The global pharmaceutical grade lactose market size is expected to reach USD 254.8 million by 2025 at a 4.6% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Rising inclination toward preventive healthcare across the globe is estimated to boost product use over the forecast period.
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Increasing investments by local and foreign players in the pharmaceutical manufacturing sector, especially in developing economies such as India and Brazil, is expected to have a positive influence on industry growth. Furthermore, increased access to medication through generic drug production and development of innovative treatments for chronic diseases has resulted in the growth of the drug manufacturing industry, thereby propelling product demand.
Raw material prices and operational and transportation costs are key factors that define final product price. Intense competition in the industry is expected to put pressure on prices, resulting in a decline in product price. In addition, higher product prices have lowered buyers’ interest, owing to availability of substitutes, which is also expected to hamper growth.
Stringent government regulations associated with the use of pharmaceutical grade lactose are expected present a barrier to entry of new players in the market. In addition, high initial cost and operation cost associated with production machinery is expected to further discourage new entrants, thereby lowering their threat.
The industry is characterized by presence of major industry players focussing on research and development activities in order to reduce overall manufacturing cost by using innovative techniques. Participants have been adopting competitive strategies such as setting up new manufacturing facilities to magnify their regional presence.
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Further key findings from the report suggest:
- Europe dominated the industry in 2017 in terms of product consumption and was valued at USD 74.7 million owing to increasing product adoption and well-established pharmaceutical industry
- Asia Pacific accounted for 33.4% of the total revenue in 2017, owing to government initiatives to provide affordable prescription drugs and highest number of FDA-approved pharmaceutical lactose products in the region
- The industry is characterized by increasing integration across the value chain, with participants looking to expand their footprint and strengthen their position in both manufacturing and distribution
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