Pharmaceutical suspension market to witness accelerated growth

A report by Allied Market Research predicts that the global pharmaceutical suspension market will reach $83.8 billion by 2032.

Having valued $55.5 billion in 2022, the research expected that the market will reach a CAGR of 4.2 percent between 2023 and 2032.

Factors driving the global pharmaceutical suspension market

One of the main factors anticipated to propel the growth of the pharmaceutical suspension market is the availability of generic pharmaceutical suspensions, the research asserted.

The research specified that the parenteral administration sector accounted for more than half of the global pharmaceutical suspension market in 2022. This was due to these systems offering a “direct and rapid route for drug delivery.”

Moreover, improvements in the formulation of parenteral drugs, plus the fact that more disorders and diseases require injectable therapies, means these factors are helping to expand the pharmaceutical suspension market.

Specifically, the rise in the prevalence of respiratory disorders, dermatological conditions, as well as the development of innovative drug delivery systems are further driving growth of parenteral administration within the global pharmaceutical suspension market, the report stated. 

In contrast, in 2022, the oncology sector within the market accounted for over a quarter of the global market. As suspensions enhance the solubility and bioavailability of certain drugs, this has made them preferable for cancer therapeutics, the research noted. 

Developing innovative drug delivery systems

The research highlighted that a greater prevalence of respiratory and dermatological conditions has spurred the development of innovative drug delivery systems and thus boosted this sector.

Additionally, with more patients preferring home-based healthcare, this has generated demand for user-friendly drug delivery methods such as suspensions. A growing aging population has also increased the trend for self-administered medicines.

The report’s authors also shared that the North America region will see the greatest growth in revenue, partly due to continued advances in technology. It will therefore “maintain its dominance” by 2032.

Despite these potential growth drivers, according to the report, a major hinderance to the market’s development is limited drug compatibility.

The report summarised that leading players within the global pharmaceutical suspension market include:

• AstraZeneca Plc
• Eli Lilly and Company
• Novartis AG
• Pfizer
• Sanofi
• Teva Pharmaceutical Industries Limited
• Merck And Co., Inc