Pharmaceutical Suspension Market to Reach $83.8 Billion, Globally, by 2032 at 4.2% CAGR: Allied Market Research

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Feb 14, 2024, 06:45 ET

Increased drug development activities, patient compliance offered by pharmaceutical suspensions, and availability of generic pharmaceutical suspensions drive the market growth.

PORTLAND, Ore., Feb. 14, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Pharmaceutical Suspension Market by Type, Indication, End User, and Distribution Channel (Hospital Pharmacies, Drug Store and Retail Pharmacies, and Online Providers): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global pharmaceutical suspension market was valued at $55.5 billion in 2022, and is projected to reach $83.8 billion by 2032, registering a CAGR of 4.2% from 2023 to 2032.

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Prime determinants of growth

Growing healthcare infrastructure, rise in prevalence of disease conditions that require effective treatment, and growing awareness regarding the use of pharmaceutical suspension are factors that drive the growth of the global pharmaceutical suspension market. However, limited drug compatibility hinders the market growth. On the contrary, rise in healthcare expansion and the growing geriatric population base are expected to offer remunerative opportunities for the pharmaceutical suspension market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size In 2022	$55.5 Billion
Market Size In 2032	$83.8 Billion
CAGR	4.20 %
No. Of Pages In Report	315
Segments Covered	Type, Indication, End User, Distribution Channel, And Region
Drivers	Increased Drug Development Activities
	Patient Compliance Offered By Pharmaceutical Suspensions
	Availability Of Generic Pharmaceutical Suspensions
Opportunities	Growing Initiatives For Market Expansion
Restraints	Limited Drug Compatibility

Impact of Recession 2023 on Pharmaceutical Suspension Market

During a recession, the impact on the healthcare industry, including pharmaceutical suspension, can be significant.
The economic downturns may hinder technology investment. However, the growing geriatric population and the rise in generic manufacturers of suspensions can drive interest in pharmaceutical suspension market.

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The parenteral segment to maintain its lead position during the forecast period.

By type, the parenteral segment dominated the market in 2022, accounting more than half of the global pharmaceutical suspension market, as it is a direct and rapid route for drug delivery. In addition, advancements in parenteral drug formulations and increase in prevalence of conditions requiring injectable therapies further contribute to the segment growth. However, the others segment is expected to register highest CAGR of 5.1% during the forecast period The diverse applications and widespread usage of these alternative routes is potentially driving the demand. In addition, factors such as rise in prevalence of respiratory disorders, dermatological conditions, and the development of innovative drug delivery systems further drive the segment growth. 

The cancer segment to maintain its lead position during the forecast period.

By indication, the cancer segment dominated the market in 2022, accounting more than one-fourth of the global pharmaceutical suspension market, owing to its versatile and convenient form for delivering various anticancer medications. In addition, the ability of suspensions to enhance the solubility and bioavailability of certain drugs contributes to their preference in cancer therapeutics. However, the others segment is expected to register highest CAGR of 4.8% during the forecast period owing to increased focus on these specialized therapeutic areas, technological advancements, and evolving healthcare needs. In addition, factors such as rise in prevalence of respiratory disorders, dermatological conditions, and others and the development of innovative drug delivery systems propel the demand for the others segment.

The hospitals & clinics segment to maintain its lead position during the forecast period.

By end user, the hospitals & clinics segment dominated the market in 2022, accounting nearly three-fifth of the global pharmaceutical suspension market as hospitals & clinics have increasingly showed an inclination toward pharmaceutical suspension products. Moreover, rise in the number of government initiatives to ensure a high degree chronic disease treatment measure, and widespread accessibility and infrastructure of hospitals and clinics, serving as key points of healthcare delivery, further contribute to the pharmaceutical suspension market growth. However, the home care settings segment is expected to register highest CAGR of 4.8% during the forecast period owing several key factors. Patients increasingly prefer home-based healthcare, creating demand for user-friendly drug delivery methods such as suspensions. In addition, the aging population and the trend toward self-administration of medications at home further boost the growth of the home care settings segment.

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The drug store and retail pharmacies segment to maintain its lead position during the forecast period.

By distribution channel, the drug store and retail pharmacies segment dominated the market in 2022, accounting more than half of the global pharmaceutical suspension market, owing to the widespread accessibility and consumer convenience offered by drug stores and retail pharmacies. These outlets serve as primary points of purchase for pharmaceutical products, including suspensions, making them readily available to a broad consumer base.  However, the online providers segment is expected to register highest CAGR of 5.2% during the forecast period owing to its convenience and accessibility. Online platforms provide a convenient way for consumers to purchase healthcare products, including suspensions, without the need to visit physical stores. The ease of ordering, broader product selection, and potential for competitive pricing make online sales an attractive option.

North America maintains its dominance by 2032

Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global pharmaceutical suspension market, owing to presence of well-developed healthcare industry in the region. In addition, the growing focus of key players on R&D contributes to the formulation of innovative suspensions; thereby driving the market growth in the region. However, the Asia-Pacific segment is projected to register highest CAGR of 5.1% during the forecast period owing to increase in the number of geriatric populations, increase in prevalence of chronic diseases, and improving healthcare infrastructure in the region.

Leading Market Players: -

Merck And Co., Inc
AstraZeneca Plc
Pfizer Inc.
Eli Lilly and Company
Bayer AG
Sanofi
Lupin
Glenmark Pharmaceuticals Limited
Novartis AG
Teva Pharmaceutical Industries Limited

The report provides a detailed analysis of these key players of the global pharmaceutical suspension market. These players have adopted different strategy such collaboration and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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