LOS ANGELES, Sept. 05, 2022 (GLOBE NEWSWIRE) — LOS ANGELES, September 05, 2022 (GLOBE NEWSWIRE) – The Pharmaceutical Manufacturing Market is expected to grow at a CAGR of around 15.9% from 2022 to 2030 and expected to reach the market value of around USD 1,599.9 Billion by 2030.
Pharmaceutical Manufacturing Market Report Key Highlights
• Global pharmaceutical manufacturing market size was USD 425.9 billion in 2021 and is expected to grow at CAGR of 15.9% from 2022 to 2030
• North America pharmaceutical manufacturing market is expected to lead with more than 37% market share
• According to the International Diabetes Federation estimates, there will be 700 million diabetes cases in the world by 2045
• Asia-Pacific pharmaceutical manufacturing market is expected to grow with fastest CAGR during the forecast period from 2022 to 2030
• Among formulations, tablets occupied more than 26% of the total market share
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|Market||Pharmaceutical Manufacturing Market|
|Pharmaceutical Manufacturing Market Size 2021||USD 425.9 Billion|
|Pharmaceutical Manufacturing Market Forecast 2030||USD 1,599.9 Billion|
|Pharmaceutical Manufacturing Market CAGR During 2022 – 2030||15.9%|
|Pharmaceutical Manufacturing Market Analysis Period||2018 – 2030|
|Pharmaceutical Manufacturing Market Base Year||2021|
|Pharmaceutical Manufacturing Market Forecast Data||2022 – 2030|
|Segments Covered||By Formulation, By Route of Administration, By Prescription, By Drug Development, By Distribution channels And By Geography|
|Pharmaceutical Manufacturing Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||AstraZeneca, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Johnson & Johnson, Lonza, Merck & Co. Inc., Novartis AG, Pfizer, Inc., Sanofi SA and others.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Pharmaceutical manufacturing is the process of manufacturing pharmaceutical drugs and these can be broken down into individual operations such as blending, filtration, compression, heating, granulation, encapsulation, tableting, shearing, coating, and drying. The overall pharmaceutical manufacturing industry is experiencing major innovations and alternations due to Modern scientific and technological advances that are quickening the discovery and expansion of innovative pharmaceuticals with improved therapeutic activity and fewer side effects. Growth in pharmaceutical research & development spending will spur the pharmaceutical manufacturing market growth. In addition, an increase in the number of clinical trials is a popular pharmaceutical manufacturing market trend that is strengthening industry growth.
COVID-19 Impact on the Global pharmaceutical manufacturing Market Revenue
The novel coronavirus outbreak has moderately impacted pharmaceutical manufacturing sector growth in three ways: directly influencing production and demand, financially affecting manufacturing enterprises, and causing supply chain and market disruption. The COVID-19 pandemic has caused the pharmaceutical sector to adjust to the disruption, which has impacted the companies’ productivity as well as clinical trials in a variety of ways. The pandemic’s influence on several drug/vaccine markets is essentially predictable. This has resulted in extraordinarily high demand for and funding of items vital for providing patient care and treatment, such as numerous medications for respiratory disease, infectious diseases, vaccines for diabetes, influenza, and so on.
Additionally, the process of pharmaceutical manufacturing blends a wide range of non-active ingredients with active pharmaceutical ingredients or ingredients in order to create the final blend used for the solid dosage form.
Pharmaceutical Manufacturing Market Dynamics
Rising advancements in drug manufacturing technologies are fueling the market demand from 2022 to 2030. Growth in the elderly population along with the rise in chronic disorder cases would fuel the pharmaceutical manufacturing market share. Additionally, the growing focus on outsourcing manufacturing activities, rising incidences of novel viral diseases, and growing increased disposable income healthcare expenditure are also supporting the pharmaceutical manufacturing market value. However, pricing pressure on pharma companies and challenger pertaining pharma supply chain are expected to stymie the market growth. Furthermore, increasing investments and favorable government support from the private and public sectors are likely to open up new growth opportunities for the market in the coming years.
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Pharmaceutical Manufacturing Market Segmentation
The global pharmaceutical manufacturing market is segmented based on formulation, route of administration, prescription, drug development, distribution channels, and geography. Based on formulation, the market is bifurcated into tablets, capsules, injectables, sprays, suspensions, powders, and other formulations. By route of administration, market segments include oral, topical, parenteral, inhalations, and other routes of administration. According to our pharmaceutical manufacturing industry analysis, the oral segment is leading the market with maximum share (%) in terms of revenue (USD Billion). The segment is having a potential share owing to its benefits for patients as well as healthcare professionals including affordability and convenient usage. Based on prescription, segments include prescription medicines and over-the-counter (OTC) medicines.
Moreover, the drug development segment is divided into outsourced and in-house. Additionally, the distribution channels include online and offline. According to our pharmaceutical manufacturing market forecast, the outsourcing segment is estimated to exhibit the fastest growth with a major CAGR (%) throughout the forecast timeframe from 2022 to 2030. The bolstering trend of hiring specialists for individual services by the major players that help in cost reduction is supporting the growth of the outsourcing segment in the forecast period. For instance, the US has awarded a US$ 69.3 million contract to Continuus Pharmaceuticals in January 2021 for the construction of a facility in Woburn, Massachusetts, that will be intended to produce three imported medicines. It was also announced that government funding of US$ 124.5 million will also be provided for building a sterile injectable drug facility in Petersburg, Virginia.
Pharmaceutical Manufacturing Market Regional Outlook
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the pharmaceutical manufacturing market industry.
North America held the major share (%) in the global pharmaceutical manufacturing market in 2021 and the region is mainly driven by the US pharmaceutical industry. The presence of major manufacturers along with their research & development departments, which are continuously making favorable efforts for the growth of the industry, is contributing to the regional market value. The high per capita income and a huge amount of investment in the pharmaceutical sector are other factors boosting the regional market value.
The Asia-Pacific is anticipated to exhibit the fastest growth over the forecast period from 2022 to 2030. The developing healthcare infrastructure of the major economies of the region including Japan, China, and India is supporting the regional market growth. The Covid-19 crisis has provided an opportunity for the Indian pharmaceutical industry. The Indian pharma industry is valued at about US$ 37 billion and the exports account for about US$ 18 billion.
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Pharmaceutical Manufacturing Market Players
Some of the leading pharmaceutical manufacturing companies are AstraZeneca, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Johnson & Johnson, Lonza, Merck & Co., Inc., Novartis AG, Pfizer, Inc., and Sanofi SA. Pharmaceutical manufacturing companies have announced mergers and acquisitions, partnerships & collaborations, and new product development in order to uplift their position in the pharmaceutical manufacturing industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage in the market.
Some of the key observations regarding the pharmaceutical manufacturing industry include
• A study conducted by the University of Strathclyde’s Fraser of Allander Institute, Scotland, reveals that the strength of Scotland’s pharmaceutical industry has increased with the increase in employment, exports, and research investment since the last major review in 2017. According to the report, the pharmaceutical industry in Scotland employs nine percent more people now than in 2018.
Questions Answered By This Report
- What was the market size of Pharmaceutical Manufacturing Market in 2021?
- What will be the CAGR of Pharmaceutical Manufacturing Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Pharmaceutical Manufacturing Market?
- Which region held the largest share in Pharmaceutical Manufacturing Market in 2021?
- What are the key market drivers of Pharmaceutical Manufacturing Market?
- Who is the largest end user Pharmaceutical Manufacturing Market?
- What will be the Pharmaceutical Manufacturing Market value in 2030?
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