Turkey Formulation Development Outsourcing Market Size & Outlook
Turkey formulation development outsourcing market, 2018-2030 (US$M)
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Turkey formulation development outsourcing market highlights
- The Turkey formulation development outsourcing market generated a revenue of USD 497.0 million in 2023 and is expected to reach USD 789.7 million by 2030.
- The Turkey market is expected to grow at a CAGR of 6.8% 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 497.0 million |
| Market revenue in 2030 | USD 789.7 million |
| Growth rate | 6.8% (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, Turkey accounted for 1.3% 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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Turkey 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 Turkey formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
In the last few years, Turkey has seen a large growth in R&D, increasing from 168 R&D centers in 2015 to 1,178 in 2020. The country's five-year (2019-2023) development plan aims to double its GDP & increase its per capita income from USD 8,000 to USD 12,484.
In addition, Turkey estimates approximately to reach USD 60 Billion in R&D investment by 2023, thereby expanding potential untapped opportunities for pharmaceutical sectors in the country. Furthermore, with over 85 million population, the country holds a sizable number of target patients for clinical trials.
This enabled the country to double its volume of clinical trial studies in the last three years. The pharmaceutical companies are drawn towards Turkey owing to the high number of dedicated workforce in clinical trials, large treatment-naïve patients volunteering in trial studies, and strong technological infrastructure, among others.
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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 Turkey formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into Turkey formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Turkey formulation development outsourcing market size, by service, 2018-2030 (US$M)
Turkey Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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