Oral Solid Dosage Pharmaceutical Formulation Market to grow from US$ 493.2 Billion in 2017 to US$ 926.3 Billion by 2027
Future Market Insights (FMI), in its report, projects the global oral solid dosage pharmaceutical formulation market to register 6.5% CAGR during the forecast period 2017 to 2027. In terms of revenue, the market will reach nearly US$ 500,000 Mn in 2017; by 2027 is further estimated to surpass US$ 900,000 Mn.
Instead of increasing pipeline productivity for biologics and patent cliff challenges, oral solid dosage forms hold substantial opportunity in extending product lifecycle and leveraging growth potential. Manufacturers are employing various life cycle management patent strategies which include obtaining patents on isomers, metabolites, prodrugs, and new drug formulations such as extended, controlled, or rapid release formulations.
North America to Remain Largest Market for Oral Solid Dosage Pharmaceutical Formulation
North America will remain the largest market for oral solid dosage pharmaceutical formulation, followed by Asia Pacific Excluding Japan (APEJ) and Western Europe. Revenue from the market in North America is expected to surpass US$ 300,000 Mn by 2027-end. In addition, APEJ is projected to reach revenue worth US$ 294,750.4 Mn in the market by 2027. Latin America is expected to be the fastest growth region in the market, expanding at 9.2% CAGR through 2027. In contrast, Japan will witness a sluggish growth in the market.
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By dosage form, tablets will continue to remain preferred in the market, with sales estimated to surpass US$ 500,000 Mn by 2027-end. Sales of tablets are anticipated to exhibit the highest CAGR in the market, followed by capsules. Capsules are expected to be the second most lucrative dosage form in the market, expanding at 6.1% CAGR through 2027.
Immediate Release to Remain Dominant in the Market during 2017-2027
Based on release mechanism, immediate release will remain dominant in the market, expanding at 6.4% CAGR through 2027. Immediate release is expected to generate revenue over US$ 400,000 Mn by 2027-end. Controlled release under extended release segment, is expected to register 7.4% CAGR through 2027.
Retail pharmacy is expected to be the largest end-user of oral solid dosage pharmaceutical formulation market by 2027-end. Retail pharmacy is expected to exhibit highest CAGR in the market through 2027. In contrast, Hospital pharmacy is expected to exhibit lowest CAGR, even though it stands as second largest end-user in the market during the forecast period.
Increasing Presence of MNCs to Drive Market Growth in Latin America
Latin America is emerging as a manufacturing hub for oral solid dosage forms on the back of availability of low-cost resources. Multinational companies are focusing on expanding their presence in this region. These factors are expected to propel market growth in Latin America. Oral solid dosage forms are cost-effective and comparatively easy to manufacture than other dosage forms. They are most commonly used pharmaceuticals for treating various disease conditions in North America, which in turn is driving growth of the market in this region.
Growing effluent consumers in APEJ countries such as China, India and Korea are boosting growth of the oral solid dosage pharmaceutical formulation market in this region. Consumers here are adopting wealthy-life-fast-paced western lifestyle, leading them to suffer western lifestyle-related diseases including diabetes, cancer, and obesity. This compels them in seeking innovative drug treatments, which in turn is expected to fuel market growth in APEJ. However factors such as decreasing productivity of Asian manufacturers and containment issues, and low R&D expenditure coupled with challenges incurred in USFDA compliance are expected to impede growth of the market in APEJ.
Key players identified in FMI’s 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 Pharmaceticals, Amgen Inc., Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co., Ltd., Shire Plc., Celgene Corporation, Astellas Pharma Inc.
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