Future Market Insights (IMF) in its report forecasts that the global oral solid dosage pharmaceutical formulations market will register a CAGR of 6.5% during the forecast period 2017 to 2027. In terms of revenue, the market will reach nearly 500,000 million US dollars in 2017; by 2027 is further expected to exceed US$900,000 million.
Instead of increasing pipeline productivity for biologics and patent challenges, oral solid dosage forms offer a substantial opportunity to extend product lifecycles and leverage growth potential. Manufacturers employ a variety of patent lifecycle management strategies, including obtaining patents on isomers, metabolites, prodrugs, and new drug formulations such as sustained, controlled, or rapid release formulations.
North America will remain the largest market for solid oral pharmaceutical formulation
North America will remain the largest market for solid oral pharmaceutical formulations, followed by Asia-Pacific excluding Japan (APEJ) and Western Europe. Market revenue in North America is expected to exceed US$300,000 million by the end of 2027. In addition, APEJ is expected to reach US$294,750.4 million in market revenue. by 2027. Latin America is expected to be the fastest growing region in the market, growing at 9.2% CAGR through 2027. In contrast, Japan will grow slowly. growth in the market.
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By dosage form, tablets will continue to remain preferred in the market, with sales estimated to exceed US$500,000 million by the end of 2027. Tablet sales are expected to show the highest CAGR in the market, followed by capsules. Capsules are expected to be the second most lucrative dosage form on the market, growing 6.1% CAGR through 2027.
Immediate release to remain dominant in the market in 2017-2027
Based on the mechanism of publication, immediate publication will remain dominant in the market, with a growth of 6.4% CAGR through 2027. Immediate publication is expected to generate revenues of more than $400,000 million by the end of 2027. Controlled release within the extended-release segment is expected to register a CAGR of 7.4% through 2027.
Retail pharmacy is expected to be the largest end-user of oral solid dosage pharmaceutical formulations market by 2027. Retail pharmacy is expected to exhibit the highest CAGR in the market till 2027. In contrast, pharmacy hospital is expected to show the lowest CAGR even though it is the second largest end user in the market over the forecast period.
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Growing Presence of Multinationals to Drive Market Growth in Latin America
Latin America is emerging as a manufacturing hub for oral solid dosage forms due to the availability of low cost resources. Multinational companies are focusing on expanding their presence in this region. These factors are expected to propel the market growth in Latin America. Oral solid dosage forms are cost effective and relatively easy to manufacture compared to other dosage forms. These are the most commonly used pharmaceuticals to treat various diseases in North America, which in turn is driving the market growth in this region.
Rising consumers of effluents in APEJ countries such as China, India, and Korea are driving the growth of the solid oral pharmaceutical formulations market in this region. Here, consumers are adopting a wealthy and fast-paced western lifestyle, which leads them to suffer from western lifestyle-related diseases, including diabetes, cancer, and obesity. This compels them to pursue innovative drug treatments, which in turn is expected to fuel the growth of the APEJ market. However, factors such as declining productivity of Asian manufacturers and containment issues, as well as low R&D expenditures associated with difficulties in USFDA compliance are expected to hamper the growth of the APEJ market.
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Major players identified in the IMF report include AstraZeneca Plc., Bristol-Myers Squibb Company, Eli Lilly and Company, Gilead Sciences, Merck & Co. Inc., Novartis AG, Pfizer Inc., AbbVie Inc., Boehringer Ingelheim GmbH, Hoffman-La -Roche Ltd., Johnson & Johnson, Biogen Inc., Bayer AG, Teva Pharmaceuticals, Amgen Inc., Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co., Ltd., Shire Plc., Celgene Corporation, Astellas Pharma Inc. .
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About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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