Latin America Formulation Development Outsourcing Market Size & Outlook
Latin America formulation development outsourcing market, 2018-2030 (US$M)
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Latin America formulation development outsourcing market highlights
- The Latin America formulation development outsourcing market generated a revenue of USD 2,992.7 million in 2023.
- The market is expected to grow at a CAGR of 7.4% 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.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 2,992.7 million |
| Market revenue in 2030 | USD 4,927.2 million |
| Growth rate | 7.4% (CAGR from 2023 to 2030) |
| Largest segment | Formulation development |
| Fastest growing segment | Formulation Development |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, Latin America region accounted for 7.9% of the global formulation development outsourcing market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 25,771.7 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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Latin America 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 Latin America formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America is one of the fastest growing regions in the formulation development outsourcing market following Asia Pacific, owing to cost-effectiveness, increase in the number of clinical trials, rising research & development activities, increasing number of drug development outsourcing services, and rise in the number of new entrants venturing into the pharmaceutical market within the region.
Brazil, Mexico, Argentina, Colombia, and Chile are contributing significant shares to the market in Latin America. The market is expected to showcase rapid growth during the forecast period owing to an increase in the number of biopharmaceutical companies expanding their drug development units into this region, which is anticipated to drive the demand for drug formulation development outsourcing activities.
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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 continent-level data and insights on the Latin America formulation development outsourcing market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America formulation development outsourcing market size, by country, 2018-2030 (US$M)
Latin America Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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