Over the projected period of 2022 to 2032, global demand for drug formulation is expected to grow at a 5.6% CAGR. The pharmaceutical formulations market is expected to be worth $1.58 trillion by 2022. Oral formulations are expected to rise exponentially at a CAGR of 6.0% during the forecast period, according to the study.
As pharmaceuticals enhance our quality of life, there is an increased demand for novel drugs formulation that would offer effective clinical care with a cost-effective manufacturing process. Biologics have proven to be an effective treatment option for chronic disease treatment. Pharmaceutical companies are being compelled by the rise of biosimilars to either innovate or lower prices to compete. This has been stimulating innovation in the field of biologics. As there are currently 37 approved biosimilars by the Food and Drug Administration (FDA). A significant portion of this expansion occurred in 2019 when the number of biosimilars that were approved increased by 65% and the number of such medicines that were made available in the United States increased by 157%.
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However, manufacturers, payers, and providers anticipate that biosimilar competition will result in persistent price reductions, as demonstrated by the adoption of biosimilars in Europe over the past 13 years.
Manufacturers will be encouraged to cut the prices of their products as the number of treatment options for a particular sickness or condition increases that expects to drive the drug formulation market growth in coming years.
Key Takeaways from Market Study
- The oral formulation is expected to hold a 44.6% market value share by the end of 2032 and is expected to showcase growth at a CAGR growth of 6.0% over the forecast period.
- Based on various indications, central nervous systems disorders hold the highest market share of 14.1% of the market share in 2021 and are projected to dominate throughout the forecast period.
- In terms of end-user, the big pharma companies are expected to register a CAGR of 5.1% in upcoming years.
- North America is slated to be the leading region with a value share of 48.1% at the end of the forecast period.
“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
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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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 Future Market Insights (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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