Drug Formulation Market to Etch New Growth Ratio with Adoption in Developing Economy
The global demand for drug formulation is projected market to grow at a CAGR of 5.6% between 2022 and 2032, with the pharmaceutical formulations market expected to reach a value of US$ 1.58 trillion by 2022. According to the study, oral formulations are anticipated to experience exponential growth, with a CAGR of 6.0% during the forecast period. As pharmaceuticals continue to improve the quality of life, there is a growing demand for novel drug formulations that offer effective clinical care and a cost-effective manufacturing process. Biologics have emerged as an effective treatment option for chronic disease management. The rise of biosimilars has compelled pharmaceutical companies to innovate or lower prices to remain competitive, fueling innovation in the field of biologics. Currently, the FDA has approved 37 biosimilars, with a significant expansion occurring in 2019, when the number of approved biosimilars increased by 65%, and the number of such drugs available in the US rose by...