India Formulation Development Outsourcing Market Size & Outlook
India formulation development outsourcing market, 2018-2030 (US$M)
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India formulation development outsourcing market highlights
- The India formulation development outsourcing market generated a revenue of USD 3,346.6 million in 2023 and is expected to reach USD 5,922.7 million by 2030.
- The India market is expected to grow at a CAGR of 8.5% 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 3,346.6 million |
| Market revenue in 2030 | USD 5,922.7 million |
| Growth rate | 8.5% (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, India accounted for 8.8% 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 Asia Pacific, China formulation development outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 7,228.6 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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India 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 India formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
There are several reasons why India has become one of the most profitable markets for outsourcing drug formulation development services, including the availability of industry expertise, WHO-cGMPcompliant facilities, and affordable drug discovery services.
The initiatives of the government of India and investments in R&D programs further boosted the growth of the formulation development outsourcing market in the country. The Pharma Letter said that India's operational expenses were 40% lower than those of other countries, providing considerable financial advantages for international corporations.
India has been one of the most sought-after locations for conducting research operations as a result of the growth in government financing for R&D to speed up new product development. In the coming years, it is anticipated that these factors, along with India's favorable regulatory framework and a large pool of talented scientists & researchers, will encourage market expansion in the country.
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Target buyers of India formulation development outsourcing market databook
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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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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the India formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into India formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India formulation development outsourcing market size, by service, 2018-2030 (US$M)
India Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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