Global Drug Formulation Market Size study, by Dosage Form, by Indication, by End User and Regional Forecasts 2022-2032

Global demand for drug formulation is expected to increase at 5.6% CAGR over the forecast period from 2024 to 2032. The sales of the drug formulations market are estimated to reach a valuation of USD 1.67 trillion by 2023. Drug formulation is the meticulous process of designing and producing a medication in a specific form, such as tablets, capsules, liquids, or injections. This process involves the strategic combination of the active pharmaceutical ingredient (API) with other substances to create a stable, effective, and safe product. The primary objective is to ensure the drug's optimal absorption, distribution, metabolism, and excretion in the body. Applications of drug formulation encompass improving drug solubility, enhancing bioavailability, controlling release rates, and ensuring patient compliance. Effective formulation can also tackle issues like drug stability and taste, thereby making medications more accessible and acceptable to patients.

The pharmaceutical industry has witnessed a substantial revolution with the advent of novel technologies alongside more affordable and cost-effective manufacturing methods. Robotics and artificial intelligence are progressively being incorporated into the pharmaceutical industry to minimize production waste and downtime on the factory floor. Continuous advancements in personalized medicine have also paved the way for patient-centric models by unlocking numerous opportunities to address a wide range of medical conditions. Moreover, the escalating prevalence of chronic diseases among the population, coupled with rising investment flows in this sector, are driving market growth positively. The growing world population has significantly influenced the consumption of pharmaceuticals, thereby boosting the drug formulation industry recently. Consequently, the use of antidepressants doubled, the consumption of antihypertensive and antidiabetic medications almost doubled, and the intake of cholesterol-lowering medications nearly quadrupled between 2000 and 2015 in Organization for Economic Cooperation and Development (OECD) nations. A heightened focus on non-communicable diseases (NCDs), such as diabetes and hypertension, which are already prevalent in developed nations, persists while communicable diseases, such as Acquired Immunodeficiency Syndrome (AIDS), malaria, and tuberculosis, which affect many developing economies, continue to exist.

However, complexity in the supply chain stands as a restricting factor expected to hamper the drug formulation market growth. Most pharmaceutical companies grapple with a complex supply chain, which is either inefficient or under-utilized. The intricacy of the supply chain stems from low flexibility or its cost-effective nature. Nonetheless, increasing generic competition has dented the profitability of big players, and this trend is expected to persist over the years. Many pharmaceutical companies have commenced reorganizing their supply chain in response to evolving market structures, but these changes are primarily aimed at addressing short-term challenges. Alongside patent cliffs, the shortening of effective patent life poses a significant issue in the drug formulation market due to increasing time-to-market and stringent regulations.

The key regions considered for the global drug formulation market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is anticipated to hold the largest market share during the forecast period, attributed to the advanced healthcare infrastructure, significant investment in research and development, and the presence of major pharmaceutical companies. The Asia Pacific region is projected to witness the fastest growth, driven by the burgeoning pharmaceutical industry, improving healthcare infrastructure, and increasing prevalence of chronic diseases in countries such as China and India.

Major market players included in this report are:

• AstraZeneca plc.
• Bristol-Myers Squibb
• Eli Lilly and Company
• Gilead Sciences, Inc.
• Merck & Co., Inc.
• Novartis AG
• Pfizer Inc.
• AbbVie Inc.
• Boehringer Ingelheim International GmbH
• F. Hoffmann-La Roche AG
• Johnson & Johnson
• 3M Company
• Bayer AG
• Teva Pharmaceuticals Industries Ltd.
• Amgen, Inc.

The detailed segments and sub-segment of the market are explained below:

By Dosage Form:

• Oral formulations
• Parenteral formulations
• Topical formulations
• Inhalation formulations

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

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• RoLA
• Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:

• Historical year - 2022
• Base year - 2023
• Forecast period - 2024 to 2032

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.