Global Formulation Development Outsourcing Industry Analysis, 2022-2027 – Featuring Profiles of Charles River Labs, Aizant Drug Research Solutions, Lonza Group, and Dr. Reddy’s Labs Among Others – ResearchAndMarkets.comJune 3, 2022
DUBLIN–(BUSINESS WIRE)–The “Formulation Development Outsourcing Market – Growth, Size, Trends, COVID-19 Impact, and Forecasts (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global formulation development outsourcing market was valued at approximately USD 21,128.13 million in 2021, and it is expected to reach USD 31,974.84 million in 2027, with a CAGR of 6.42% over the forecast period, 2022-2027.
Amid the COVID-19 pandemic, countries’ health systems are rapidly investing in research and development to combat the virus having a significant impact on the formulation development outsourcing market. For instance, in October 2020, AiPharma joined a global consortium of pharmaceutical, manufacturing, and distribution leaders to advance oral antiviral Avigan/Reeqomus for COVID-19. As a part of the consortium, AiPharma commercializes all formulations of favipiravir, a broad spectrum oral antiviral drug that targets COVID-19 and 11 other infectious diseases. Thus, the onset of the pandemic has significantly benefitted the formulation development outsourcing market.
Moreover, as per an article titled “Pharmaceutical Technology, 2021 Outsourcing Resources Supplement”, published in August 2021, the pharmaceutical outsourcing market has seen a growth in vaccine development and manufacturing activity in the past year, particularly due to the industry’s response to the COVID-19 pandemic. As a result of which, there has been an increase in the formulation development outsourcing activities, thereby contributing to the market growth.
Further, the major factors fueling the market growth are the increasing trend of patent protection expiration of major drugs and the rising number of pharmaceutical and biopharmaceutical companies outsourcing their services. The increasing trend of patent protection expiration of major drugs is driving the market growth. For instance, as per a 2021 update by the Generics and Biosimilar Initiative, as part of ongoing action to improve the quality of generics and ensure an efficient and competitive generics market, the Korean Ministry of Food and Drug Safety (MFDS) announced that 158 patents for pharmaceutical products were anticipated to expire in 2021.
As per the same source, the MFDS’s Green List (a list similar to the US Food and Drug Administration’s (FDA) Orange Book) shows that 44 of the patents will be ready for immediate generics entry, having no other patents on the products involved. Thus, this increases the need for formulation development outsourcing for newer candidates, thereby contributing to the market growth.
However, structural changes in the pharmaceutical industry and insufficient funding to perform the drug development process through formulation development are the major factors hindering market growth.
Key Market Trends
- The Oncology Segment is Expected to Witness Significant Growth over the Forecast Period
- North America is Expected to Hold Significant Market Share over the Forecast Period
The formulation development outsourcing market is moderately competitive. In terms of market share, a few companies, such as Charles River Laboratories, Aizant Drug Research Solutions Private Limited, Catalent Inc., Laboratory Corporation of America Holdings, and Syngene International Ltd, among others, hold the largest market shares. Key market players are evolving through various strategic alliances, such as acquisitions, collaborations, and new product launches, to expand their global product portfolios and secure their positions in the global market.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Trend of Patent Protection Expiration of Major Drugs
4.2.2 Rising Number of Pharmaceutical and Biopharmaceutical Companies Outsourcing Their Services
4.3 Market Restraints
4.3.1 Structural Changes in the Pharmaceutical Industry
4.3.2 Insufficient Funding to Perform the Drug Development Process Through Formulation Development
4.4 Industry Attractiveness – Porter’s Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value – USD Million)
5.1 By Service
5.1.1 Pre-formulation Services
220.127.116.11 Discovery and Preclinical Services
18.104.22.168 Analytical Services
5.1.2 Formulation Optimization
22.214.171.124 Phase I
126.96.36.199 Phase II
188.8.131.52 Phase III
184.108.40.206 Phase IV
5.2 By Dosage Form
5.2.4 Other Dosage Forms
5.3 By Application
5.3.2 Genetic Disorders
5.3.4 Infectious Diseases
5.3.7 Other Applications
5.4 By End-user
5.4.1 Pharmaceutical and Biopharmaceutical Companies
5.4.2 Government and Academic Institutes
5.5 By Geography
5.5.1 North America
5.5.3 Asia Pacific
5.5.4 Middle-East and Africa
5.5.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Charles River Laboratories
6.1.2 Aizant Drug Research Solutions Private Limited
6.1.3 Catalent Inc.
6.1.4 Laboratory Corporation of America Holdings
6.1.5 Syngene International Ltd.
6.1.6 Irisys LLC
6.1.7 Intertek Group PLC
6.1.8 Piramal Pharma Solutions
6.1.9 Qiotient Sciences
6.1.10 Patheon (Thermo Fisher Scientific Inc.)
6.1.11 Emergent BioSolutions Inc.
6.1.12 Lonza Group AG
6.1.13 Dr. Reddy’s Laboratories Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/l6sxfq
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