Formulation development, being a crucial part of product/drug development, has highly impacted pharmaceutical products' patentability, sustainability, and success. The global outsourced clinical trials & formulation market recorded sales worth US$ 13.3 B in 2021, and is estimated to expand at a CAGR of 6.7 percent over the forecast period (2022-2032).
In recent years, pharmaceutical companies have been concentrating their efforts on their core competencies. To reduce the amount of time and money spent on trials, most pharmaceutical companies outsource formulation services. Outsourcing helps make use of CROs' therapeutic and operational knowledge, geographic reach, and well-established procedures and tools, while reserving their own limited resources for value-added tasks. The tendency toward drug discovery in specific therapeutic areas such as cancer is also significant. Small- and medium-sized organizations can outsource clinical trials in these areas if they lack the therapeutic area expertise and/or resources to manufacture the product independently.
Rise in geriatric populations and increased prevalence of chronic diseases are encouraging CDMOs to develop new products to accelerate treatment procedures by pharmaceutical companies. The role of CDMOs is to simplify the supply chain and introduce new products into the market, which, in turn, will increase the growth of CDMOs in the market. An increase in therapeutic applications of biologics and increased pipeline molecules share will boost contract development and manufacturing market growth.
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