Drug Formulation Global Market Report 2023

Major players in the drug formulation market are AstraZeneca PLC, The Bristol-Myers Squibb Company, Eli Lilly and Company, Gilead Sciences Inc., Merck & Co. Inc., Novartis AG, Pfizer Inc., AbbVie Inc.

New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drug Formulation Global Market Report 2023" - https://www.reportlinker.com/p06466424/?utm_source=GNW , C.H. Boehringer Sohn AG & Co. KG, F. Hoffmann-La Roche AG, Johnson & Johnson, 3M Company, Bayer AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., GlaxoSmithKline PLC, and Boston Scientific Corporation.The global drug formulation market is expected to grow from $1,640.73 trillion in 2022 to $1,780.87 trillion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The drug formulation market is expected to reach $2,444.87 trillion in 2027 at a CAGR of 8.2%.The drug formulation market includes revenues earned by entities by providing formulation optimization, process optimization, and scale-up services.The market value includes the value of related goods sold by the service provider or included within the service offering.Only goods and services traded between entities or sold to end consumers are included. The value of goods in this market includes related services sold by the creators of the goods.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.North-America was the largest region in the drug formulation market in 2022.Asia-Pacific is expected to be the fastest growing region in the forecast period.The regions covered in drug formulation report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the drug formulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The main types of dosage forms for drug formulations are oral formulations, parenteral formulations, topical formulations, and inhalation formulations.Oral formulation is defined as the development and manufacturing of pharmaceuticals designed for oral delivery.They have different formulations forms, such as tablets, capsules, injectables, sprays, suspensions, powders, and others, that are used in cardiovascular diseases (CVDs), pain, diabetes, cancer, respiratory diseases, and others. These are used by several end-users, including big pharma companies, small and medium enterprises, and biotech companies.The rising prevalence of chronic diseases is expected to propel the growth of the drug formulation market going forward.Chronic diseases can be defined as conditions that last 1 year or more and require ongoing medical attention, limit activities of daily living, or both.Drug formulation has the potential to reduce the prevalence of chronic illnesses where multiple drug delivery methods are utilized to optimize therapeutic efficacy while minimizing adverse effects by influencing medication absorption, distribution, metabolism, and excretion. For instance, in September 2022, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the drug formulation market.Technological advancements are a key trend gaining popularity in the drug formulation market.Major players operating in the drug formulation market are concentrating their efforts on introducing new and advanced technologies to strengthen their position in the market.For instance, in June 2022, Merck & Co., Inc., a US-based pharmaceutical company, launched Merck Digital Sciences Studio (MDSS) to make it possible to create innovative technologies for drug research and development. Merck uses Azure Clouds robust computing and Merck's discovery and clinical experts to collaboratively accelerate and take over novel and innovative digital technologies. MDSS is a collaboration between Merck and the New Jersey Innovation Institute (NJII), a US-based company owned by the New Jersey Institute of Technology. The Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures have all invested in the project. Microsoft will provide start-up companies with technology support.In July 2021, AstraZeneca PLC, a UK-based pharmaceutical and biotechnology company, acquired Alexion Pharmaceuticals Inc. for approximately $13.3 billion. With this acquisition, AstraZeneca enters the market for medications for uncommon disorders. AstraZeneca now has a stronger scientific presence in immunology because of Alexion's cutting-edge complement-biology platform and substantial pipeline. Alexion Pharmaceuticals Inc. is a US-based pharmaceutical company that formulates, develops, and commercializes several drugs.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The drug formulation market research report is one of a series of new reports that provides drug formulation market statistics, including drug formulation industry global market size, regional shares, competitors with a drug formulation market share, detailed drug formulation market segments, market trends and opportunities, and any further data you may need to thrive in the drug formulation industry. This drug formulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06466424/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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