Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Formulation Development Outsourcing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by Service (Preformulation, Formulation Development), By Formulation, By Therapeutic Area, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.
The Formulation Development Outsourcing Market is projected to experience substantial growth during the forecast period from 2023 to 2028.
Several factors contribute to this anticipated growth, including the rising demand for new drugs, patent expirations, and a focus on enhancing the bioavailability of poorly water-soluble compounds.
Additionally, the market's expansion is propelled by the need to overcome development risks, the demand for generics and biosimilars, and the growing emphasis on competitive and flexible research and development activities in pharmaceutical organizations.
Key Drivers:
- Cost Savings: One of the primary drivers of growth in the Global Formulation Development Outsourcing Market is cost savings. Pharmaceutical companies can sidestep capital expenditures and ongoing costs related to facility maintenance and staffing by leveraging the expertise of Contract Development and Manufacturing Organizations (CDMOs) in formulation development. This results in efficient resource allocation, reduced development costs, and faster time-to-market.
- Focus on Core Competencies: The emphasis on core competencies is another critical factor fostering the market's growth. By outsourcing formulation development, pharmaceutical companies can concentrate on their strengths, such as drug discovery and marketing. CDMOs specializing in formulation development provide access to specialized expertise and facilities that enhance drug development efficiency and innovation.
- Increased Complexity of Drug Development: The complexity of drug development is driving the growth of the Formulation Development Outsourcing Market. Collaboration with specialized CDMOs accelerates the development process, reduces time-to-market, and provides access to expertise required for biologics and other complex formulations.
- Rapidly Evolving Regulatory Environment: Outsourcing formulation development helps pharmaceutical companies navigate the evolving regulatory landscape more efficiently. CDMOs with regulatory expertise ensure compliance, reduce delays, and provide guidance on changing requirements.
- Growing Demand for Biologics and Complex Formulations: Specialized CDMOs play a pivotal role in the development and manufacturing of biologics and complex formulations. Outsourcing to these partners provides access to expertise, infrastructure, and risk mitigation for complex formulations.
Recent Developments:
- Catalent launched a new spray drying suite in 2020, expanding its drug development services, including spray drying, micronization, and formulation development.
- Thermo Fisher Scientific established a CDMO facility in Singapore in 2020, offering formulation development, process development, and clinical trial manufacturing.
- Lonza inaugurated a sterile drug product fill and finish facility in Switzerland in 2019, enhancing its sterile drug product manufacturing capabilities.
Market Segmentation and Players:
The Global Formulation Development Outsourcing Market is categorized by service, formulation, therapeutic area, and region. Key players include Charles River Laboratories, Aizant Drug Research Solutions, Catalent, Laboratory Corporation of America Holdings, Syngene International, Irisys, Intertek Group, Piramal Pharma Solutions, Quotient Sciences, Patheon, Emergent BioSolutions, and Lonza Group.
Report Scope:
The comprehensive Global Formulation Development Outsourcing Market report covers market segmentation by product and service, application, and end-use, providing valuable insights into the market's current state and future prospects.
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