Overview and Scope
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.
Sizing and Forecast
The drug formulation market size has grown strongly in recent years. It will grow from $1780.87 billion in 2023 to $1931.05 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to biopharmaceutical innovation, patient-centric drug development, personalized medicine, regulatory support for orphan drugs, increased r&d investmen.
The drug formulation market size is expected to see strong growth in the next few years. It will grow to $2682.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to advancements in 3d printing, focus on pediatric formulations, biological drug delivery systems, green chemistry in formulation, integration of artificial intelligence (ai). Major trends in the forecast period include biopharmaceuticals and biologics dominance, advanced drug delivery systems, personalized medicine and individualized formulations, incorporation of nanotechnology, lifecycle management and reformulation strategies.
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Segmentation & Regional Insights
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
North America was the largest region in the drug formulation market in 2023. 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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Major Driver Impacting Market Growth
The rising prevalence of chronic diseases is expected to propel the growth of the drug formulation market going forward. Chronic diseases can be defined as conditions that last 1 year or more and require ongoing medical attention, limit activities of daily living, or both. Drug formulation has the potential to reduce the prevalence of chronic illnesses where multiple drug delivery methods are utilized to optimize therapeutic efficacy while minimizing adverse effects by influencing medication absorption, distribution, metabolism, and excretion. For instance, in September 2022, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.52 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the drug formulation market.
Key Industry Players
Major companies operating in the drug formulation market are developing new fixed dose combination drugs for type 2 diabetes to gain a competitive edge in the market. Fixed Dose Combination (FDC) refers to a pharmaceutical formulation that contains two or more active ingredients combined in a fixed ratio of doses within a single dosage form. For instance, in October 2021, Glenmark Pharmaceuticals Limited, an India-based pharmaceutical company launched Zita DM, a triple-drug fixed-dose combination (FDC), featuring Teneligliptin with Dapagliflozin and Metformin. Zita DM is designed to improve glycemic control in patients with Type 2 diabetes and offers a novel and affordable anti-diabetic drug that addresses challenges such as uncontrolled Hemoglobin A1C, beta cell dysfunction, and co-morbidities like weight gain.
The drug formulation market report table of contents includes:
1. Executive Summary
2. Drug Formulation Market Characteristics
3. Drug Formulation Market Trends And Strategies
4. Drug Formulation Market – Macro Economic Scenario
5. Global Drug Formulation Market Size and Growth
…..
31. Global Drug Formulation Market Competitive Benchmarking
32. Global Drug Formulation Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Drug Formulation Market
34. Drug Formulation Market Future Outlook and Potential Analysis
35. Appendix
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