Mexico Formulation Development Outsourcing Market Size & Outlook
Mexico formulation development outsourcing market, 2018-2030 (US$M)
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Mexico formulation development outsourcing market highlights
- The Mexico formulation development outsourcing market generated a revenue of USD 621.3 million in 2023 and is expected to reach USD 1,045.4 million by 2030.
- The Mexico market is expected to grow at a CAGR of 7.7% 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 621.3 million |
| Market revenue in 2030 | USD 1,045.4 million |
| Growth rate | 7.7% (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, Mexico accounted for 1.6% 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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Mexico 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 Mexico formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
Mexico accounts for the second-largest market in Latin America for drug formulation development outsourcing and is expected to showcase significant growth during the forecast period. Low cost of manufacturing is expected to attract global biopharmaceutical companies in this region, thereby increasing the demand for drug & formulation development outsourcing services.
The rising partnerships and collaborations of public research institutions, pharmaceutical companies, and CROs are considered key drivers for the clinical research improvements in the country.
Although Mexico invests only about 1.8% of its GDP on R&D activities, the country is anticipated to fast establish itself to be one of the major clinical trial hub in Latin America. These factors in turn are boosting the demand for drug development outsourcing providers 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 Mexico formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into Mexico formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Mexico formulation development outsourcing market size, by service, 2018-2030 (US$M)
Mexico Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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