Canada Formulation Development Outsourcing Market Size & Outlook
Canada formulation development outsourcing market, 2018-2030 (US$M)
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Canada formulation development outsourcing market highlights
- The Canada formulation development outsourcing market generated a revenue of USD 655.7 million in 2023 and is expected to reach USD 1,048.4 million by 2030.
- The Canada market is expected to grow at a CAGR of 6.9% from 2024 to 2030.
- In terms of segment, formulation development was the largest revenue generating service in 2023.
- Formulation Development is the most lucrative service segment registering the fastest growth during the forecast period.
Formulation development outsourcing market data book summary
| Market revenue in 2023 | USD 655.7 million |
| Market revenue in 2030 | USD 1,048.4 million |
| Growth rate | 6.9% (CAGR from 2023 to 2030) |
| Largest segment | Formulation development |
| Fastest growing segment | Formulation Development |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Preformulation, Formulation Development |
| Key market players worldwide | SGS, Intertek Group PLC, Recipharm, Lonza Group Ltd, Charles River Laboratories International Inc, Eurofins Scientific SE, Element Solutions Inc, Labcorp Holdings Inc, Thermo Fisher Scientific Inc, Catalent Inc |
Other key industry trends
- In terms of revenue, Canada accounted for 1.7% of the global formulation development outsourcing market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. formulation development outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,048.4 million by 2030.
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Formulation Development Outsourcing Market Scope
Formulation Development Outsourcing Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada formulation development outsourcing market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to formulation development outsourcing market will help companies and investors design strategic landscapes.
Formulation development was the largest segment with a revenue share of 76.82% in 2023. Horizon Databook has segmented the Canada formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
Canada has one of the largest numbers of biotechnology companies in the world, with 821 biotech companies reported as of 2021, and is the largest market for the vaccine industry. The country accounts for 4% of the total number of globally registered clinical trials and is ranked fourth in terms of clinical sites.
The presence of a well-established healthcare system and support from the government is expected to result in an increased number of research and development activities in the country. For instance, on January 2023, the government of Canada announced the ‘Clinical Trials Fund’ estimated at USD 250 Million across three different funding streams with the motive of strengthening clinical trial infrastructure, research, and training by 2025.
These factors are anticipated to contribute to the demand for formulation development services in the country.
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Our clientele includes a mix of formulation development outsourcing market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into Canada formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada formulation development outsourcing market size, by service, 2018-2030 (US$M)
Canada Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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