Global Drug Formulation Market Projected to Reach $2,444.87 Trillion by 2027
The Business Research Company’s Drug Formulation Global Market Report 2023 – Market Size, Trends, And Forecast 2023-2027
LONDON, GREATER LONDON, UK, November 1, 2023 /EINPresswire.com/ — The global drug formulation market is set to rise from $1,640.73 trillion in 2022 to $1,780.87 trillion in 2023, marking a compound annual growth rate (CAGR) of 8.5%. Despite setbacks caused by the Russia-Ukraine conflict and the pandemic, the market is forecasted to hit $2,444.87 trillion by 2027, driven by the escalating prevalence of chronic diseases that necessitate innovative drug formulation approaches for effective treatment.
Surge in Chronic Diseases Fuels Market Expansion
The mounting prevalence of chronic illnesses, which persist over an extended period, is spurring the demand for advanced drug formulation techniques. These formulations play a critical role in enhancing therapeutic efficacy and minimizing adverse effects, offering an optimized approach to manage chronic ailments. As per the National Institutes of Health (NIH), the United States is anticipated to witness a staggering 99.5% rise in individuals aged 50 and above grappling with at least one chronic illness by 2050, underscoring the urgency for efficient drug formulation solutions.
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Key Players and Market Trends
Market leaders such as Merck & Co., Inc. and AstraZeneca PLC are actively fostering technological advancements to reinforce their market foothold. Merck & Co., Inc. introduced the Merck Digital Sciences Studio (MDSS) to drive innovation in drug research and development, utilizing advanced technologies in collaboration with the New Jersey Innovation Institute. AstraZeneca PLC’s acquisition of Alexion Pharmaceuticals Inc. for $13.3 billion has empowered the company to strengthen its position in the rare disorder medications segment, leveraging Alexion’s state-of-the-art complement-biology platform and robust pipeline.
Market Segments:
• By Dosage Form: Oral formulations, Parenteral Formulations, Topical Formulations, Inhalation Formulations
• By Formulation: Tablets, Capsules, Injectable, Sprays, Suspensions, Powders, Other Formulations
• By Therapy Area: Cardiovascular Diseases (CVDs), Pain, Diabetes, Cancer, Respiratory Diseases, Other Diseases
• By End-User: Big Pharma, Small And Medium Pharma, Biotech Companies
Geographical Insights: North America Leading the Market
North America emerged as the dominant region in the drug formulation market in 2022, with Asia-Pacific anticipated to witness the fastest growth during the forecast period. The comprehensive report offers detailed regional dynamics, market trends, and growth opportunities, providing a holistic understanding of the global drug formulation market.
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Drug Formulation Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Drug Formulation Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on drug formulation market size, drug formulation market drivers and trends, drug formulation market major players, drug formulation market competitors’ revenues, market positioning, and drug formulation market growth across geographies. The drug formulation market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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