Global Pharmaceutical Manufacturing Market revenue was US$ 785.8 billion in 2022 and is projected to generate a revenue of US$ 2,103.2 billion by 2031, growing at a CAGR of 11.56% during the forecast period from 2022 to 2031.
A considerable shift has occurred in the pharmaceutical manufacturing market as a result of technological breakthroughs, economical manufacturing techniques, increasing investment, and the rising prevalence of chronic diseases. North America will significantly contribute financially and will offer innovation for the market.
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The need for pharmaceutical manufacturing is growing due to the rising incidence of chronic diseases and the aging of the population. This tendency can be related to chronic illnesses like diabetes and cancer, which require early treatment due to their devastating side effects. For instance, according to the World Health Organization’s (WHO) September 2022 update, non-communicable diseases (NCDs) are to blame for nearly 41 million deaths worldwide, or 71% of all fatalities. According to the same source, diabetes, cancer, and cardiovascular disorders round up the top five NCDs. Low- and middle-income nations account for over 77% of all NCD fatalities.
The development of customized medicine has completely transformed the healthcare sector, opening up new ways to treat various illnesses and laying the foundation for patient-centered models. Drug manufacturing has advanced tremendously as a result of these ongoing industry improvements. In order to accommodate the development of complicated medications and customized therapies suited to specific patients, a transition from large-scale production to smaller batches has occurred. Pharmaceutical companies have reorganized their supply chains in response to this transition to better fit the patient-centered healthcare system. Growth in drug manufacturing procedures is anticipated to be fueled by the rising number of drugs receiving regulatory body approval. The FDA authorized 37 innovative medications in 2022, demonstrating a trend in the right direction.
Ongoing Biological Revolution Offering Opportunities for the Market
Biopharmaceuticals are a vital component of contemporary medicine in the worldwide pharmaceutical manufacturing market because of benefits like high specificity and few adverse effects. Biopharmaceuticals have expanded at a rate that is twice that of traditional pharmaceuticals, according to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA). Astute Analytica projects that by 2030, the global biopharmaceuticals industry will have grown to an astounding US$ 856 billion from its estimated value of US$ 333 billion in 2021.
According to a report by EvaluatePharma, biopharmaceuticals will make up about 50% of the top 100 pharmaceutical products by revenue in 2022. Additionally, biopharmaceuticals have shown to be particularly successful in curing diseases that were previously incurable. For instance, a subclass of biopharmaceuticals known as monoclonal antibodies has transformed the way that oncology, autoimmune disorders, and uncommon diseases are treated. This industry is today worth over $115 billion.
Furthermore, prominent players in the industry are making strategic moves owing to the growing importance of biologics, which is benefitting the expansion of this market sector. For instance, in February 2023, the full-service biologics CDMO Bionova Scientific, a subsidiary of Asahi Kasei Medical with operations in the United States, stated that it would be increasing its capacity for process research and GMP biologics production.
Pain Management Application Generated Around 33% of Market Revenue Share
In 2022, the pain management segment dominated the market, with a startling 32.7% share. Surprisingly, estimates show that 20% of adults worldwide struggle with pain, with 10% receiving a new diagnosis of chronic pain each year. Given the present world population of 7.8 billion adults, this indicates that roughly 780 million adults are exposed to the chronic pain spectrum every year. According to the data, there is a significant and urgent need for pain management techniques, which provides a favorable environment for new pharmaceutical developments and treatments.
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As a result, an abundance of over-the-counter (OTC) and prescription analgesics, anti-inflammatory medications, and more specialist treatments for disorders like neuropathic pain are available. The impressive 13.24% expected CAGR for the pain market indicates its sustained significance in the pharmaceutical manufacturing market. The prevalence of pain-related diseases around the world has a significant role in pain management’s importance in the pharmaceutical industry.
North America Contributed Over 45% Revenue Share to the Market
North America generated over 45% of the global market revenue in 2022. North America is expected to grow at a CAGR of 11.24%, making its dominance virtually uncontested. This is due to the presence of important pharmaceutical manufacturers and rising spending on manufacturing technology by pharmaceutical businesses.
Within North America, the United States controls a significant portion of the market. The growing cost of research and development, the burden of chronic diseases, the developing pharmaceutical sector, and the dominance of key market competitors are the main drivers of market expansion.
In the United States, for example, 4 in 10 persons had two or more chronic conditions, according to a January 2022 update by the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP). Due to the fact that generic medications are far less expensive than other prescribed medications, these conditions place an annual burden of USD 3.8 trillion on the nation’s healthcare system. Therefore, the widespread use of generic medications in the nation can greatly lower healthcare costs, which is likely to hasten the production of pharmaceuticals.
Furthermore, North America continues to lead the globe in pharmaceutical consumption, accounting for a sizeable 46% of global per capita prescription spending. The dominance of the region extends beyond consumption to include innovation. With cutting-edge technologies and ongoing product improvements, many of the leading pharmaceutical companies in the world have their headquarters in North America, which inevitably increases their market share.
Some of the Prominent Companies Profiled in the Report are:
- Abbott Laboratories
- AbbVie Inc.
- ACADIA Pharma
- Aenova Group
- Amgen Inc
- AstraZeneca plc
- Bayer AG
- Biogen Inc
- Boehringer Ingelheim International GmbH
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- GSK plc
- Merck KGaA
- Novartis AG
- Novo Nordisk A/S
- Pfizer Inc
- Sanofi SA
- Other Prominent Players
The global pharmaceutical manufacturing market segmentation focuses on Drug Type, Formulation, Route of Administration, Therapeutic Application, Manufacturing Facility, Distribution Channel, and Region.
By Drug Type
- Branded Prescription Drugs
- Generic Prescription Drugs
- Over-The-Counter Drugs (OTC)
- Other Formulations
By Route of Administration
- Oral Medicine
- Topical Medicine
- Parenteral Medicine
- Other Routes of Administration
By Therapeutic Application
- Cardiovascular Disease
- Respiratory Diseases
- Neurological Diseases
- Other Therapeutic Application
By Manufacturing Facility
- In-House Facility
- Outsourced facility
By Distribution Channel
- Retail Channel
- Online Channel
- North America
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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About Astute Analytica
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