Pharmaceutical Pellets Global Market Opportunities and Strategies to 2033
Pharmaceutical Pellets Global Market Opportunities and Strategies to 2033
This report describes and explains the pharmaceutical pellets market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region. The global pharmaceutical pellets market reached a value of nearly $1.7 billion in 2023, having grown at a compound annual growth rate (CAGR) of 7.6% since 2018. The market is expected to grow from $1.7 billion in 2023 to $2.8 billion in 2028 at a rate of 11.3%. The market is then expected to grow at a CAGR of 11.8% from 2028 and reach $5 billion in 2033.Growth in the historic period resulted from the increased healthcare spending and increasing aging populations. Factors that negatively affected growth in the historic period were regulatory barriers to commercialization.Going forward, the increased prevalence of cardiovascular diseases, rising prevalence of chronic diseases and increasing number of surgeries will drive the market. Factors that could hinder the growth of the pharmaceutical pellets market in the future include economic instability.The pharmaceutical pellets market is segmented by technology into extrusion, fluid bed granulation, dry powder layering, solution and suspension layering, spray congealing, spray drying and other technologies. The extrusion market was the largest segment of the pharmaceutical pellets market segmented by technology, accounting for 43.7% or $726.3 million of the total in 2023. Going forward, the extrusion segment is expected to be the fastest growing segment in the pharmaceutical pellets market segmented by technology, at a CAGR of 12.3% during 2023-2028.The pharmaceutical pellets market is segmented by mechanism of action into diffusion, erosion and osmosis. The diffusion market was the largest segment of the pharmaceutical pellets market segmented by mechanism of action, accounting for 64.7% or $1.1 billion of the total in 2023. Going forward, the erosion segment is expected to be the fastest growing segment in the pharmaceutical pellets market segmented by mechanism of action, at a CAGR of 12.2% during 2023-2028.The pharmaceutical pellets market is segmented by end-user into pharmaceutical and nutraceutical. The pharmaceutical market was the largest segment of the pharmaceutical pellets market segmented by end-user, accounting for 79.4% or $1.3 billion of the total in 2023. Going forward, the nutraceutical segment is expected to be the fastest growing segment in the pharmaceutical pellets market segmented by end-user, at a CAGR of 12.7% during 2023-2028.North America was the largest region in the pharmaceutical pellets market, accounting for 39% or $647.5 million of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the pharmaceutical pellets market will be Asia-Pacific and North America, where growth will be at CAGRs of 12.9% and 11.5% respectively. These will be followed by South America and Western Europe, where the markets are expected to grow at CAGRs of 10.9% and 10.4% respectively.The global pharmaceutical pellets market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 29.4% of the total market in 2022. Pfizer Inc. was the largest competitor with a 3.3% share of the market, followed by Merck & Co. Inc. with 3.2%, AbbVie Inc. with 3.1%, Dow Chemical Company with 3%, Vertex Pharmaceuticals Incorporated with 3%, Bayer AG with 2.9%, Catalent Inc. with 2.8%, Gilead Sciences Inc. with 2.7%, Biogen Inc. with 2.7% and DuPont de Nemours Inc. with 2.6%.The top opportunities in the pharmaceutical pellets market segmented by technology will arise in the extrusion segment, which will gain $571.3 million of global annual sales by 2028. The top opportunities in the pharmaceutical pellets market segmented by mechanism of action will arise in the diffusion segment, which will gain $727.6 million of global annual sales by 2028. The top opportunities in the pharmaceutical pellets market segmented by end-user will arise in the pharmaceutical segment, which will gain $895.8 million of global annual sales by 2028. The pharmaceutical pellets market size will gain the most in the USA at $404.4 million.Market-trend-based strategies for the pharmaceutical pellets market include focus on expansion of manufacturing facilities to improve capabilities, strategic partnerships and collaborations among market players and product innovations and approval of new products.Player-adopted strategies in the pharmaceutical pellets market include focus on expanding business capabilities through new product developments and focus on expanding operations through strategic partnerships.To take advantage of the opportunities, the analyst recommends pharmaceutical pellets companies to focus on product innovation, focus on extrusion segment, focus on diffusion segment, expand in emerging markets, continue to focus on developed markets, focus on manufacturing facilities expansion, focus on strategic partnerships and collaborations, provide competitively priced offerings, focus on strategic pricing, continue to use B2B promotions, targeted digital marketing, educational workshops and seminars and focus on nutraceutical segment.