Oral Solid Dosage Pharmaceutical Formulation Market to Surpass Revenue of US$ 1.0 Bn in 2032 Due to its Low-Cost Production Factor | Future Market Insights, Inc.
The U.S. dominated the North America oral solid dosage pharmaceutical formulation market with a total share of about 93.6% in 2021. Demand in the market is predicted to surge owing to the growing number of oral solid drug approvals in the country
DUBAI, United Arab Emirates, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Demand for the global oral solid dosage pharmaceutical formulation market is anticipated to expand at a robust CAGR of 6.4% over the valuation period from 2022 to 2032. The global market is expected to touch US$ 555.3 Mn by 2022 and surpass a valuation of US$ 1.0 Bn in 2032. As per the studies, on the basis of dosage, the tablets segment led to the market with a massive share of around 53.1% in 2021.
As per Future Market Insights analysis, the oral solid dosage pharmaceutical formulation market accounted for around 1.4% of the overall US$ 40.0 Bn of the global pharmaceutical drug delivery market in 2021. The expansion of sales of solid dosage pharmaceutical formulations was anticipated at a robust rate of 8.1% from 2012 to 2021, attributed to the surging adoption and greater patient compliance.
Oral solid dosages are one of the most commonly utilized pharmaceuticals that help in treating multiple chronic diseases. These oral solid dosages are witnessing high sales due to their cost-effective nature and are easily available in retail and hospital pharmacies across the globe. These dosage forms are easily manufactured and come with an affordable price point in numerous underdeveloped nations. This is expected to create lucrative growth prospects for the key players.
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Key Takeaways
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Since several research institutions and organizations are engaged in the drug discovery process, there is a massive amount of oral solid drugs in the process of approval with improved efficacy. Once these products are approved, the manufacturers are expected to be benefitted from generating profitable sales. Therefore, a positive impact due to the surging number of drug pipelines can be witnessed in the oral solid dosage pharmaceutical formulation market during the forecast period.
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There is an overall surge witnessed in the demand for oral solid dosage drugs and vaccines for the treatment of various diseases and infections has also increased worldwide. Hence, prominent players in the market are working on developing drug manufacturing capacities of their own in low and medium-economy regions to capitalize on low production costs and availability of cost-effective raw materials.
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Various firms practice the primary process of oral solid dosage pharmaceutical formulation. This is because the solid form of the drug is known to be the easiest and simplest way of administering a drug in order to have just the appropriate dose for various acute and chronic infections.
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Such dosage forms offer advantages including chemical durability, stable transport, and safe packaging with low production costs. On the basis of region, Asia Pacific is expected to dominate the growth in the oral solid dosage pharmaceutical formulation market.
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Tablets and capsules are utilized in pharmaceuticals to efficiently treat several disease conditions. In comparison to other pharmacological forms, these are cost-efficient and easy to manufacture. They offer several advantages such as easy transport and packaging and superior chemical and physical stability. Dominant market players are partnering with small and medium-sized manufacturers to produce low-cost and top-notch generic drugs maintained at a low cost of production in developing nations.