Pharmaceutical Manufacturing Market Size to Hit US$ 1,190.16 Bn by 2030

The global pharmaceutical manufacturing market size is predicted to hit around US$ 1,190.16 billion by 2030 from valued at US$ 357.9 billion in 2020 with a CAGR of 12.8% from 2021 to 2030.

The increased investment flow in the pharmaceutical manufacturing market had a beneficial impact on the pharmaceutical manufacturing market growth.

The constant technological advancements in the field of customized medicine have opened up a lot of options for treating a variety of diseases and enabled the creation of patient-centric models. As a result of this improvement, sophisticated medicines and autologous patient-centric treatments are being developed in smaller quantities rather than big batches. This has prompted market players to restructure their supply chains in order to better comply with the patient-centered health system. 

Regional Snapshot

Asia-Pacific is the largest segment for pharmaceutical manufacturing market in terms of region. Due to a large consumer base, rising healthcare expenditure, rising disease incidence, and the availability of supportive regulatory frameworks, Asia-Pacific is likely to be the fastest growing regional market over the projection period. Furthermore, the Asia-Pacific region has recently adapted to new and innovative technologies and undergone a digital transition in order to provide long term patient care.

North America region is the fastest growing region in the pharmaceutical manufacturing market. This is due to a number of strategic pharmaceutical alliances in the North America region, particularly among well-known and established enterprises. Furthermore, the U.S. dominated global prescription drug expenditure. In addition, the U.S. had the most drug efficacy clinical and research trials in the global market.

Scope of The Report

Market Dynamics

Drivers

Surge in demand for generic medicines

The generics are low-cost medications having therapeutic efficacy and safety profiles similar to those of their branded counterparts. One of the primary factors fueling the expansion of the generics industry is the growing desire to reduce rising healthcare expenditures. The governments all around the world are supporting the use of generic medications because of the cost savings. As a result, the surge in demand for generic medicines is driving the growth of the pharmaceutical manufacturing market during the forecast period.

Restraints

High cost of manufacturing

According to some estimates, the manufacturing costs of pharmaceuticals amount high as compared to profit of key market players, which is also more than double the share of costs for research and development. Thus, the high manufacturing costs is limiting the market growth.

Opportunities

Growing population of geriatrics

According to most recent estimates, there will be 2 billion individuals over the age of 60 by 2050. The geriatric people are more prone to chronic and infectious diseases. That’s the reason, the geriatric people consume medicines and drugs on a large scale. Thus, the growing population of geriatrics is creating growth opportunities for the pharmaceutical manufacturing market.

Challenges

Stringent government regulations

To ensure that pharmaceutical products are developed and delivered safely, major regulatory agencies implement tough laws and regulations. These pharmaceutical quality requirements emphasize the importance of safety and quality. Thus, strict government regulations are a major challenge for the market growth. 

Report Highlights

• Based on the molecule type, the small molecules segment dominated the global pharmaceutical manufacturing market in 2020 with highest market share. The dominance of small molecule medications in the pharmaceutical business has been encouraged by the shifting landscape of small molecules in terms of molecule potency and manufacturing trends.
• Based on the drug development type, the outsourcing segment dominated the global pharmaceutical manufacturing market in 2020 with highest market share.Several advantages associated with outsourcing operations are projected to fuel the segment’s rapid growth in the future years.
• Based on the formulation, the tablets segment dominated the global pharmaceutical manufacturing market in 2020 with highest market share. This is owing to the large range of tablet forms, colors, and sizes, as well as different types of tablets.
• Based on the route of administration, the oral segment dominated the global pharmaceutical manufacturing market in 2020 with highest market share. Oral dose forms are inexpensive, simple to make, and convenient for patients. Furthermore, advances in drug delivery technology, such as sustained release dose formulations, have increased the availability of orally delivered medications on the market.
• Based on the sales channel, the retail segment dominated the global pharmaceutical manufacturing market in 2020 with highest market share. As the expense of medical care and health insurance has increased, more people are opting for self-medication to cure minor health problems. Furthermore, over the counter drugs have grown in popularity as a cost-effective solution. These variables contribute to a high rate of drug uptake in retail outlets, resulting in a higher share of the market. 

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