North America Formulation Development Outsourcing Market Size & Outlook
North America formulation development outsourcing market, 2018-2030 (US$M)
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North America formulation development outsourcing market highlights
- The North America formulation development outsourcing market generated a revenue of USD 9,943.2 million in 2023.
- The market is expected to grow at a CAGR of 5.9% 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.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 9,943.2 million |
| Market revenue in 2030 | USD 14,849.5 million |
| Growth rate | 5.9% (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, North America region accounted for 26.2% 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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North 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 North America formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
North American region held the second-largest share of 26.5% in the formulation development outsourcing market in 2022. The substantial share can be attributed to the large presence of pharmaceutical companies in the region with the growing number of clinical trial activities.
For instance, according to clinicaltrials.gov, 31% (i.e. 138,663 in numbers) of the global clinical trials were registered in the U.S. as of March 2023. Similarly, according to the government of Canada, the country holds a sizable number of clinical trials, and the intensity was relatively high during the COVID-19 pandemic.
In addition, the rising population with lifestyle-related diseases is increasing in the region, which acts as a stimulus for pharmaceutical companies to spend more money & time on innovative & effective drug developments.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America formulation development outsourcing market , including forecasts for subscribers. This continent databook contains high-level insights into North America formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America formulation development outsourcing market size, by country, 2018-2030 (US$M)
North America Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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