U.S. Formulation Development Outsourcing Market Size & Outlook
U.S. formulation development outsourcing market, 2018-2030 (US$M)
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U.S. formulation development outsourcing market highlights
- The U.S. formulation development outsourcing market generated a revenue of USD 9,287.5 million in 2023 and is expected to reach USD 13,801.1 million by 2030.
- The U.S. market is expected to grow at a CAGR of 5.8% 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 9,287.5 million |
| Market revenue in 2030 | USD 13,801.1 million |
| Growth rate | 5.8% (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, U.S. accounted for 24.5% 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 North America, U.S. formulation development outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,048.4 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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U.S. 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 U.S. formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
The U.S. accounts for a major share of clinical trial recruitment across the globe, with 20,781 trial studies being recruited within the country as of March 2023, according to clinicaltrails.gov. Along with branded and patented drug products, there is a strong demand for cost-effective generic and biosimilar compounds in this region.
For instance, according to a report published by Cardinal Health, in January 2022, around 33 FDA-approved biosimilars were available in the U.S., 21 of which were commercially available in the market. Thus, the increasing development and approval of novel biosimilars are expected to propel the demand for formulation development processes & outsourcing activities in the U.S., largely driving the market.
Furthermore, the country is reported to have a large population suffering from heart disease, with one person dying every 34 seconds, according to the Centers for Disease Control and Prevention. This raises the demand for effective therapeutic drugs with better bioavailability, which expands the opportunities for formulation development outsourcers.
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Target buyers of U.S. 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 U.S. formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into U.S. formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. formulation development outsourcing market size, by service, 2018-2030 (US$M)
U.S. Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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