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Drug Formulation Global Market to Observe Highest Growth of $2,682.41 Billion with an Excellent CAGR of 8.6% By 2028 | Novartis AG, Pfizer Inc., AbbVie Inc., 3M Company, Bayer AG
Drug Formulation Market
As per the report, the drug formulation market size has grown strongly in recent years. It will grow from $1780.87 billion in 2023 to $1931.05 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The drug formulation market size is expected to see strong growth in the next few years. It will grow to $2682.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
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Rising Prevalence Of Chronic Diseases Fuels Growth In Drug Formulation Market
The rising prevalence of chronic diseases is expected to propel the growth of the drug formulation market going forward. Chronic diseases can be defined as conditions that last 1 year or more and require ongoing medical attention, limit activities of daily living, or both. Drug formulation has the potential to reduce the prevalence of chronic illnesses where multiple drug delivery methods are utilized to optimize therapeutic efficacy while minimizing adverse effects by influencing medication absorption, distribution, metabolism, and excretion. For instance, in September 2022, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.52 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the drug formulation market.
Technological Advancements Driving Innovation In Drug Formulation Market
Technological advancements are a key trend gaining popularity in the drug formulation market. Major players operating in the drug formulation market are concentrating their efforts on introducing new and advanced technologies to strengthen their position in the market. For instance, in June 2022, Merck & Co., Inc., a US-based pharmaceutical company, launched Merck Digital Sciences Studio (MDSS) to make it possible to create innovative technologies for drug research and development. Merck uses Azure Clouds robust computing and Merck's discovery and clinical experts to collaboratively accelerate and take over novel and innovative digital technologies. MDSS is a collaboration between Merck and the New Jersey Innovation Institute (NJII), a US-based company owned by the New Jersey Institute of Technology. The Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures have all invested in the project. Microsoft will provide start-up companies with technology support.
The drug formulation market covered in this report is segmented -
1) By Dosage Form: Oral formulations, Parenteral Formulations, Topical Formulations, Inhalation Formulations
2) By Formulation: Tablets, Capsules, Injectable, Sprays, Suspensions, Powders, Other Formulations
3) By Therapy Area: Cardiovascular Diseases (CVDs), Pain, Diabetes, Cancer, Respiratory Diseases, Other Diseases
4) By End-User: Big Pharma, Small And Medium Pharma, Biotech Companies
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Major companies operating in the drug formulation market report are AstraZeneca PLC, The Bristol-Myers Squibb Company, Eli Lilly and Company, Gilead Sciences Inc., Merck & Co. Inc., Novartis AG, Pfizer Inc., AbbVie Inc., C.H. Boehringer Sohn AG & Co. KG, F. Hoffmann-La Roche AG, Johnson & Johnson, 3M Company, Bayer AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., GlaxoSmithKline plc, Boston Scientific Corporation, Novo Nordisk A/S, Amgen Inc., Viatris Inc., Sandoz International GmbH, Takeda Pharmaceutical Company Limited, Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Cipla Ltd., Lupin Limited, Torrent Pharmaceuticals Limited, Jubilant Life Sciences Limited, Cadila Healthcare Limited, Glenmark Pharmaceuticals Ltd., Wockhardt Ltd., Hikma Pharmaceuticals plc .
Contents of the report:
1. Executive Summary
2. Drug Formulation Market Report Structure
3. Drug Formulation Market Trends And Strategies
4. Drug Formulation Market - Macro Economic Scenario
5. Drug Formulation Market Size And Growth
…..
27. Drug Formulation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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