Discover trends, market shifts, and competitive outlooks for the drug formulation industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

How Fast Is The Drug Formulation Market Expected to Grow Between 2025 And 2029?

The market size for drug formulation has seen significant growth in the past few years. The market is projected to expand from $1908.89 billion in 2024 to $2064.68 billion in 2025, growing at a compound annual growth rate (CAGR) of 8.2%. The growth observed during the historical period can be credited to several factors, including innovation in biopharmaceuticals, the development of drugs focused on patient needs, personalized medicine, regulatory backing for orphan drugs, and a rise in R&D investment.

The pharmaceutical formulation industry is predicted to experience significant expansion in the forth coming years, reaching a market value of $2948.64 billion by 2029, with a compound annual growth rate (CAGR) of 9.3%. This anticipated growth in the forecast period can be linked to breakthroughs in 3D printing technology, concentration on pediatric formulations, biological drug distribution methods, the use of greener chemistry in formulation, and the incorporation of artificial intelligence (AI). Future trends estimated for this forecast period are the dominance of biopharmaceuticals and biologics, advanced drug dispensation systems, personalised medications and unique formulations, the fusion of nanotechnology, life cycle management and reformulation tactics.

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How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the Drug Formulation Market?

The increase in chronic illnesses is predicted to spur the expansion of the drug formulation market. Chronic diseases refer to conditions that persist for at least a year or more, necessitating continued medical care or limiting daily activities, or both. Drug formulation has the capability to decrease the occurrence of these chronic diseases by utilizing various drug delivery methods to enhance therapeutic effectiveness, while reducing negative side effects by impacting medication absorption, distribution, metabolism, and elimination. For example, the National Institutes of Health (NIH), a biomedical research organization based in the US, released a report in September 2022 that projects a 99.5% increase, from 71.52 million in 2020 to 142.66 million in 2050, in the number of people aged 50 and older with at least one chronic disease in the United States in 2023. The number of individuals suffering from multiple chronic illnesses is also expected to surge by 91.16%, from 7.8304 million in 2020 to 14.968 million in 2050. Thus, the escalating prevalence of chronic diseases is fuelling the expansion of the drug formulation market.

Which Segments in the Drug Formulation Offer the Most Growth?

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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What Are the Fastest-Growing Geographies in 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

What Are the Current Market Growth and Trends in the Drug Formulation Industry?

The emergence of innovative technologies is a prominent trend being observed in the drug formulation sector. Top-notch enterprises operating within this market are engaged in focusing their efforts towards the implementation of breakthrough technologies to consolidate their market stand. For instance, Merck & Co., Inc., a pharmaceutical firm based in the US, unveiled the Merck Digital Sciences Studio (MDSS) in June 2022, with the aim of leading the way in novel technologies for drug research and development. The Merck and Azure Cloud robust computing collaboration, alongside Merck’s expert discovery and clinical teams, are geared towards fast-tracking and taking on cutting-edge digital technologies. The project is a joint venture between Merck and the New Jersey Innovation Institute (NJII), an organisation based in the United States owned by the New Jersey Institute of Technology. The Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures have all financially backed the project. In addition, Microsoft is set to offer technological support to start-up companies.

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What Are the Key Elements That Define the Drug Formulation Market?

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.

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