The demand for global drug formulation market size is anticipated to expand at a 5.6% compound annual growth rate (CAGR). The market for pharmaceutical formulations was estimated to be worth US$ 1.58 trillion in 2022 and is projected to reach US$ 2.87 trillion by 2032. The study projects that over the projection period, oral formulations will develop exponentially, with a compound annual growth rate (CAGR) of 6.0%.

The demand for innovative medication formulations that provide efficient clinical care and an economical manufacturing method is rising as medicines continue to enhance people's quality of life. Biologics have become a well-liked therapeutic alternative for managing chronic illnesses.

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The emergence of biosimilars has forced pharmaceutical companies to stay competitive by lowering their costs or coming up with new ideas, which has sparked innovation in the biologics industry. As of right now, the FDA has approved 37 biosimilars; nevertheless, in 2019, the number of biosimilars approved climbed by 65% while the total number of biosimilar medications available in the US expanded by 157%.

Nonetheless, as evidenced by the widespread use of biosimilars over the past 13 years in Europe, payers, providers, and manufacturers anticipate that biosimilar competition will lead to ongoing price reductions.

The amount of treatment alternatives available for a given disease or condition will incentivize manufacturers to lower the price of their products, which will propel the drug formulation market's rise in the upcoming years.

Key Takeaways:

  • The oral formulation is estimated to have a 44.6% market value share by the end of 2032 and to increase at a 6.0% CAGR over the forecast period.
  • Based on various indications, central nervous system diseases account for 14.1% of the market in 2021 and are expected to dominate throughout the projection period.
  • In terms of end-user, the big pharma corporations are predicted to grow at a 5.1% CAGR in the next years.
  • North America is expected to be the leading region by the conclusion of the forecast period, with a value share of 48.1%.

“Growing prevalence of chronic disorders and Rising needs for novel drug formulation in the pharmaceutical sectors is expected to witness the growth of Drug Formulation Market over the forecast period,”says an analyst of Future Market Insights.

Market Competition

Key Players:

  • AstraZeneca plc.
  • Bristol-Myers Squibb
  • Eli Lilly and Company
  • Gilead Sciences, Inc.
  • Merck & Co., Inc.
  • Novartis AG
  • Pfizer Inc.
  • AbbVie Inc.
  • Boehringer Ingelheim International GmbH
  • F. Hoffmann-La Roche AG
  • Johnson & Johnson
  • 3M Company
  • Others

The drug formulation industry’s pharmaceutical and biotech businesses are concentrating on leveraging market potential by implementing mergers and acquisitions strategies. The trend continues as a result of the effective marketing campaign of novel and innovative drug formulation portfolios following strategic partnerships, acquiring their place in the market. The key techniques employed by the manufacturers to extend their business units and customer bases in both developed and emerging economies include strategic collaborations, mergers and acquisitions, production capacity expansions, and expanding product sales.

For instance,

  • The COVID-19 vaccine was developed by Pfizer with the assistance of Sanofi in 2021, and Bayer and CureVac formed a complex cooperation to distribute 160M doses of the vaccine by 2022.
  • The German mRNA CDMO AmpTec was acquired by Millipore Sigma, the life science division of Merck KGaA. This strengthened offerings across the mRNA value chain, especially for MilliporeSigma, which already supplies lipids to Pfizer-BioNTech for their COVID-19 vaccines. Lipids are the main mode of delivery for mRNA therapeutics.

More Insights Available:

North America is one of the largest pharmaceutical formulations market due to the high prevalence of chronic diseases, such as diabetes and cardiovascular diseases, and the presence of a large number of pharmaceutical companies. The United States is the largest market in the region, with a well-established healthcare system, high healthcare spending, and favorable regulatory policies.

Key Segments:

By Dosage Form:

  • Oral formulations
    • Tablets
      • Immediate Release
      • Modified Release
      • Chewable
      • Effervescent
    • Capsules
      • Hard Gelatin Capsules
      • Softgel Capsules
      • Others
    • Powders & Granules
    • Lozenges & Pastilles
    • Gummies
    • Others
  • Parenteral formulations
    • Solutions
    • Suspensions
    • Emulsions for injection or infusion
    • Powders for injection or infusion
    • Gels for injection implants
  • Topical formulations
    • Pastes
    • Ointments and oils
    • Creams, lotions, and foams.
    • Gels, tinctures, and powders
    • Sprays and patches
  • Inhalation formulations
    • Pressurized Metered Dose Inhaler
    • Dry Powder Inhaler (DPI)
    • Nebulizer

By Indication:

  • Infectious Diseases
  • Cancer
  • Cardiovascular Diseases
  • Diabetes
  • Respiratory Diseases
  • Central Nervous System Disorders
  • Autoimmune Diseases
  • Gastrointestinal Diseases
  • Musculoskeletal Disorders
  • Dermatological Disorders
  • Other

By End User:

  • Big pharma
  • Small & Medium Size Pharma
  • Biotech Companies