The global Pharmaceutical Manufacturing Market size is expected to reach USD 957.59 billion by 2028, registering a CAGR of 11.34% over the forecast years, according to a new report by Grand View Research, Inc. Some of the key industries in this market include F. Hoffmann-La Roche Ltd., Novartis AG, GlaxoSmithKline plc, Pfizer, Inc.; Merck & Co., Inc. The presence of supportive regulatory legislations, patentability norms, and high funding and investments in the pharmaceutical industry are anticipated to drive market growth. In addition, the broadening of preventive care has created significant opportunities in the market.
The high burden of diseases, economic growth leading to a
rise in disposable incomes, improvements in healthcare infrastructure, better
healthcare financing, and a rise in the geriatric population have spurred the
demand for pharmaceutical manufacturing techniques
in biotechnology and pharmaceutical companies. These factors have
also prompted many individuals to use medications to improve their quality of
life and wellness. In addition, the emergence of new pandemics, viruses, and
drug-resistant infections has provided potential avenues for pharmaceutical
manufacturers to accelerate their drug production.
Several drug developers have shifted their preferences towards
continuous manufacturing approaches to minimize production costs, overcome
medicine shortages, and improve efficiencies. For instance, in March 2021,
CONTINUUS Pharmaceuticals announced the construction of the first GMP facility
using continuous manufacturing equipment. The company has received a contract
from the U.S. government for the production of finished dosage forms and
critical APIs. North America accounted for the highest revenue share in 2029 as
the U.S. market represents the largest pharmaceutical industry with a
substantial number of drug manufacturers.
Related Press
Release@ Pharmaceutical
Manufacturing Market Report
Pharmaceutical Manufacturing Market Report Highlights
- Conventional
drug manufacturing captured a significant revenue share in 2020 owing to
the high penetration of small molecules in terms of usage. An increasing
number of regulatory approvals has also positively impacted the segment
growth
- Outsource
drug development accounted for the largest revenue share in 2020 due to
continuous efforts undertaken by the key service providers to expand their
production capacities
- The
Over-the-Counter (OTC) medicines segment is anticipated to grow at the
fastest CAGR from 2021 to 2028 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 & adolescents segment is expected to grow at the fastest CAGR
from 2021 to 2028 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
- The
retail sale channel segment held the maximum revenue share as a large
percentage of individuals use a retail pharmacy as their one-stop-shop for
pharmaceutical products
About Us:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment