Drug Formulation Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How has the drug formulation market size evolved in recent years?
There has been a significant expansion in the drug formulation market in recent years. Its worth is estimated to increase from $1908.89 billion in 2024 to $2064.68 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. Factors such as biopharmaceutical advancements, patient-oriented drug creation, customized medication, regulatory backing for uncommon drugs, and increased investment in research and development have significantly contributed to the growth experienced in the historic period.
What are the predictions for the drug formulation market size in the coming years?
In the coming years, we can anticipate a solid expansion in the drug formulation market. It is projected to escalate to a market size of $2948.64 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 9.3%. This expected growth over the forecast period can be credited to enhancements in 3d printing technology, emphasis on pediatric formulations, biological drug delivery systems, and the utilization of green chemistry in drug formulation, coupled with the incorporation of artificial intelligence (AI). Dominance of biopharmaceuticals and biologics, advanced drug delivery systems, personalized medicine and individualized formulations, implementation of nanotechnology, lifecycle management, and reformulation strategies are projected to be the main trends over the forecast period.
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What key factors are fueling the growth of the drug formulation market?
The surge in chronic disease cases is predicted to drive the expansion of the drug formulation industry. These chronic diseases, defined as conditions lasting for a year or longer that need consistent medical care, restrict daily life activities, or both, have the potential to be mitigated by drug formulation. Multiple drug delivery strategies are employed to maximize therapeutic effectiveness and minimize negative impacts. This is achieved by influencing how the medicine is absorbed, distributed, metabolized, and excreted. For example, the National Institutes of Health (NIH), an American biomedical research institution, released a report in September 2022 predicting that by 2023, the number of Americans aged 50 and older suffering from at least one chronic disease will increase by 99.5%. This implies a jump from 71.52 million in 2020 to 142.66 million in 2050. Furthermore, the number of people with multiple illnesses is expected to rise by 91.16% — from 7.8304 million in 2020 to 14.968 million in 2050. Thus, the increasing incidence of chronic diseases is fueling the growth of the drug formulation industry.
How is the global drug formulation market divided into key segments?
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
Subsegments:
1) By Oral Formulations: Tablets, Capsules, Powders, Liquids Or Solutions
2) By Parenteral Formulations: Injectables, Implants, Infusions
3) By Topical Formulations: Creams, Ointments, Gels, Transdermal Patches
4) By Inhalation Formulations: Metered-Dose Inhalers (MDIs), Dry Powder Inhalers (DPIs), Nebulizers
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Who are the key firms paving the way for growth in the drug formulation market?
Major companies operating in the drug formulation market include 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, Bayer AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., GlaxoSmithKline plc, Novo Nordisk A/S, Amgen Inc., Viatris Inc., Sandoz International GmbH, Takeda Pharmaceutical Company Limited, Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Cipla Ltd., Lupin Limited, Torrent Pharmaceuticals Limited, Jubilant Life Sciences Limited, Cadila Healthcare Limited, Glenmark Pharmaceuticals Ltd., Wockhardt Ltd., Hikma Pharmaceuticals plc
Which trends are expected to transform the drug formulation market?
The emergence of novel technologies is a significant trend in the drug formulation market that is gaining traction. To consolidate their market position, leading players in this domain are focusing on launching breakthrough technologies. For instance, Merck & Co., Inc., an American pharmaceutical firm, launched the Merck Digital Sciences Studio (MDSS) in June 2022. This project was designed to bring forth innovative technologies for drug research and development using Azure Cloud’s robust computing and Merck’s expert team of clinical and discovery specialists. The MDSS represents a collaborative effort between Merck and the New Jersey Innovation Institute (NJII), an entity owned by the New Jersey Institute of Technology. This venture has received financial backing from the Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures while tech support for start-ups will be provided by Microsoft.
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What regions are contributing significantly to the growth of the drug formulation market?
North America was the largest region in the drug formulation market in 2024. 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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