Thailand Formulation Development Outsourcing Market Size & Outlook
Thailand formulation development outsourcing market, 2018-2030 (US$M)
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Thailand formulation development outsourcing market highlights
- The Thailand formulation development outsourcing market generated a revenue of USD 273.7 million in 2023 and is expected to reach USD 445.4 million by 2030.
- The Thailand market is expected to grow at a CAGR of 7.2% 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 273.7 million |
| Market revenue in 2030 | USD 445.4 million |
| Growth rate | 7.2% (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, Thailand 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 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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Thailand 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 Thailand formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
Due to rising R&D expenditures and the presence of large early-stage research CROs like Charles River Laboratories and Envigo, the formulation development market in Thailand is expanding significantly.
Outsourcing services are in demand as a result of Thailand's evolving pharmaceutical industry. According to The Association of the British Pharmaceutical Industry, large firms in Thailand have been expanding their investments in drug research, and over 605 companies increased their outsourcing & collaboration efforts (2018).
The country's expanding clinical trial population also contributes to the market expansion. Thailand conducted 6,872 clinical trials between 1999 and 2019, accounting for 1.31% of total clinical trials conducted globally during the same period, according to WHO's International Clinical Trials Registry Platform (ICTRP).
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Target buyers of Thailand 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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Horizon Databook provides a detailed overview of country-level data and insights on the Thailand formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into Thailand formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Thailand formulation development outsourcing market size, by service, 2018-2030 (US$M)
Thailand Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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