Russia Formulation Development Outsourcing Market Size & Outlook
Russia formulation development outsourcing market, 2018-2030 (US$M)
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Russia formulation development outsourcing market highlights
- The Russia formulation development outsourcing market generated a revenue of USD 645.5 million in 2023 and is expected to reach USD 1,010.5 million by 2030.
- The Russia market is expected to grow at a CAGR of 6.6% 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 645.5 million |
| Market revenue in 2030 | USD 1,010.5 million |
| Growth rate | 6.6% (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, Russia accounted for 1.7% 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 Europe, Germany formulation development outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- UK is the fastest growing regional market in Europe and is projected to reach USD 1,977.1 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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Russia 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 Russia formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
Russia has been one of the significant contributors to the global clinical trial share in several therapeutic areas. Owing to the country’s access to advanced quality R&D infrastructure, experienced researchers, and large patient volumes, Russia often improved its timelines in clinical studies.
However, the emergence of conflict between the country and Ukraine has implicated numerous challenges and risks for Russia’s pharma sector. Since 2022, over 2,500 economic sanctions have been rolled out by more than 30 countries worldwide in response to the war initiated by Russia. The sanctions have put many industries, including the healthcare & pharmaceutical sectors at risk in the country, as many companies have left the Russian Market during the year.
For instance, Bristol Myers Squibb ceased its trial activities completely in the country, some of them being oncology studies. In addition, the number of trials conducted in Russia decreased from 102 reported in March to August 2022 to 32 from September to Feb 2023, as per Clinical Trial Arena.
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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 Russia formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into Russia formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Russia formulation development outsourcing market size, by service, 2018-2030 (US$M)
Russia Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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