape -
Major companies operating in the formulation development outsourcing market report are Syngene International Ltd., Aizant Drug Research Solutions Private Limited., Catalent Inc., Intertek Group plc, Recipharm AB, SGS S.A., Lonza Group AG, Eurofins Scientific SE, Laboratory Corporation of America Holdings, Charles River Laboratories International Inc., Emergent Biosolutions Inc., IRISYS LLC, Piramal Pharma Limited., Biocon Limited., Dr Reddy's Laboratories Ltd., Quotient Sciences Ltd., Almac Group, Patheon, Evonik Industries AG, Metrics Contract Services, Aenova Group, Fareva Group, Vetter Pharma International GmbH, Aesica Pharmaceuticals, WuXi AppTec, Formosa Laboratories Inc., Aptuit LLC, ProPharma Group, Laurus Labs Limited, Petrofly
Technology Trends Reshaping Formulation Development Outsourcing Market
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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