The global pharmaceutical manufacturing market size is expected to reach USD 1,902.6 billion by 2027, expanding at a CAGR of 4.6%, according to a new report by Grand View Research, Inc. The pharmaceutical firms have implemented cloud technology to increase operational efficiency across R&D and manufacturing processes. This technology has led to the generation of consolidated and standardized data that reduces complexities and inefficiencies, which speeds up the process of drug development. Thus, the implementation of cloud technology and artificial intelligence is expected to drive the market.
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Longer life expectancies and a rise in the geriatric population has spurred the demand for pharmaceutical products to treat several chronic disorders. These factors have also prompted many individuals to use medications to improve the quality of life and wellness, globally. In addition, the emergence of new pandemics, viruses, and drug-resistant infections has provided potential avenues to pharmaceutical manufacturers to accelerate their drug production.
Several drug developers have shifted their preferences towards continuous manufacturing approaches to minimize the costs incurred in making a product, overcome medicine shortages, and improve efficiencies. For instance, in August 2019, GlaxoSmithKline plc opened two continuous manufacturing facilities in Singapore with an investment of USD 95.6 million. This initiative is expected to boost the company’s drug development in minimal production timelines.
Key suggestions from the report:
- In-house drug development accounted for the largest revenue share of more than 50.0% in 2019 due to continuous efforts undertaken by the key players to expand their manufacturing capacities for therapeutics
- Tablets held the maximum revenue share in 2019 owing to wide acceptance by physicians and patients, ease of manufacturing, and easy formulation process of tablets with desired drug properties
- The advent of pre-filled syringes and auto-injectors is expected to drive the parenteral segment with the fastest growth rate during the forecast period
- Increase in awareness and growth in the demand for early cancer diagnosis has resulted in the development of oncology drugs at a large scale globally
- Over-the-Counter (OTC) medicines segment are anticipated to grow at a lucrative pace throughout the forecast period due to the continuous transition from prescription to OTC
- This shift from prescription medicines to OTC medicines has potentially benefitted the patients both financially and in terms of better health
- The children and adolescents segment is expected to grow at the fastest rate due to the presence of supportive government initiatives that encourage pediatric studies
- The Pediatric Research Equity Act and Best Practices for Children Act are among the few initiatives of the FDA that focus on the development of drugs for children
- Retail sale channels held the maximum revenue share as a large percentage of individuals use a retail pharmacy as their one-stop-shop for pharmaceutical products
- North America dominated the market in terms of revenue share as the U.S. market represents the largest pharmaceutical industry with a substantial number of drug manufacturers
- Key players operating in this market have undertaken several growth initiatives to expand production facilities
- For instance, in January 2020, Novartis stated about its decision to collaborate with NHS England to improve the manufacture of oligonucleotide cardiovascular drugs in the UK.
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Grand View Research has segmented the global pharmaceutical manufacturing market on the basis of drug development type, formulation, route of administration, therapy area, prescription, age group, distribution channel, and region:
Pharmaceutical Manufacturing Drug Development Type Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Formulation Outlook (Revenue, USD Billion, 2016 – 2027)
- Other Formulations
Pharmaceutical Manufacturing Route of Administration Outlook (Revenue, USD Billion, 2016 – 2027)
- Other Routes of Administration
Pharmaceutical Manufacturing Therapy Area Outlook (Revenue, USD Billion, 2016 – 2027)
- Cardiovascular Diseases
- Respiratory Diseases
- Other Diseases
Pharmaceutical Manufacturing Prescription Outlook (Revenue, USD Billion, 2016 – 2027)
- Prescription Medicines
- Over-the-counter (OTC) Medicines
Pharmaceutical Manufacturing Age Group Outlook (Revenue, USD Billion, 2016 – 2027)
- Children & Adolescents
Pharmaceutical Manufacturing Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Regional Outlook (Revenue, USD Billion, 2016 – 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
- South Africa
- Saudi Arabia
List of Key Players of Pharmaceutical Manufacturing Market
- F. Hoffmann-La Roche Ltd.
- Novartis AG
- GlaxoSmithKline plc
- Pfizer, Inc.
- Merck & Co., Inc.
- Johnson & Johnson
- Sanofi SA
- Eli Lilly and Company
Find more research reports on Pharmaceuticals Industry, by Grand View Research:
Vaccine Contract Manufacturing Market – The global vaccine contract manufacturing market size was valued at USD 1.8 billion in 2016 and is projected to expand at a CAGR of 9.3% during the forecast period.
Pharmaceutical Contract Manufacturing & Contract Research Market – The global pharmaceutical contract manufacturing & contract research market size was valued at over USD 123.1 billion in 2016.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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