The global demand for drug formulation is projected to grow at a CAGR of 5.6% between 2022 and 2032, with the pharmaceutical formulations market expected to reach a value of $1.58 trillion by 2022. According to the study, oral formulations are anticipated to experience exponential growth, with a CAGR of 6.0% during the forecast period.
As pharmaceuticals continue to improve the quality of life, there is a growing demand for novel drug formulations that offer effective clinical care and a cost-effective manufacturing process. Biologics have emerged as an effective treatment option for chronic disease management.
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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 from Market Study
- 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.
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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 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
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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