Drug Formulation Market Growth Trajectory – Insights On Key Drivers, Major Trends, And Top Opportunities
8 Jun, 2023
The global drug formulation market size is expected to grow from $1,640.73 trillion in 2022 to $1,780.87 trillion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global drug formulation market size is expected to reach $2,444.87 trillion in 2027 at a CAGR of 8.2%.
Global Drug Formulation Market Key Driver
The increased frequency of chronic diseases is projected to boost the drug formulation industry forward in the coming years. Chronic diseases are ailments that persist a year or more and necessitate continuing medical attention, impede daily activities, or both. Drug formulation has the ability to lower the prevalence of chronic illnesses by affecting medicine absorption, distribution, metabolism, and excretion while optimising therapeutic efficacy and minimising unwanted effects.
Get a sample of the global drug formulation market reportGlobal Drug Formulation Market Segments
The global drug formulation market 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
5) By Geography: The regions covered in the drug formulation market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global drug formulation market.
Major Drug Formulation Industry Players
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, 3M Company, Bayer AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., GlaxoSmithKline PLC, Boston Scientific Corporation
Get the full global drug formulation market reportDrug Formulation Market Overview
Drug formulation is defined as the process of combining several chemical and biological ingredients, including the active medicine, to create a finished pharmaceutical product. It is used to be modify and optimize the drugs during the preclinical stage and initial research.
Drug Formulation Global Market Report 2023 provides data on the global drug formulation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The drug formulation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.