Pharmaceutical Manufacturing Market is Predicted to Witness 11.34% CAGR till 2028

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