Pharma Manufacturing Market Value to Reach $863.6 Billion by 2030
The report also references a CAGR of 7.8% through that year.
According to Vantage Market Research, the global pharmaceutical manufacturing market is estimated to be valued at $863.6 billion by 2030 and is expected to exhibit a compound annual growth (CAGR) of 7.8% between 2023 and 2030. This market grew to $510.5 billion in 2022. The research report attributes the growth to various factors, including the increase in demand for pharma products, advancements in technology, and a rise in cases of chronic disorders.
Pharma manufacturing involves numerous processes, including research & development, formulation, quality control testing, packaging, and distribution. It requires specialized facilities that comply with stringent regulations & standards to ensure product safety and efficacy. Quality control and regulatory compliance levels are crucial to ensure safe and effective drug production.
Notable highlights of the report include:
- By drug development type, the outsource segment contributed over 54.3% of the total revenue share 2022.
- By molecule type, the conventional drugs (small molecules) segment is expected to witness maximum market growth over the projected period.
- North America led the market in 2022, contributing 42.3% of total revenue.
- The Asia Pacific region is anticipated to witness a significant market growth in the forecast period.
Another focus point is generics, where are cost-effective alternatives to their branded counterparts. Vantage Market Research alluded to the strong demand worldwide, including in India, where generic drugs are accounting for 70-80% of the nation’s retail market.
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