Singapore Formulation Development Outsourcing Market Size & Outlook
Singapore formulation development outsourcing market, 2018-2030 (US$M)
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Singapore formulation development outsourcing market highlights
- The Singapore formulation development outsourcing market generated a revenue of USD 462.1 million in 2023 and is expected to reach USD 797.2 million by 2030.
- The Singapore market is expected to grow at a CAGR of 8.1% 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 462.1 million |
| Market revenue in 2030 | USD 797.2 million |
| Growth rate | 8.1% (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, Singapore accounted for 1.2% 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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Singapore 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 76.82% in 2023. Horizon Databook has segmented the Singapore formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
Singapore is a desirable location for the pharmaceutical business because of its excellent research & innovation skills, reliable regulatory & intellectual property environment, and vast pool of competent employees.
Drug discovery outsourcing services are anticipated to play a major role in the expansion of the pharmaceutical business in Singapore as more medications undergo preclinical trials and R&D costs are driven down.
The country made significant investments in the biotech and pharmaceutical industries, boasting several top-tier research institutions and specialized clinical trial facilities. Significant foreign investment has been attracted because of government initiatives to promote innovation, such as the creation of the Biomedical Sciences Industry Transformation Plan, which further fueled the expansion of the formulation development outsourcing sector.
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Target buyers of Singapore 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 Singapore formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into Singapore formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Singapore formulation development outsourcing market size, by service, 2018-2030 (US$M)
Singapore Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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