Pharmaceutical Manufacturing Market to Hit US$ 1,050.26 BN by 2029

The pharmaceutical manufacturing market size is estimated to hit around US$ 1,050.26 billion by 2029 and growing at a CAGR of 12.8% over the forecast period 2021 to 2030.

Growth Factors

The technological advancements in the manufacturing approaches has resulted in the cost reduction and increased output of the pharmaceutical products. The increasing investments in the expansion of manufacturing facilities are propelling the pharmaceutical manufacturing market growth. The rising adoption of latest technologies like artificial intelligence (AI) and robotics is increasing the efficiency of the pharmaceutical manufacturing by reducing the wastages of resources. The ongoing progress in the personalized medicine field is offering lucrative growth opportunities to the market players. The regulatory authorities like FDA and EMA are actively participating the growth and development of the global pharmaceutical manufacturing market. The surging prevalence of various diseases like cancer, diabetes, respiratory diseases, and cardiovascular diseases is significantly driving the growth of the pharmaceutical manufacturing market owing to the burgeoning demand for various medicines across the globe.

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Report Highlights:

• By drug development type, the in-house segment dominated the global pharmaceutical manufacturing market in 2019. The extensive use of the in-house infrastructure and the rising investments in the development of the in house facilities by the top pharmaceutical companies have fostered the growth of this segment.

• Based on the route of administration, the oral was the leading segment in 2019. The oral route of administration is the traditional, most convenient, and most preferred route of administration across the globe, which has resulted in its dominance across the globe.

• On the basis of formulation, the tablets segment dominated the global pharmaceutical manufacturing market in 2019. Tablets offers easy of storage and convenience is transportation. The consumers finds it much more convenient and thus the demand for the tablet forms of medicine has gained rapid traction among the consumers.

• By therapy, cancer was the largest segment in 2019. This is attributed to the increased prevalence of cancer and the high demand for the medicines to treat cancer. According to the International Agency for Research on Cancer, around 19.3 million new cases of cancer were reported and around 10 million cancer deaths were recorded in 2020 across the globe. The surging prevalence of cancer has fueled the growth of this segment and is expected to sustain the position of the segment in the foreseeable future.

• North America was the leading pharmaceutical manufacturing market in 2019. The presence of numerous top pharmaceutical companies, favorable government policies, rapid growth of the biopharmaceutical companies, and the increased investments in the research and development of medicines are the major factors behind the growth of this region. The region witnesses the presence of numerous CROs and CMOs, which contributes significantly towards the growth of the pharmaceutical manufacturing market. The US hold the majority of the property rights of the newly developed drugs. The huge demand for the various medicines owing to the increased prevalence of diseases and the high healthcare expenditure are the major factors behind the growth of the North America pharmaceutical manufacturing market.

• Asia Pacific is expected to be the fastest-growing pharmaceutical manufacturing market. The favorable government policies is attracting FDIs from the top MNCs owing to the cheap availability of the factors of production. The region is home to several top contract manufacturers which further propels the market growth.

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Future of Pharmaceutical Manufacturing Market

The surging investments in the adoption of the latest technologies like AI, AR/VR, cloud computing, and robotics to automate and digitize the manufacturing process is expected to offer numerous growth opportunities to the market players. Furthermore, the increasing investments in the research and development of the new and innovative medicines for the treatment of rare and gene related diseases is expected to drive the market growth in the forthcoming future.

COVID-19 Impact Analysis:

• The outbreak of the COVID-19 in 2020 resulted in the disruptions in the supply chain and difficulties in the raw materials procurement that hampered the production of the medicines.
• The shift of the focus towards the development of the COVID-19 treatment and diagnostics has hampered the production of the other pharmaceutical products.
• The investments in the expansion of the production facilities increased rapidly owing to the COVID-19 pandemic.

Key Developments in the Marketplace:

• In December 2020, Aprecia and Battelle entered into a collaboration to expand its proficiency in 3D printing in the pharmaceutical manufacturing.
• In February 2021, WuXi STA announced to acquire Bristol Myers Squibb, a manufacturing facility based in Switzerland.

Major Market Segments Covered:

By Drug Development Type

• In-house
• Outsource

By Route of Administration

• Topical
• Oral
• Inhalations
• Parenteral
• Others

By Formulation

• Injectable
• Tablets
• Suspensions
• Capsules
• Sprays
• Others

By Therapy

• Diabetes
• Cardiovascular Diseases
• Respiratory Diseases
• Cancer
• Pain
• Others

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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