The Drug Formulation Global Market Report 2023, provides comprehensive information on the drug formulation market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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In accordance with the latest insights presented in The Business Research Company’s esteemed Drug Formulation Global Market Report of 2023, the global drug formulation market is poised for remarkable expansion and transformation. As of 2022, the market demonstrated a substantial valuation of $1,640.73 trillion, a figure set to witness a notable uptick in 2023, reaching an estimated $1,780.87 trillion. This significant growth represents an impressive compound annual growth rate (CAGR) of 8.5%, underscoring the market’s dynamic and robust nature.
However, amidst these promising developments, it is essential to address the impactful geopolitical challenges that have emerged on the global stage. The ongoing conflict between Russia and Ukraine has cast a shadow over the prospects of swift recovery from the lingering effects of the COVID-19 pandemic. The resultant economic sanctions, coupled with a surge in commodity prices and disruptions in supply chains, have created ripples across numerous nations, leading to inflationary pressures that reverberate through goods and services sectors worldwide.
Nevertheless, the global drug formulation market is anticipated to exhibit resilience and adaptability. Looking ahead, the market is projected to reach a staggering $2,444.87 trillion by 2027, reflecting a compelling CAGR of 8.2%. This foresight illuminates the industry’s capacity to navigate complex geopolitical landscapes and economic uncertainties, emphasizing its role as a cornerstone in the pharmaceutical sector. These trends highlight the pivotal role of drug formulation in global healthcare, underscoring the industry’s unwavering commitment to innovation and the pursuit of advancements that contribute significantly to the betterment of public health and overall well-being.
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A pivotal and increasingly prevalent trend within the drug formulation market is the surging wave of technological advancements. Leading players in this sector are resolutely focused on ushering in new and sophisticated technologies to fortify their foothold in this dynamic landscape.
To exemplify this commitment to technological progress, let us consider the case of Merck & Co., Inc., a prominent US-based pharmaceutical powerhouse. In June 2022, Merck introduced the Merck Digital Sciences Studio (MDSS), an initiative designed to propel the development of groundbreaking technologies for drug research and development. Leveraging the formidable computational capabilities of Azure Cloud, Merck collaboratively harnesses the collective expertise of its discovery and clinical professionals to drive innovation in the realm of digital technologies. The MDSS project is an embodiment of a strategic partnership between Merck and the New Jersey Innovation Institute (NJII), a US-based entity affiliated with the New Jersey Institute of Technology.
This initiative has garnered significant support from influential entities, including the Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures. Moreover, Microsoft has pledged to offer technical support to startup companies participating in this endeavor. The MDSS undertaking underscores the industry’s ongoing commitment to harnessing cutting-edge technology to enhance drug development, underscoring the pivotal role of digital innovation in advancing pharmaceutical research and the quest for improved healthcare solutions. As we navigate the future of drug formulation, these technological advancements are poised to shape the landscape and contribute significantly to the enhancement of patient care and the overall evolution of healthcare.
The drug formulation market 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
North America was the largest region in the drug formulation market in 2022.
The table of contents in TBRC’s drug formulation market report includes:
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Top 5 Major Key Players Are:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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