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Pharmaceutical Pellets Market Trends & Opportunities 2024-2033
Pharmaceutical Pellets Market Trends
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According to The Business Research Company's, The pharmaceutical pellets market size has grown rapidly in recent years. It will grow from $1.66 billion in 2023 to $1.86 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to rise in oral dosage forms, focus on patient compliance, pharmaceutical research initiatives, efforts for taste-masking and stability, regulatory approvals and patents.
The pharmaceutical pellets market size is expected to see rapid growth in the next few years. It will grow to $2.82 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increased demand for pediatric dosage forms, demand for multi-particulate dosage forms, development of combination therapy dosage forms, advances in continuous manufacturing, focus on geriatric dosage forms. Major trends in the forecast period include integration of 3d printing technologies, application in personalized nutrition, smart coatings for real-time monitoring, orally disintegrating pellets, biodegradable and eco-friendly pellets.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the pharmaceutical pellets market going forward. Chronic diseases are defined as problems that last for a year or longer and necessitate continuing medical care, restricting everyday activities, or both. The use of pharmaceutical pellets can be beneficial for the treatment of chronic diseases as they reduce digestive problems and enhance drug absorption. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, by 2050, the number of individuals aged 50 years and older who have at least one chronic illness will surge by 99.5%, rising from 71.522 million in 2020 to 142.66 million. Therefore, the increasing prevalence of chronic diseases is driving the growth of the pharmaceutical pellets market.
Product innovation is a key trend gaining popularity in the pharmaceutical pellets market. Companies operating in the pharmaceutical pellets market are focused on innovating new products to sustain their position in the market. For instance, in June 2021, Gilead Sciences Inc., a US-based biopharmaceutical company, received approval for the oral pellet version of Epclusa from the U.S. Food and Drug Administration. It is used for children who have a chronic hepatitis C infection. To improve the tolerability associated with palatability, oral pellets are administered once a day with food.
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Major Key Players of the Market:
Abbott Laboratories, Takeda, Boehringer Ingelheim, Teva Pharmaceutical Industries Ltd., Eisai Co. Ltd., Colorcon Inc., Nordic Sugar AB, Pfizer, Merck & Co., Manus Aktteva Biopharma LLP, Thexa Pharma (P) Limited, Avanscure Lifesciences Private Limited, U.K. Vet Chem, MB Sugars & Pharmaceuticals Limited, CIL Laboratories Pvt Ltd, Sainor Pharma Pvt Ltd, Umang Pharmatech Pvt Ltd, Nami Lifesciences Pvt Ltd, Lograns Pharma Private Limited, Rainbow Health Care Products, Chemit Laboratories, Concord Drugs Limited, Pharmaceuticals Private Limited, Nanjing Joyfulchem ??Co. Ltd., Praful International Corporation, Pellets Pharma Limited, A B Enterprises, Vision Pharmacoat Pvt Ltd, Chemit Laboratories, Spansules Pharma, Ravoos Laboratories Ltd
Pharmaceutical Pellets Market 2024 Key Insights:
• The pharmaceutical pellets market size is expected to see rapid growth in the next few years. It will grow to $2.82 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Rising Prevalence Of Chronic Diseases To Drive Market Growth
• Product Innovations Transforming The Pharmaceutical Pellets Market
• North America was the largest region in the pharmaceutical pellets market in 2023
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