Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Pharmaceutical Manufacturing Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”,
LOS ANGELES, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The Global Pharmaceutical Manufacturing Market is expected to grow at a CAGR of around 15.9% from 2020 to 2027 and reach the market value of over US$ 1,014.5 Bn by 2027.
Pharmaceutical Manufacturing is the process of manufacturing pharmaceutical drugs and these can be broken down into individual operations such as blending, filtration, compression, heating, granulation, encapsulation, tableting, shearing, coating, and drying. The overall pharmaceutical manufacturing industry is experiencing major innovations and alternations due to Modern scientific and technological advances that are quickening the discovery and expansion of innovative pharmaceuticals with improved therapeutic activity and fewer side effects.
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Additionally, the process of pharmaceutical manufacturing blends a wide range of non-active ingredients with the active pharmaceutical ingredient or ingredients in order to create the final blend used for the solid dosage form.
The global pharmaceutical manufacturing market is segmented on the basis of formulation, route of administration, prescription, drug development, distribution channels, and geography. On the basis of formulation, the market is bifurcated into tablets, capsules, injectables, sprays, suspensions, powders, and other formulations. By route of administration, market segments include oral, topical, parenteral, inhalations, and other routes of administration. Based on prescription, segments include prescription medicines and over-the-counter (OTC) medicines. Moreover, the drug development segment is divided into outsource and in-house. Additionally, the distribution channels include online and offline.
On the basis of route of administration, the oral segment is leading the market with maximum share (%) in terms of revenue (US$ Mn). The segment is having a potential share owing to its benefits for patients as well as healthcare professionals that include affordability and convenient usage.
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Based on drug development, the outsourcing segment is estimated to exhibit the fastest growth with a major CAGR (%) throughout the forecast timeframe from 2020 to 2027. The bolstering trend of hiring specialists for the individual services by the major players that help in cost reduction is supporting the growth of the outsourcing segment in the forecast period. For instance, the US has awarded a US$ 69.3 million contract to Continuus Pharmaceuticals in January 2021 for the construction of a facility in Woburn, Massachusetts, that will be intended to produce three imported medicines. It was also announced that the government funding of US$ 124.5 million will also be provided for building a sterile injectable drug facility in Petersburg, Virginia.
North America held the major share (%) in the global pharmaceutical manufacturing market in 2019 and the region is mainly driven by the US pharmaceutical industry. The presence of major manufacturers along with their research & development departments, which are continuously making favorable efforts for the growth of the industry, is contributing to the regional market value. The high per capita income and a huge amount of investment in the pharmaceutical sector is another factor boosting the regional market value.
Asia Pacific is anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027. The developing healthcare infrastructure of the major economies of the region including Japan, China, and India is supporting the regional market growth. The Covid-19 crisis has provided an opportunity to the Indian pharmaceutical industry. The Indian pharma industry is valued at about US$ 37 billion and the exports account for about US$ 18 billion.
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Some of the leading competitors are AstraZeneca, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Johnson & Johnson, Lonza, Merck & Co., Inc., Novartis AG, Pfizer, Inc., and Sanofi SA. Pharmaceutical manufacturing companies have announced mergers and acquisitions, partnerships & collaborations, and new product development in order to uplift their position in the pharmaceutical manufacturing industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage in the market.
Some of the key observations regarding the pharmaceutical manufacturing industry include:
- A study conducted by the University of Strathclyde’s Fraser of Allander Institute, Scotland, reveals that the strength of Scotland’s pharmaceutical industry has increased with the increase in employment, exports, and research investment since the last major review in 2017. According to the report, the pharmaceutical industry in Scotland employs nine percent more people now than in 2018.
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