PUBLISHER: Grand View Research | PRODUCT CODE: 1404754
PUBLISHER: Grand View Research | PRODUCT CODE: 1404754
The global pharmaceutical grade lactose market size is expected to reach USD 2.82 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2024 to 2030. This is attributable to the growing demand for novel medicines across the globe. Novel medicines, also known as new or innovative medicines, refer to pharmaceutical products that are newly developed and differ significantly from existing medications. These medicines often involve breakthrough discoveries or advancements in medical science and technology. Novel medicines may include biologics, new chemical entities (NCE), targeted therapies, gene therapies, and immunotherapies. The development of such novel medicines and drugs is driven by a high level of R&D activities being carried out by various drug manufacturing companies around the world.
Additionally, pharmaceutical formulations often require various excipients and manufacturers have a range of options to choose from alternative excipients that offer similar functionality and cost advantages may compete with the product, reducing its market demand. For example, according to JRS PHARMA, EMDEX shows great potential as a viable alternative to spray-dried lactose, as it exhibits comparable characteristics in terms of powder and tableting properties.
The pharmaceutical-grade lactose industry is characterized by intense competition, with multiple companies vying for market share and supplying the product to a wide range of end-users globally. To achieve a competitive edge, it is essential to focus on product launches, expansion, and research and development initiatives. As a result, leading manufacturers operational in the market strive to obtain high level of dominance by undertaking numerous initiatives.