The drug formulation market is predicted to develop at a compound annual growth rate (CAGR) of 5.6% between 2022 and 2032. The market for pharmaceutical formulations was estimated to be worth US$ 1.58 trillion in 2022 and is projected to reach US$ 2.87 trillion by 2032. The study projects that over the projection period, oral formulations will develop exponentially, with a compound annual growth rate (CAGR) of 6.0%.
The demand for innovative medication formulations that provide efficient clinical care and an economical manufacturing method is rising as medicines continue to enhance people’s quality of life. Biologics have become a well-liked therapeutic alternative for managing chronic illnesses.
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The rise of biosimilars has compelled pharmaceutical companies to innovate or lower prices to remain competitive, fueling innovation in the field of biologics. Currently, the FDA has approved 37 biosimilars, with a significant expansion occurring in 2019, when the number of approved biosimilars increased by 65%, and the number of such drugs available in the US rose by 157%.
However, manufacturers, payers, and providers expect that biosimilar competition will result in persistent price reductions, as seen by the adoption of biosimilars in Europe over the past 13 years.
As the number of treatment options for a particular disease or condition increases, manufacturers will be encouraged to reduce their product prices, driving the growth of the drug formulation market in the coming years.
Key Takeaways:
- The oral formulation is estimated to have a 44.6% market value share by the end of 2032 and to increase at a 6.0% CAGR over the forecast period.
- Based on various indications, central nervous system diseases account for 14.1% of the market in 2021 and are expected to dominate throughout the projection period.
- In terms of end-user, the big pharma corporations are predicted to grow at a 5.1% CAGR in the next years.
- North America is expected to be the leading region by the conclusion of the forecast period, with a value share of 48.1%.
“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.
Market Competition
Key Players:
- AstraZeneca plc.
- Bristol-Myers Squibb
- Eli Lilly and Company
- Gilead Sciences, Inc.
- Merck & Co., Inc.
- Novartis AG
- Pfizer Inc.
- AbbVie Inc.
- Boehringer Ingelheim International GmbH
- F. Hoffmann-La Roche AG
- Johnson & Johnson
- 3M Company
- Others
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.
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More Insights Available:
North America is one of the largest pharmaceutical formulations market due to the high prevalence of chronic diseases, such as diabetes and cardiovascular diseases, and the presence of a large number of pharmaceutical companies. The United States is the largest market in the region, with a well-established healthcare system, high healthcare spending, and favorable regulatory policies.
Key Segments:
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
- Tablets
- 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
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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