The Global Pharmaceutical Manufacturing Market is expected to register a CAGR of more than 11% over the forecast period, 2022-2027, according to a Research & Markets report.
The COVID-19 pandemic is an unprecedented health concern and has significantly impacted the pharmaceutical manufacturing market. The pandemic has augmented the demand for medications, including vaccines and other drug types. Thus, the pharmaceutical companies across the globe have accelerated the manufacturing of drugs. For instance, as per the Association of the British Pharmaceutical Industry (ABPI), pharmaceutical companies continue to scale up global supply. As per the same source, in October 2021, global COVID-19 vaccine production reached 9.3 billion doses and the vaccine production effort reached 12.5 billion doses by the end of 2021 and is expected to double again to 24 billion doses by June 2022. In addition, as per a July 2021 published article by the Access to Medicine Foundation, for some companies, manufacturing capacity has more than doubled since the pandemic began. Thus, the COVID-19 pandemic has had an overall positive impact on the pharmaceutical manufacturing market.
The growth of the market can be attributed to the factors such as increasing research and development expenditure by the pharmaceutical companies, advancements in pharmaceutical manufacturing technologies, growing burden of chronic diseases and geriatric population as well as rise in the use of outsourcing by pharmaceutical companies for drug development.
The growing burden of chronic diseases and geriatric population is driving the demand for pharmaceutical manufacturing. This can be attributed to the fact that chronic diseases such as patients with cancer and diabetes require early treatment owing to the serious consequences of these diseases. Thus, augmenting the need and demand for medications as early as possible. For instance, as per the April 2021 report of the World Health Organization (WHO), noncommunicable diseases (NCDs), also known as chronic diseases, are responsible for about 41 million deaths every year around the world, which is about 71% of all deaths globally. As per the same source, cardiovascular diseases are the major form of NCDs, followed by cancer, respiratory diseases, and diabetes, and 77% of all NCD deaths are in low- and middle-income countries.