Steady Expansion Forecast for Drug Formulation Market, Projected to Reach $2894.29 Billion by 2029

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Drug Formulation Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The pharmaceutical formulation industry has seen substantial expansion in the past few years. Its growth is projected to increase from a figure of $1908.89 billion in 2024 to an estimated $2045.31 billion in 2025, representing a compound annual growth rate (CAGR) of 7.1%. This rise in the historic era has been propelled by factors such as innovation in biopharmaceuticals, focus on patient-centric drug development, advancement towards personalized medicine, regulatory backing for orphan drugs, and a rise in research and development investment.

Drug Formulation Market Size Forecast: What's the Projected Valuation by 2029?
Over the coming years, the drug formulation market size is predicted to undergo significant growth, expanding to $2894.29 billion by 2029 with a compound annual growth rate (CAGR) of 9.1%. This growth during the forecast period is largely due to advancements in 3D printing, an emphasis on pediatric formulations, the development of biological drug delivery systems, the application of green chemistry in formulation, and the integration of artificial intelligence (AI). During the forecast period, leading trends will include the dominance of biopharmaceuticals and biologics, advanced drug delivery systems, customized medicine and individualized formulations, the inclusion of nanotechnology, and the implementation of lifecycle management and reformulation strategies.

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What Are the Drivers Transforming the Drug Formulation Market?
The escalating occurrence of chronic ailments is projected to fuel the advancement of the drug formulation market. Chronic diseases are defined as those that persist for a year or more, necessitating continuous medical care, hindering daily activities, or both. Drug formulation could potentially contribute to lowering the occurrence of such chronic diseases by employing various drug delivery methods to maximize the therapeutic efficacy and minimize harmful effects by impacting the absorption, distribution, metabolism, and elimination of medication. For example, a report by the National Institutes of Health (NIH), a US-based biomedical research organization, stated in September 2022 that the population aged 50 and above suffering from at least one chronic illness is forecasted to increase by 99.5%, from 71.52 million in 2020 to 142.66 million in 2050, in the U.S. Furthermore, the number of people experiencing multimorbidity is expected to surge by 91.16%, from 7.8304 million in 2020 to 14.968 million in 2050. Thus, the mounting number of chronic diseases is boosting the growth of the drug formulation market.

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What Are the Key Trends Driving Drug Formulation Market Growth?
Emerging technological developments are becoming an increasingly popular trend in the field of drug formulation. Major industry participants are focusing their energies on deploying new and cutting-edge technologies to cement their market presence. For instance, Merck & Co., Inc., a pharmaceutical firm based in the US, rolled out Merck Digital Sciences Studio (MDSS) in June 2022 to facilitate the development of groundbreaking technologies for drug research. This initiative harnesses the power of Azure Cloud's robust computing capabilities, along with expertise from Merck's in-house discovery and clinical teams, to expedite and master the creation of innovative digital technologies. The MDSS initiative is a joint venture between Merck and the New Jersey Innovation Institute (NJII), a company under the ownership of the New Jersey Institute of Technology. The project has received financial backing from Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures, while technology support for start-ups will be provided by Microsoft.

Which Segments in the Drug Formulation Market Offer the Most Profit Potential?
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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Which Firms Dominate the Drug Formulation Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential in the Drug Formulation Market?
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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