Drug Formulation Market to Surpass US$ 1.58 Tn Amid Increasing Demand for Oral Formulation Booming the Pharmaceutical Industry Growth in Coming Years | Future Market Insights, Inc.

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Nov 10, 2022, 09:30 ET

East Asia drug formulation marker revenue valued to reach around US$ 320.7 Bn in 2032. Key Companies Profiled are- AstraZeneca plc., Bristol-Myers Squibb, Eli Lilly and Company, Gilead Sciences, Inc., Merck & Co., Inc., Novartis AG, Pfizer Inc., AbbVie Inc.

NEWARK, Del., Nov. 10, 2022 /PRNewswire/ -- As per Future Market Insights, the global drug formulation market was valued at over US$ 1.50 Tn in 2021 and is expected to exhibit growth at a CAGR of 5.6% over the forecast period (2022-2032).

As pharmaceuticals enhance our quality of life, there is an increased demand for novel drugs formulation that would offer effective clinical care with a cost-effective manufacturing process. Biologics have proven to be an effective treatment option for chronic disease treatment. Pharmaceutical companies are being compelled by the rise of biosimilars to either innovate or lower prices to compete. This has been stimulating innovation in the field of biologics. As there are currently 37 approved biosimilars by the Food and Drug Administration (FDA). A significant portion of this expansion occurred in 2019 when the number of biosimilars that were approved increased by 65% and the number of such medicines that were made available in the United States increased by 157%.

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However, manufacturers, payers, and providers anticipate that biosimilar competition will result in persistent price reductions, as demonstrated by the adoption of biosimilars in Europe over the past 13 years.

Manufacturers will be encouraged to cut the prices of their products as the number of treatment options for a particular sickness or condition increases that expects to drive the drug formulation market growth in coming years.

Key Takeaways from Market Study

The oral formulation is expected to hold a 44.6% market value share by the end of 2032 and is expected to showcase growth at a CAGR growth of 6.0% over the forecast period.
Based on various indications, central nervous systems disorders hold the highest market share of 14.1% of the market share in 2021 and are projected to dominate throughout the forecast period.
In terms of end-user, the big pharma companies are expected to register a CAGR of 5.1% in upcoming years.
North America is slated to be the leading region with a value share of 48.1% at the end of the forecast period.

"Growing prevalence of chronic disorders and Rising needs for novel drug formulation in the pharmaceutical sectors is expected to witness the growth of Drug Formulation Market over the forecast period," says an analyst of Future Market Insights.

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Market Competition

The drug formulation industry's pharmaceutical and biotech businesses are concentrating on leveraging market potential by implementing mergers and acquisitions strategies. The trend continues as a result of the effective marketing campaign of novel and innovative drug formulation portfolios following strategic partnerships, acquiring their place in the market. The key techniques employed by the manufacturers to extend their business units and customer bases in both developed and emerging economies include strategic collaborations, mergers and acquisitions, production capacity expansions, and expanding product sales.

For instance,

The COVID-19 vaccine was developed by Pfizer with the assistance of Sanofi in 2021, and Bayer and CureVac formed a complex cooperation to distribute 160M doses of the vaccine by 2022.
The German mRNA CDMO AmpTec was acquired by Millipore Sigma, the life science division of Merck KGaA. This strengthened offerings across the mRNA value chain, especially for MilliporeSigma, which already supplies lipids to Pfizer-BioNTech for their COVID-19 vaccines. Lipids are the main mode of delivery for mRNA therapeutics.

Key Market Segments Covered in Drug Formulation Industry Research

By Dosage Form:

Oral formulations

Tablets

Immediate Release
Modified Release
Chewable
Effervescent

Capsules

Hard Gelatin Capsules
Softgel Capsules
Others

Powders & Granules
Lozenges & Pastilles
Gummies
Others

Parenteral formulations

Solutions
Suspensions
Emulsions for injection or infusion
Powders for injection or infusion
Gels for injection implants

Topical formulations

Pastes
Ointments and oils
Creams, lotions, and foams.
Gels, tinctures, and powders
Sprays and patches

Inhalation formulations

Pressurized Metered Dose Inhaler
Dry Powder Inhaler (DPI)
Nebulizer

By Indication:

Infectious Diseases
Cancer
Cardiovascular Diseases
Diabetes
Respiratory Diseases
Central Nervous System Disorders
Autoimmune Diseases
Gastrointestinal Diseases
Musculoskeletal Disorders
Dermatological Disorders
Other

By End User:

Big pharma
Small & Medium Size Pharma
Biotech Companies

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
The Middle East and Africa (MEA)

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

2.3. Inclusion and Exclusion

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Product Innovation / Development Trends

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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SOURCE Future Market Insights