The global pharmaceutical manufacturing market size is expected to reach USD 1,902.6 billion by 2027, expanding at a CAGR of 4.6%, according to a new report by Grand View Research, Inc. The pharmaceutical firms have implemented cloud technology to increase operational efficiency across R&D and manufacturing processes. This technology has led to the generation of consolidated and standardized data that reduces complexities and inefficiencies, which speeds up the process of drug development. Thus, the implementation of cloud technology and artificial intelligence is expected to drive the market.
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Longer life expectancies and a rise in the geriatric population has spurred the demand for pharmaceutical products to treat several chronic disorders. These factors have also prompted many individuals to use medications to improve the quality of life and wellness, globally. In addition, the emergence of new pandemics, viruses, and drug-resistant infections has provided potential avenues to pharmaceutical manufacturers to accelerate their drug production.
Several drug developers have shifted their preferences towards continuous manufacturing approaches to minimize the costs incurred in making a product, overcome medicine shortages, and improve efficiencies. For instance, in August 2019, GlaxoSmithKline plc opened two continuous manufacturing facilities in Singapore with an investment of USD 95.6 million. This initiative is expected to boost the company’s drug development in minimal production timelines.
Key suggestions from the report:
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Grand View Research has segmented the global pharmaceutical manufacturing market on the basis of drug development type, formulation, route of administration, therapy area, prescription, age group, distribution channel, and region:
Pharmaceutical Manufacturing Drug Development Type Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Formulation Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Route of Administration Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Therapy Area Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Prescription Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Age Group Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)
Pharmaceutical Manufacturing Regional Outlook (Revenue, USD Billion, 2016 – 2027)
List of Key Players of Pharmaceutical Manufacturing Market
Find more research reports on Pharmaceuticals Industry, by Grand View Research:
Vaccine Contract Manufacturing Market – The global vaccine contract manufacturing market size was valued at USD 1.8 billion in 2016 and is projected to expand at a CAGR of 9.3% during the forecast period.
Pharmaceutical Contract Manufacturing & Contract Research Market – The global pharmaceutical contract manufacturing & contract research market size was valued at over USD 123.1 billion in 2016.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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