The global drug formulation market is anticipated to grow significantly, with a projected compound annual growth rate (CAGR) of 5.6% from 2022 to 2032. The market for drug formulations is estimated to achieve a valuation of USD 1.58 trillion by the end of 2022, reflecting robust growth and increased market activity.
Oral formulations are expected to be a major driver of this growth, projected to expand at an impressive CAGR of 6.0% during the forecast period. This segment’s growth is attributed to the increasing preference for oral drug delivery systems due to their convenience and ease of administration.
As the demand for efficient and effective drug formulations continues to rise globally, the market is on a strong trajectory for significant expansion over the next decade.
Because it makes it easier to convert active pharmaceutical ingredients (APIs) into completed medications that are safe for people to take, the global drug formulation market is essential to the pharmaceutical sector. Both the rising demand for pharmaceutical products and improvements in the technology of medicine formulation account for the anticipated growth.
Key Takeaways:
- The global drug formulation market is expected to reach USD 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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