According to FutureWise analysis, the market for Drug Formulation is expected to grow with a CAGR of 6.05% over the forecast period 2023-2031, and reach a market value of US$ 2.78 trillion by 2031.
Drug formulation is the process of designing and developing a drug product that contains an active pharmaceutical ingredient (API) along with other ingredients (known as excipients) to achieve a specific dosage form. The goal of drug formulation is to create a stable, safe, and effective product that can be administered to patients in a convenient and reliable manner. A drug formulation can take various forms, including, Oral formulations are drugs designed to be taken by mouth, such as tablets, capsules, syrups, and suspensions. Topical formulations are applied to the skin or mucous membranes, including creams, ointments, gels, patches, and foams. Additionally, injectable formulations are solutions or suspensions that are administered via injection, either intravenously (into a vein), intramuscularly (into a muscle), subcutaneously (under the skin), or intradermally (into the skin). Inhalable formulations are designed to be inhaled into the lungs and can include aerosols, inhalers, and nebulizers.
Drug formulations tailored to specific therapy areas play a vital role in managing different health conditions. In Cardiovascular Diseases (CVDs), medications like Beta Blockers and ACE Inhibitors are commonly administered in oral tablet or capsule forms, with extended-release options for some. Statins, crucial for cholesterol management, are typically available in tablet form, and Anticoagulants may be administered orally or through injectable solutions. Meanwhile, for alleviating Pain, Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) such as Ibuprofen are dispensed in tablets, capsules, or even topical applications in the form of creams or gels. Diabetes management often involves Insulin, which is available in injectable solutions through vials or pre-filled pens and long-acting formulations. Oral Hypoglycemic Agents like Metformin are distributed in tablet form, including extended-release varieties.
FutureWise Market Research has published a report that provides an insightful analysis drug formulation market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts drug formulation market estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.