The global Drug Formulation market. According to a recent analysis, the process of turning active pharmaceutical ingredients (APIs) into usable pharmaceuticals is expected to expand steadily over the next ten years, with the market projected to grow at a compound annual growth rate (CAGR) of 5.6% from its 2022 estimate of US$ 1.58 trillion to reach US$ 2.87 trillion by 2032.
The global Drug Formulation market plays a vital role in the pharmaceutical industry, facilitating the transformation of active pharmaceutical ingredients (APIs) into formulated drugs ready for consumption. The projected growth reflects the increasing demand for pharmaceutical products and advancements in drug formulation technologies.
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This expansion is ascribed to multiple crucial elements:
- Improvements in pharmaceutical R&D: New medications and therapeutic alternatives are being discovered as a result of the ongoing developments in pharmaceutical research and development. This in turn increases the need for novel and potent drug formulations that can provide patients with safe and efficient delivery of these drugs.
- Emergence of cutting-edge medication delivery methods: The other major factor is the growing need for novel drug delivery technologies. Numerous advantages are provided by these systems, including better medication targeting, controlled release, and increased patient compliance. Further driving market expansion is the requirement for drug formulation processes to progress in order to construct these systems.
- Growing need for efficient healthcare: solutions worldwide is being caused by the aging of the global population and the increased incidence of chronic diseases. This is causing a greater demand for formulated drugs due to increased access to healthcare in emerging nations..
Key Takeaways:
- The global drug formulation market is expected to reach US$2.87 trillion by 2032, growing at a CAGR of 5.6%.
- Oral formulations are projected to experience the fastest growth, with a CAGR of 6.0% during the forecast period.
- Rising demand for innovative drug delivery systems and growing healthcare needs worldwide are key drivers.
Competitive Landscape:
In the medication formulation industry, major players are employing methods such as advanced product launches through approvals and mergers and acquisitions. The major businesses are concentrating on working with the research institutes to gain a competitive edge in the marketplace.
- A definitive merger agreement between Bristol Myers Squibb and Turning Point Therapeutics was signed on June 20, 2022. This acquisition will expand BMS’s selection of oncology drugs because Turning Point Therapeutics is a precision oncology company that is still in the clinical development stage.
- AstraZeneca introduced The Evusheld long-acting antibody combo to the public on March 20, 2022. For the pre-exposure prophylaxis (prevention) of COVID-19 in a sizable population, it has received authorization in Europe.
Key Companies Profiled:
- 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
- Bayer AG
- Teva Pharmaceuticals Industries Ltd.
- Amgen, Inc.
- Sanofi SA
- GlaxoSmithKline plc
- Boston Scientific Corporation
- Gerresheimer AG
- Nimbus Therapeutics
- Antares Pharma, Inc.
- IDEAYA Biosciences, Inc.
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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
- 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
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
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