Drug Formulation Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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How Large Will the Drug Formulation Market Size By 2025?
The pharmaceutical formulation market has witnessed robust expansion in the previous years. The market, which stood at $1908.89 billion in 2024, is projected to reach $2064.68 billion in 2025, showcasing a compound annual growth rate (CAGR) of 8.2%. The historic growth of this market is credited to factors such as innovation in biopharmaceuticals, development of drugs focused on patient needs, rise of personalized medicines, supportive regulations for orphan drugs and heightened investment in R&D.

How Big Is the Drug Formulation Market Size Expected to Grow by 2029?
The market size of drug formulations is predicted to witness robust expansion over the upcoming years. By 2029, it is anticipated to escalate to $2948.64 billion, with a compound annual growth rate (CAGR) of 9.3%. This growth during the projected period can be credited to innovations in 3D printing, emphasis on formulas for children, biological drug supply systems, the use of green chemistry in formulation, and the incorporation of artificial intelligence (AI). Predominance of biopharmaceuticals and biologics, advanced systems for drug delivery, personalized medication and bespoke formulations, the inclusion of nanotechnology, and strategies for lifecycle management and reformulation are significant trends anticipated during the forecast period.

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Which Key Market Drivers Powering Drug Formulation Market Expansion and Growth?
The anticipated increase in chronic illnesses is predicted to foster the expansion of the drug formulation market. Chronic diseases are defined as conditions lasting a year or longer, requiring consistent medical care and potentially restricting everyday activities. Drug formulation can potentially decrease the frequency of these long-term illnesses by employing various drug delivery methods to enhance therapeutic effectiveness and reduce harmful effects through affecting drug absorption, dispersion, metabolism, and removal. For example, a report by a US-based biomedical research agency, National Institutes of Health (NIH), in September 2022 disclosed that, by 2023, the US will see an increase of 99.5% in the number of people aged 50 or older with at least one chronic disease, escalating from 71.52 million in 2020 to 142.66 million in 2050. Furthermore, the population suffering from multiple illnesses is projected to increase by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Hence, the expected increase in chronic diseases is catalyzing the growth of the drug formulation market.

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Which Fast-Growing Trends Are Poised to Disrupt the Drug Formulation Market?
Technological progression is an emerging trend within the drug formulation market. To consolidate their market positions, predominant players in the industry are focusing on the development and introduction of cutting-edge technologies. For example, in June 2022, US pharmaceutical firm Merck & Co., Inc., launched the Merck Digital Sciences Studio (MDSS), a platform designed to foster the creation of novel technologies for drug research and development. Backed by the high-performance computing of Azure Cloud, and Merck's expertise in discovery and clinical studies, this joint venture aims to expedite the introduction of unique digital technologies. MDSS represents a partnership between Merck and the New Jersey Innovation Institute (NJII), an American company under the ownership of the New Jersey Institute of Technology. The initiative has secured investments from the Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures. Microsoft is also onboard to furnish fledgling firms with technological assistance.

What Are the Emerging Segments in the Drug Formulation Market?
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

Subsegments:
1) By Oral Formulations: Tablets, Capsules, Powders, Liquids Or Solutions
2) By Parenteral Formulations: Injectables, Implants, Infusions
3) By Topical Formulations: Creams, Ointments, Gels, Transdermal Patches
4) By Inhalation Formulations: Metered-Dose Inhalers (MDIs), Dry Powder Inhalers (DPIs), Nebulizers

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Who Are the Global Leaders in the Drug Formulation Market?
Major companies operating in the drug formulation market include 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, Bayer AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., GlaxoSmithKline plc, 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

Which are the Top Profitable Regional Markets for the Drug Formulation Industry?
North America was the largest region in the drug formulation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the drug formulation market report during the forecast period. The regions covered in the drug formulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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