Pharmaceutical Manufacturing Market Potentially Worth $957.59 Billion By 2028

Posted on 2022-07-07 by researchinsights in Industrial // 0 Comments

Pharmaceutical Manufacturing Industry Overview

The global pharmaceutical manufacturing market size is expected to reach USD 957.59 billion by 2028, registering a CAGR of 11.34% over the forecast years, according to a new report by Grand View Research, Inc. The presence of supportive regulatory legislations, patentability norms, and high funding and investments in the pharmaceutical industry are anticipated to drive market growth. In addition, the broadening of preventive care has created significant opportunities in the market.

Pharmaceutical Manufacturing Market Segmentation

Grand View Research has segmented the global pharmaceutical manufacturing market on the basis of molecule type, drug development type, formulation, routes of administration, therapy area, prescription, age group, sales channel, and region:

Based on the Molecule Type Insights, the market is segmented into Biologics & Biosimilars (Large Molecules) and Conventional Drugs (Small Molecules).

In 2020, the conventional drugs (small molecules) segment accounted for the highest revenue share of over 65%. According to an article published in August 2019, in the pharmaceutical market, small molecule drugs account for up to 90% of the total global drug sales.
For instance, in 2018, 59 new drugs gained regulatory approval from the U.S. FDA, out of which, 71 % of drugs were small molecule drugs. Small molecule drugs represent around 60% share in comparison with large molecule drugs.
Over the past few years, biologics are increasingly gaining traction with promising efficacy for the treatment of autoimmune diseases and cancer. Owing to the substantial investments and innovative approaches, biologics are gaining significant attention.

Based on the Formulation Insights, the market is segmented into Tablets, Capsules, Injectable, Sprays, Suspensions, Powders and Other Formulations.

In terms of revenue, the tablets dominated the market with a share of over 26 % in 2020. This is due to the wide availability of tablets in different colors, shapes, and sizes as well as types, such as film and enteric-coated, effervescent, and orally disintegrating tablets.
The injectable segment is anticipated to grow at the second-fastest CAGR during the forecast period. A rise in the number of approvals for prefilled syringes and auto-injectors is attributed to the segment growth.
Subcutaneous injections have gained immense popularity in recent years among drug developers, device manufactures, and patients.

Based on the Drug Development Type Insights, the market is segmented into In-house and Outsource.

The outsourcing segment dominated the market in 2020 with a revenue share of over 54%. Several benefits associated with outsourcing operations are expected to drive the segment growth at a lucrative pace over the coming years.
Moreover, the integration of Robotic Process Automation(RPA) by contract manufacturers efficiently accelerates the drug development processes.
In recent years, key drug manufacturers have shifted their focus towards external service providers for R&D and manufacturing services.
Most of the large-scale drug manufacturers opt for in-house production because it allows the companies to have control over the private information associated with novel molecules.

Based on the Routes of Administration Insights, the market is segmented into Oral, Topical, Parenteral, Inhalations, and Other Routes of Administration.

The oral segment led the global market and was valued at 236.91 billion in 2020. Oral dosage forms are affordable, easy to manufacture, and patient-friendly.
A significant rise in the implementation of automated systems and barrier systems, including restricted access barrier systems, and isolators, in parenteral manufacturing, is expected to boost the parenteral segment at the fastest CAGR over the forecast period.
The rise in demand for innovative drug-delivery systems that better fit with the ‘mobile lifestyle’ of patients paves a path for the high adoption of pens and autoinjectors, which further surges the segment growth.

Based on the Therapy Area Insights, the market is segmented into Cardiovascular Diseases (CVDs), Pain, Diabetes, Cancer, Respiratory Diseases and Other Diseases.

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