The global oral solid dosage pharmaceutical formulation industry is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 6.4% from 2022 to 2032. According to the latest industry assessments, the estimated market value is expected to reach US$ 1.0 billion by 2032, compared to US$ 555.3 million in 2022.
A recent survey highlighted that the tablets market sector, a vital component of the oral solid dosage pharmaceutical formulation industry, held a dominant market share of over 53.1% in 2021. This statistic underlines the significant role that oral solid dosages play in the pharmaceutical landscape.
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Furthermore, insights from a Future Market Insights report revealed that approximately 1.4% of the total US$ 40.0 billion worldwide pharmaceutical drug delivery market in 2021 was attributed to oral solid dose pharmaceutical formulations. The report suggests a robust growth trajectory for solid dose pharmaceutical formulations sales, projecting an 8.1% increase from 2012 to 2021. This growth can be attributed to the rising adoption of these formulations and improved patient compliance.
Oral solid dosages have emerged as a cornerstone in the treatment of various chronic diseases, contributing to their widespread popularity. Their cost-effectiveness, coupled with easy availability in both retail and hospital pharmacies globally, has fueled their high sales. These dosage forms are easily manufactured and boast an affordable price point, particularly in underdeveloped nations, creating lucrative growth prospects for key players in the industry.
Key Takeaways:
- Since several research institutions and organizations are engaged in the drug discovery process, there is a massive amount of oral solid drugs in the process of approval with improved efficacy. Once these products are approved, the manufacturers are expected to be benefitted from generating profitable sales. Therefore, a positive impact due to the surging number of drug pipelines can be witnessed in the oral solid dosage pharmaceutical formulation market during the forecast period.
- There is an overall surge witnessed in the demand for oral solid dosage drugs and vaccines for the treatment of various diseases and infections has also increased worldwide. Hence, prominent players in the market are working on developing drug manufacturing capacities of their own in low and medium-economy regions to capitalize on low production costs and availability of cost-effective raw materials.
- Various firms practice the primary process of oral solid dosage pharmaceutical formulation. This is because the solid form of the drug is known to be the easiest and simplest way of administering a drug in order to have just the appropriate dose for various acute and chronic infections.
- Such dosage forms offer advantages including chemical durability, stable transport, and safe packaging with low production costs. On the basis of region, Asia Pacific is expected to dominate the growth in the oral solid dosage pharmaceutical formulation market.
- Tablets and capsules are utilized in pharmaceuticals to efficiently treat several disease conditions. In comparison to other pharmacological forms, these are cost-efficient and easy to manufacture. They offer several advantages such as easy transport and packaging and superior chemical and physical stability. Dominant market players are partnering with small and medium-sized manufacturers to produce low-cost and top-notch generic drugs maintained at a low cost of production in developing nations.
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Competitive Landscape:
In the oral solid dosage pharmaceutical formulation market, dominant market players are adopting strategies such as mergers & acquisitions, and advanced product launches by gaining approvals. They are also collaborating with hospital and retail pharmacies to gain a competitive edge in the market.
Key Companies are AstraZeneca Plc., Bristol-Myers Squibb Company, Eli Lilly and Company, Gilead Sciences, Merck & Co. Inc, Novartis AG, Pfizer Inc., AbbVie Inc., Boehringer Ingelheim GmbH, F. Hoffman-La-Roche Ltd., Johnson & Johnson, Biogen Inc., Bayer AG, Teva Pharmaceuticals, Amgen Inc., Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co., Ltd., Shire Plc., Celgene Corporation, Astellas Pharma Inc.
More Insights into the Oral Solid Dosage Pharmaceutical Formulation Market:
The U.S. is expected to dominate the North American oral solid dosage pharmaceutical formulation market by accounting for a total market share of about 93.6% in 2021. Demand in the market is anticipated to grow due to the rising number of oral solid drug approvals in the country.
China is the second largest market in the East Asian region, as it accounted for around 51.4% of the total oral solid dosage pharmaceutical formulation market in 2021. Due to efficient drug production, key companies in China are offering medicines at cost-effective prices.
Germany is yet another market leading the European region as it is expected to grow at a CAGR of 6.7% during the forecast period. The growth of the oral solid dosage pharmaceutical formulation market is rising due to the prevalence of chronic diseases and heart diseases in Germany is aiding the demand for oral solid dosage forms.
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Key Market Segments:
By Dosage Form:
- Tablets
- Conventional/Immediate Release
- Modified Release
- Chewable Tablets
- Effervescent Tablets
- Capsules
- Hard Gelatin Capsules
- Soft Gelatin Capsules
- Others
- Powders & Granules
- Lozenges & Pastilles
- Gummies
By Drug Release Mechanism:
- Immediate Release
- Delayed Release
- Controlled Release
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
- Hypermarkets/Supermarkets
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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