South Africa Formulation Development Outsourcing Market Size & Outlook
South Africa formulation development outsourcing market, 2018-2030 (US$M)
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South Africa formulation development outsourcing market highlights
- The South Africa formulation development outsourcing market generated a revenue of USD 252.2 million in 2023 and is expected to reach USD 370.5 million by 2030.
- The South Africa market is expected to grow at a CAGR of 5.6% 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 252.2 million |
| Market revenue in 2030 | USD 370.5 million |
| Growth rate | 5.6% (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, South Africa accounted for 0.7% 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 Middle East & Africa, Saudi Arabia formulation development outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- South Africa is the fastest growing regional market in Middle East & Africa and is projected to reach USD 370.5 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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South Africa 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 76.8% in 2023. Horizon Databook has segmented the South Africa formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
The formulation development outsourcing market in South Africa is expected to witness growth in the upcoming years due to the increasing demand for drug therapies and a high unmet need for medical treatment in the region.
The Department of Science & Technology established the Technology Innovation Agency to support research & development in science councils, higher education institutions, and private research institutions, thereby promoting technological innovation.
The African Network for Drugs and Diagnostics Innovation (ANDI), African Union (AU), and New Partnership for Africa's Development (NEPAD) also initiated efforts to address research gaps in drug formulation, which will further drive growth in the region.
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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 South Africa formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into South Africa formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Africa formulation development outsourcing market size, by service, 2018-2030 (US$M)
South Africa Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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