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A12351 | Pages: 315 | Charts: 80 | Tables: 159 |
The global pharmaceutical suspension market was valued at $55.5 billion in 2022, and is projected to reach $83.8 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032. Pharmaceutical suspension is a liquid dosage form comprising finely dispersed solid particles within a liquid medium. It is a versatile drug delivery system used for oral or parenteral administration. The solid particles, often insoluble drugs, remain uniformly dispersed in the liquid, preventing settling. This formulation enhances stability and bioavailability, particularly for poorly soluble drugs. Pharmaceutical suspensions offer advantages such as ease of administration, improved patient compliance, and flexibility in dosage adjustments. Their adaptability makes them suitable for a broad range of drug types, contributing to their widespread use in the pharmaceutical industry.
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The pharmaceutical suspensions market is witnessing substantial growth due to rise in prevalence of chronic diseases, including cancer and gastrointestinal conditions. According to the National Institute of Health, gastroesophageal reflux disease (GERD) is reported at 23% among the elderly. This increases the vital role of pharmaceutical suspensions in advanced drug delivery. The market's expansion is further propelled by the demand for enhanced patient compliance, as these suspensions provide versatile administration methods. Positioned as a crucial element in evolving healthcare, pharmaceutical suspensions address diverse chronic medical conditions, reflecting a paradigm shift towards tailored treatment approaches.
• On the basis of type, the parenteral segment dominated the market in terms of revenue in 2022. However, the others segment is anticipated to grow at the fastest CAGR during the forecast period.
• On the basis of indication, the cancer segment dominated the market in terms of revenue in 2022. However, the others segment is anticipated to grow at the fastest CAGR during the forecast period.
• On the basis of end user, the hospitals and clinics segment dominated the market in terms of revenue in 2022. However, the home care settings segment is anticipated to grow at the fastest CAGR during the forecast period.
• On the basis of distribution channel, the drug store and retail pharmacies segment dominated the market in terms of revenue in 2022. However, the online providers segment is anticipated to grow at the fastest CAGR during the forecast period.
• Region-wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
The pharmaceutical suspensions market is experiencing significant growth driven by several key factors. The expanding population of elderly individuals, that is the geriatric population, is a major factor for the market growth. As people age, they tend to develop a higher incidence of chronic and acute medical conditions that require targeted and localized drug delivery. Suspensions are increasingly preferred mode of drug delivery for this demographic due to their adaptability and ease of administration, also providing pharmaceutical suspension market opportunity for key operating players.
In addition, the suspension in pharmaceutics market is influenced by advancements in R&D, leading to innovative formulations that cater to specific medical needs, thus boosting the pharmaceutical suspension market growth. With pharmaceutical suspensions offering a versatile solution for various therapeutic requirements, their prominence is set to grow owing to the evolving healthcare market.
However, the market growth of suspension in pharmaceutics is impeded by limited drug compatibility, as suspensions are not suitable for all medications due to stability and solubility challenges. Furthermore, manufacturing complexities, which demand specialized equipment and processes, elevate production expenses and constrain the number of manufacturers. This restricts market accessibility and affordability, creating barriers to the widespread adoption of suspension.
During a recession, the pharmaceutical suspensions market may face negative impacts due to reduced healthcare budgets, hindering R&D and affecting overall demand. However, increase in demand for cost-effective generic suspensions, offered by key players such as Lupin Ltd. and Sun Pharmaceutical Industries Ltd., can offset some challenges. The versatility of pharmaceutical suspensions may sustain demand, as cost-effective healthcare solutions become crucial. Despite economic uncertainties, both challenges and opportunities shape the complex market dynamics of the pharmaceutical suspension sector during recessions. The manufacturers of pharmaceutical suspension examples are Pfizer Inc., Merck & Co., Inc., AstraZeneca plc, and others. The pharmaceutical suspension examples are for instance Glenmark Pharmaceuticals offers Mepron, Ryaltris and others.
The pharmaceutical suspension market is segmented into type, indication, end user, distribution channel, and region. On the basis of type, the market is segmented into oral, parenteral, and others. On the basis of indication, it is segmented into infectious diseases, cancer, gastrointestinal, neurological, and others. On the basis of end user, the market is segmented into hospitals and clinics, home care settings, and others. On the basis of distribution channel, the market is segmented into hospital pharmacies, drug store and retail pharmacies, and online providers. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The pharmaceutical suspensions market is segmented into oral, parenteral, and others. The parenteral segment was the largest revenue contributor to the pharmaceutical suspension market size in 2022, owing to the advantage offered by parenteral suspension such as direct and rapid route for drug delivery. In addition, growing advancements in parenteral drug formulations and increase in prevalence of conditions requiring injectable therapies further contribute to the segment growth.
However, the others segment is expected to register the fastest growth during the forecasted period. The diverse applications and widespread usage of alternative routes including ophthalmic, nasal, topical and others, is potentially driving its demand. In addition, factors such as rise in prevalence of respiratory disorders, dermatological conditions, and the focus on development of innovative drug delivery systems further drive the pharmaceutical suspension market forecast.
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The pharmaceutical suspension industry is segmented into infectious diseases, cancer, gastrointestinal, neurological, and others. The cancer segment was the largest revenue contributor to the pharmaceutical suspension market size in 2022, owing to the ability of suspensions to enhance the solubility and bioavailability of certain cancer drugs preferred for the treatment. However, the others segment is expected to register the fastest growth during the forecast period, owing to growing focus on use of suspension in various therapeutic areas, technological advancements, and evolving healthcare needs. In addition, factors such as rise in prevalence of respiratory disorders, dermatological conditions, and others, and the development of innovative drug delivery systems propel the demand for the others segment.
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The pharmaceutical suspension industry is classified into hospitals & clinics, home care settings, and others. The hospital & clinics segment was the largest revenue contributor to the pharmaceutical suspension market share in 2022, owing to the growing preference of hospitals & clinics for pharmaceutical suspensions products. In addition, increase in government initiatives aimed at enhancing the treatment of chronic diseases and the proliferation of hospitals adopting suspensions therapy have contributed to the expansion of the hospitals and clinics segment.
However, the home care settings segment is expected to register the fastest growth during the forecasted period, owing to several key factors. Patients are increasingly preferring home-based healthcare, thus creating demand for user-friendly drug delivery methods such as suspensions. In addition, the aging population and the trend toward self-administration of medications at home further boost the growth of this segment.
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The pharmaceutical suspensions market is segmented into hospital pharmacies, drug store and retail pharmacies, and online providers. The drug store and retail pharmacies segment was the largest revenue contributor to the pharmaceutical suspension market share in 2022, owing to the widespread accessibility and consumer convenience offered by drug stores and retail pharmacies. In addition, these outlets serve as primary points of purchase for pharmaceutical products, including suspensions, making them readily available to a broad consumer base.
However, the online providers segment is expected to register the fastest growth during the forecasted period, owing to ease and accessibility. Online purchasing has become a popular choice for consumers looking to buy healthcare products such as suspensions. Online platforms offer a convenient alternative to physical stores, allowing customers to place orders effortlessly. The wide range of available products and the potential for competitive pricing enhance the appeal of online sales as a convenient option for obtaining suppositories and other healthcare items.
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The pharmaceutical suspensions market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest share in terms of revenue in 2022, as the region boasts a well-established and advanced healthcare industry, facilitating the development, production, and distribution of suspensions-based medications. North America is also home to several leading pharmaceutical manufacturers, driving innovation and product availability, making it a pivotal region for pharmaceutical suspensions' revenue growth.
However, the Asia-Pacific region is projected to exhibit the highest CAGR in the pharmaceutical suspensions market during the forecast period. This growth can be attributed to multiple factors, including rise in geriatric population and rise in prevalence of chronic disorders in the region. Furthermore, ongoing enhancements in healthcare infrastructure and surge in initiatives aimed at increasing awareness and facilitating early diagnosis and treatment are anticipated to drive the market growth in the Asia-Pacific. These factors collectively create a favorable environment for the growth of the pharmaceutical suspension market in the region.
Furthermore, rise in research activities and the well-established presence of domestic companies in the region are expected to provide notable opportunities for the market growth. In addition, rise in contract manufacturing organizations within the region is expected to drive the market growth.
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Competitive analysis and profiles of the major players in the pharmaceutical suspensions market such as major players that operate in the market include Pfizer Inc., Merck & Co., Inc., AstraZeneca plc, Eli Lilly and Company, Bayer AG, Sanofi, Lupin, Glenmark Pharmaceuticals Limited, Novartis AG, and Teva Pharmaceutical Industries Limited. Key players have adopted strategy such as product approval and collaboration to enhance their product portfolio.
In January 2022, Glenmark Pharmaceuticals Limited, a research-led, global integrated pharmaceutical company, received FDA approval on its New Drug Application (NDA) for Ryaltris, an innovative, fixed-dose (metered), prescription, combination drug product nasal spray for the treatment of symptoms of Seasonal Allergic Rhinitis in adults and pediatric patients 12 years of age and older in the U.S.
In August 2023, Merck & Co., Inc., a leading global biopharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) approved an expanded indication for ERVEBO, which is indicated for the prevention of disease caused by Zaire ebolavirus in individuals 12 months of age and older.
In November 2023, Teva Pharmaceutical Industries Ltd. and Royalty Pharma plc, announced a collaboration to further accelerate the clinical research program for Teva’s olanzapine LAI by entering into a funding agreement of up to $125 million to offset program costs. TEV-‘749 (olanzapine) extended-release injectable suspension, for subcutaneous use rather than intramuscular use.
Key Market Segments
Key Market Players