Formulation Development Outsourcing Market Size, Share, & Industry Analysis Report: By Formulation, By Service (Preformulation and Formulation Development), By Therapeutic Area, By End Use, and By Region – Market Forecast, 2025–2034
Description
The formulation development outsourcing market size is expected to reach USD 83.55 billion by 2034, according to a new study by Polaris Market Research. The report “Formulation Development Outsourcing Market Size, Share, & Industry Analysis Report: By Formulation, By Service (Preformulation and Formulation Development), By Therapeutic Area, By End Use, and By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The formulation development outsourcing market encompasses the externalization of preclinical and clinical-stage formulation activities to specialized contract development and manufacturing organizations (CDMOs) and contract research organizations (CROs). These services support pharmaceutical and biopharmaceutical companies in optimizing the delivery, stability, and bioavailability of active pharmaceutical ingredients (APIs), particularly for complex and poorly soluble compounds. The market is witnessing sustained growth driven by increasing molecular complexity in drug pipelines, rising demand for specialized delivery systems, and the need for accelerated development timelines under cost constraints. Outsourcing has become essential for enabling access to advanced capabilities such as nanoformulation, sustained-release platforms, and solubility enhancement technologies, which are often cost-prohibitive to maintain in-house. A significant trend shaping the industry is the integration of formulation development into broader end-to-end service models that span from discovery to commercialization. Additionally, the deployment of predictive modeling, high-throughput screening, and data-driven formulation analytics is transforming how formulation decisions are made, reducing failure rates and cycle times.
Industry growth opportunities are expanding in the area of personalized medicine, where small-batch, highly tailored formulations require agile and technologically equipped outsourcing partners. Increasing regulatory scrutiny is pushing providers to adopt robust QbD and risk-based methodologies, further enhancing their strategic value. The growing emphasis on digitalization, modular service delivery, and real-time batch monitoring is expected to reshape client-provider relationships and redefine benchmarks for performance and compliance. The market’s evolution is being driven by scientific innovation and the strategic need for operational flexibility in an increasingly complex therapeutic and regulatory landscape.
Formulation Development Outsourcing Market Report Highlights
By therapeutic area, in 2024, the oncology segment held the largest share due to the surge in demand for precision oncology therapeutics and the rapid pace of clinical pipeline expansion.
Based on end use, the government and academic institutes segment is expected to witness the highest CAGR during the forecast period due to their expanding role in translational research and early-stage drug discovery.
In 2024, Asia Pacific held the largest share due to a surge in regional biopharmaceutical innovation and rapidly expanding generics industry.
The North America formulation development outsourcing market is projected to register the highest CAGR during the forecast period, driven by an upsurge in biotech venture capital.
A few global key market players include Catalent Inc.; Charles River Laboratories International, Inc.; Element; Eurofins Scientific SE; Intertek Group plc; Labcorp; Lonza; Recipharm; SGS S.A.; and Thermo Fisher Scientific, Inc.
Polaris Market Research has segmented the market report on the basis of formulation, service, therapeutic area, end use, and region:
By Formulation Outlook (Revenue, USD Billion, 2020–2034)
Oral
Injectable
Topical
Others
By Service Outlook (Revenue, USD Billion, 2020–2034)
Preformulation
Formulation Development
By Therapeutic Area Outlook (Revenue, USD Billion, 2020–2034)
Oncology
Infectious Disease
Neurology
Hematology
Respiratory
Cardiovascular
Dermatology
Others
By End Use Outlook (Revenue, USD Billion, 2020–2034)
Pharmaceutical and Biopharmaceutical Companies
Government and Academic Institutes
Others
By Regional Outlook (Revenue, USD Billion, 2020–2034)
North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Vietnam
Australia
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa
The formulation development outsourcing market encompasses the externalization of preclinical and clinical-stage formulation activities to specialized contract development and manufacturing organizations (CDMOs) and contract research organizations (CROs). These services support pharmaceutical and biopharmaceutical companies in optimizing the delivery, stability, and bioavailability of active pharmaceutical ingredients (APIs), particularly for complex and poorly soluble compounds. The market is witnessing sustained growth driven by increasing molecular complexity in drug pipelines, rising demand for specialized delivery systems, and the need for accelerated development timelines under cost constraints. Outsourcing has become essential for enabling access to advanced capabilities such as nanoformulation, sustained-release platforms, and solubility enhancement technologies, which are often cost-prohibitive to maintain in-house. A significant trend shaping the industry is the integration of formulation development into broader end-to-end service models that span from discovery to commercialization. Additionally, the deployment of predictive modeling, high-throughput screening, and data-driven formulation analytics is transforming how formulation decisions are made, reducing failure rates and cycle times.
Industry growth opportunities are expanding in the area of personalized medicine, where small-batch, highly tailored formulations require agile and technologically equipped outsourcing partners. Increasing regulatory scrutiny is pushing providers to adopt robust QbD and risk-based methodologies, further enhancing their strategic value. The growing emphasis on digitalization, modular service delivery, and real-time batch monitoring is expected to reshape client-provider relationships and redefine benchmarks for performance and compliance. The market’s evolution is being driven by scientific innovation and the strategic need for operational flexibility in an increasingly complex therapeutic and regulatory landscape.
Formulation Development Outsourcing Market Report Highlights
By therapeutic area, in 2024, the oncology segment held the largest share due to the surge in demand for precision oncology therapeutics and the rapid pace of clinical pipeline expansion.
Based on end use, the government and academic institutes segment is expected to witness the highest CAGR during the forecast period due to their expanding role in translational research and early-stage drug discovery.
In 2024, Asia Pacific held the largest share due to a surge in regional biopharmaceutical innovation and rapidly expanding generics industry.
The North America formulation development outsourcing market is projected to register the highest CAGR during the forecast period, driven by an upsurge in biotech venture capital.
A few global key market players include Catalent Inc.; Charles River Laboratories International, Inc.; Element; Eurofins Scientific SE; Intertek Group plc; Labcorp; Lonza; Recipharm; SGS S.A.; and Thermo Fisher Scientific, Inc.
Polaris Market Research has segmented the market report on the basis of formulation, service, therapeutic area, end use, and region:
By Formulation Outlook (Revenue, USD Billion, 2020–2034)
Oral
Injectable
Topical
Others
By Service Outlook (Revenue, USD Billion, 2020–2034)
Preformulation
Formulation Development
By Therapeutic Area Outlook (Revenue, USD Billion, 2020–2034)
Oncology
Infectious Disease
Neurology
Hematology
Respiratory
Cardiovascular
Dermatology
Others
By End Use Outlook (Revenue, USD Billion, 2020–2034)
Pharmaceutical and Biopharmaceutical Companies
Government and Academic Institutes
Others
By Regional Outlook (Revenue, USD Billion, 2020–2034)
North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Vietnam
Australia
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa
Table of Contents
128 Pages
- 1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
- 2. Executive Summary
- 2.1. Market Highlights
- 3. Research Methodology
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
- 4. Global Forklift Market Insights
- 4.1. Forklift Market – Market Snapshot
- 4.2. Forklift Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. E-commerce Expansion and Logistics Growth
- 4.2.1.2. Rising Industrial Production and Manufacturing Activity
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High initial investment and maintenance costs
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Forklift Market Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
- 5. Global Forklift Market, by Class
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Forklift Market, by Class, 2020–2034 (USD Billion)
- 5.3. Class 1
- 5.3.1. Global Forklift Market, by Class 1, by Region, 2020–2034 (USD Billion)
- 5.4. Class 2
- 5.4.1. Global Forklift Market, by Class 2, by Region, 2020–2034 (USD Billion)
- 5.5. Class 3
- 5.5.1. Global Forklift Market, by Class 3, by Region, 2020–2034 (USD Billion)
- 5.6. Class 4/5
- 5.6.1. Global Forklift Market, by Class 4/5, by Region, 2020–2034 (USD Billion)
- 6. Global Forklift Market, by Power Source
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 6.3. Internal Combustion Engine
- 6.3.1. Global Forklift Market, by Internal Combustion Engine, by Region, 2020–2034 (USD Billion)
- 6.4. Electric
- 6.4.1. Global Forklift Market, by Electric, by Region, 2020–2034 (USD Billion)
- 7. Global Forklift Market, by Geography
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Forklift Market Assessment, By Geography, 2020–2034 (USD Billion)
- 7.3. Forklift Market – North America
- 7.3.1. North America: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.3.2. North America: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.3.3. Forklift Market – U.S.
- 7.3.3.1. U.S.: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.3.3.2. U.S.: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.3.4. Forklift Market – Canada
- 7.3.4.1. Canada: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.3.4.2. Canada: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4. Forklift Market – Europe
- 7.4.1. Europe: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.2. Europe: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4.3. Forklift Market – UK
- 7.4.3.1. UK: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.3.2. UK: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4.4. Forklift Market – France
- 7.4.4.1. France: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.4.2. France: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4.5. Forklift Market – Germany
- 7.4.5.1. Germany: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.5.2. Germany: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4.6. Forklift Market – Italy
- 7.4.6.1. Italy: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.6.2. Italy: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4.7. Forklift Market – Spain
- 7.4.7.1. Spain: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.7.2. Spain: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4.8. Forklift Market – Netherlands
- 7.4.8.1. Netherlands: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.8.2. Netherlands: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4.9. Forklift Market – Russia
- 7.4.9.1. Russia: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.9.2. Russia: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.4.10. Forklift Market – Rest of Europe
- 7.4.10.1. Rest of Europe: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.4.10.2. Rest of Europe: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5. Forklift Market – Asia Pacific
- 7.5.1. Asia Pacific: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.2. Asia Pacific: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5.3. Forklift Market – China
- 7.5.3.1. China: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.3.2. China: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5.4. Forklift Market – India
- 7.5.4.1. India: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.4.2. India: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5.5. Forklift Market – Malaysia
- 7.5.5.1. Malaysia: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.5.2. Malaysia: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5.6. Forklift Market – Japan
- 7.5.6.1. Japan: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.6.2. Japan: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5.7. Forklift Market – Indonesia
- 7.5.7.1. Indonesia: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.7.2. Indonesia: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5.8. Forklift Market – South Korea
- 7.5.8.1. South Korea: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.8.2. South Korea: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5.9. Forklift Market – Australia
- 7.5.9.1. Australia: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.9.2. Australia: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.5.10. Forklift Market – Rest of Asia Pacific
- 7.5.10.1. Rest of Asia Pacific: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.5.10.2. Rest of Asia Pacific: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.6. Forklift Market – Middle East & Africa
- 7.6.1. Middle East & Africa: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.6.2. Middle East & Africa: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.6.3. Forklift Market – Saudi Arabia
- 7.6.3.1. Saudi Arabia: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.6.3.2. Saudi Arabia: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.6.4. Forklift Market – UAE
- 7.6.4.1. UAE: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.6.4.2. UAE: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.6.5. Forklift Market – Israel
- 7.6.5.1. Israel: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.6.5.2. Israel: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.6.6. Forklift Market – South Africa
- 7.6.6.1. South Africa: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.6.6.2. South Africa: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.6.7. Forklift Market – Rest of Middle East & Africa
- 7.6.7.1. Rest of Middle East & Africa: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.6.7.2. Rest of Middle East & Africa: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.7. Forklift Market – Latin America
- 7.7.1. Latin America: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.7.2. Latin America: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.7.3. Forklift Market – Mexico
- 7.7.3.1. Mexico: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.7.3.2. Mexico: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.7.4. Forklift Market – Brazil
- 7.7.4.1. Brazil: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.7.4.2. Brazil: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.7.5. Forklift Market – Argentina
- 7.7.5.1. Argentina: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.7.5.2. Argentina: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 7.7.6. Forklift Market – Rest of Latin America
- 7.7.6.1. Rest of Latin America: Forklift Market, by Class, 2020–2034 (USD Billion)
- 7.7.6.2. Rest of Latin America: Forklift Market, by Power Source, 2020–2034 (USD Billion)
- 8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
- 9. Company Profiles
- 9.1. Anhui Heli Co., Ltd.
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
- 9.2. CLARK Material Handling Company
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
- 9.3. Crown Equipment Corporation
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
- 9.4. Hangcha Group Co., Ltd.
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
- 9.5. Hyster-Yale Materials Handling, Inc. (Hyster and Yale brands)
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
- 9.6. Jungheinrich AG
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
- 9.7. KION Group (Linde Material Handling, STILL, Baoli)
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
- 9.8. Komatsu Ltd.
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
- 9.9. Mitsubishi Logisnext (Mitsubishi Heavy Industries)
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
- 9.10. Toyota Material Handling (Toyota Industries Corporation)
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
Pricing
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