The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s drug formulation market report forecasts the drug formulation market size to grow to $2,444.87 Trillion by 2027, with a CAGR (compound annual growth rate) of more than 8%.

Learn More On The Drug Formulation Market Report 2023 – https://www.thebusinessresearchcompany.com/report/drug-formulation-global-market-report

Drug Formulation Market Size Forecast
The global drug formulation market 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%.

North America held the largest drug formulation market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Drug Formulation Market Driver ­– Rise In The Prevalence Of Chronic Diseases
According to a report published in September 2022 by the National Institutes of Health (NIH), a US-based biomedical research agency, the number of people aged 50 and older with at least one chronic illness in the United States is expected to rise by 99.5% by 2023, from 71.522 million in 2020 to 142.66 million in 2050. Furthermore, the number of people suffering from multimorbidity will increase by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. As a result, the increased prevalence of chronic diseases is propelling the drug formulation industry forward.

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Key Drug Formulation Market Trend – Technological Advancement
To strengthen their market position, major companies in the drug formulation market are focusing their efforts on bringing new and innovative technologies. Merck & Co., Inc., a US-based pharmaceutical business, for example, created Merck Digital Sciences Studio (MDSS) in June 2022 to enable the creation of breakthrough technologies for drug research and development. Merck collaborates with Azure Cloud’s powerful computing and Merck’s discovery and clinical professionals to accelerate and take over emerging and revolutionary digital technologies. Merck and the New Jersey Innovation Institute (NJII), a US-based corporation owned by the New Jersey Institute of Technology, collaborated on MDSS. The project has received funding from the Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures. Microsoft will help new businesses get started.

Drug Formulation Market Segment
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

Drug Formulation Market Major Players and Strategies
Major players in the drug formulation market are 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, and Boston Scientific Corporation.

AstraZeneca PLC, a UK-based pharmaceutical and biotechnology business, paid roughly $13.3 billion for Alexion Pharmaceuticals Inc. in July 2021. AstraZeneca enters the market for drugs for rare illnesses with this acquisition. Because of Alexion’s cutting-edge complement-biology platform and considerable pipeline, AstraZeneca now has a stronger scientific presence in immunology. Alexion Pharmaceuticals Inc. is a pharmaceutical firm established in the United States that formulates, develops, and commercialises a variety of medications.

The Drug Formulation Global Market Report 2023 covers regional data on drug formulation market size, drug formulation market trends and drivers, opportunities, strategies, and drug formulation market competitor analysis. The countries covered in the drug formulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The process of integrating many chemical and biological elements, including the active medicine, to generate a final pharmaceutical product is known as drug formulation. It is used to change and optimise medications during the preclinical and early research stages.

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