Colombia Formulation Development Outsourcing Market Size & Outlook
Colombia formulation development outsourcing market, 2018-2030 (US$M)
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Colombia formulation development outsourcing market highlights
- The Colombia formulation development outsourcing market generated a revenue of USD 292.4 million in 2023 and is expected to reach USD 478.5 million by 2030.
- The Colombia market is expected to grow at a CAGR of 7.3% 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 292.4 million |
| Market revenue in 2030 | USD 478.5 million |
| Growth rate | 7.3% (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, Colombia accounted for 0.8% 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 Latin America, Brazil formulation development outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- Brazil is the fastest growing regional market in Latin America and is projected to reach USD 2,103.8 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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Colombia 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 76.81% in 2023. Horizon Databook has segmented the Colombia formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
The country is an ideal location for experienced pharma players to establish their manufacturing base, owing to its proximity to the U.S. & other key economies, cheap labor & land costs, and lower shipping costs compared to Asian countries.
These characteristics of the country are anticipated to fuel market growth. In addition, the quality of personnel of the research centers, infrastructure, technology, and equipment are the main reasons for pharmaceutical companies to consider Colombia as a destination for drug development processes.
The country also has strict regulatory oversight on clinical research activities by the Spanish initials of the National Institute for Food and Drug Surveillance (INVIMA). In the past 5 years, the regulatory authority has reduced the clinical trial evaluation time by over 50%, thereby, improving the number of trial activities 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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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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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 Colombia formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into Colombia formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Colombia formulation development outsourcing market size, by service, 2018-2030 (US$M)
Colombia Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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