Drug Formulation Market 2025-2034: Key Highlights, Growth Dynamics, and Emerging Trends
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theDrug Formulation Market?
As chronic diseases become more commonplace, the drug formulation market is expected to expand. Chronic diseases, characterized as conditions that persist for a year or longer, necessitating ongoing medical care and often limiting daily activities, could potentially be mitigated through drug formulation. This is achieved by leveraging multiple drug delivery methods to bolster therapeutic efficacy and diminish side effects, thus influencing absorption, distribution, metabolism, and excretion of medication. The National Institutes of Health (NIH), a biomedical research agency based in the US, published a report in September 2022 stating that the number of individuals 50 years or older suffering from at least one chronic disease in the United States is forecasted to jump by 99.5%, from 71.52 million in 2020 to 142.66 million in 2050. The report also predicts an increase of 91.16% in people suffering from multimorbidity from 7.8304 million in 2020 to 14.968 million in 2050. Subsequently, the increasing incidence of chronic illnesses is stimulating the growth of the drug formulation market.
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#What Growth Opportunities Will Drive the Drug Formulation Market’s CAGR Through 2034?
There has been a robust growth in the size of the drug formulation market in the past few years. Its growth is projected to continue from $1908.89 billion in 2024 to reach $2064.68 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. The notable growth during the historic period can be credited to factors such as biopharmaceutical innovation, a focus on patient-centric drug development, advancements in personalized medicine, regulatory backing for orphan drugs, and a rise in R&D investment.
The pharmaceutical formulation market is projected to witness robust expansion in the coming years, with its market size poised to reach $2948.64 billion by 2029, registering a compound annual growth rate (CAGR) of 9.3%. The acceleration during the forecast period can be linked to the breakthroughs in 3D printing technology, emphasis on pediatric drug formulations, biological mechanisms of drug delivery, the application of green chemistry in drug formulation, and the incorporation of artificial intelligence (AI). Notable trends that will prevail during this forecast span include an ascending dominance of biopharmaceuticals and biologics, refined systems of drug delivery, an increasing focus on personalized medicine and targeted formulations, the utilization of nanotechnology, along with strategized lifecycle management and reformation tactics.
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What Are the Current Market Growth and Trends in theDrug Formulation Market That Industry Players Should Watch?
The surge in technological innovations is becoming a growing trend in the realm of drug formulation. Larger companies within this industry are shifting their focus towards the development and incorporation of cutting-edge technologies to solidify their market standing. For instance, in June 2022, the American pharmaceutical company, Merck & Co., Inc., unveiled their Merck Digital Sciences Studio (MDSS). This innovation allows for the generation of state-of-the-art technologies for pharmaceutical research and development. By utilizing Azure Cloud’s potent computing and combining it with insight from Merck’s discovery and clinical experts, the introduction and fast tracking of new, groundbreaking digital technologies is ensured. The MDSS is a joint venture between Merck and the New Jersey Innovation Institute (NJII), which is owned by the New Jersey Institute of Technology. The project is funded by the Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures, with Microsoft offering technological assistance to start-up companies.
What Are the Major Market Players Making an Impact on theDrug Formulation Market Growth?
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
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How Are the Key Segments of the Drug Formulation Market Driving Opportunities and Innovations?
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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https://www.thebusinessresearchcompany.com/customise?id=9900&type=smpGlobal Drug Formulation Market, Global Drug Formulation Market Report, Global Drug Formulation Market Trends, Global Drug Formulation Market Size
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