The global pharmaceutical manufacturing market size is expected to reach USD 908.53 billion by 2027, expanding at a CAGR of 13.74% 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.
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.
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Pharmaceutical
Manufacturing Market Report Highlights
- 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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Pharmaceutical
Manufacturing Market Segmentation
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)
- Outsource
- In-house
Pharmaceutical
Manufacturing Formulation Outlook (Revenue, USD Billion, 2016 - 2027)
- Tablets
- Capsules
- Injectable
- Sprays
- Suspensions
- Powders
- Other Formulations
Pharmaceutical
Manufacturing Route of Administration Outlook (Revenue, USD Billion, 2016 -
2027)
- Oral
- Topical
- Parenteral
- Inhalations
- Other Routes of
Administration
Pharmaceutical
Manufacturing Therapy Area Outlook (Revenue, USD Billion, 2016 - 2027)
- Cardiovascular Diseases
- Pain
- Diabetes
- Cancer
- 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
- Adults
- Geriatric
Pharmaceutical
Manufacturing Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2027)
- Retail
- Non-retail
Pharmaceutical
Manufacturing Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- Germany
- The U.K.
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- 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.
- AstraZeneca
- Merck & Co., Inc.
- Johnson & Johnson
- Sanofi SA
- Eli Lilly and Company
- Lonza
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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