Pharmaceutical Excipients Market Size, Value Share, Latest Trend, Key Player Review, Business Prospect and Forecast to 2030
Pharmaceutical Excipients Market
Pharmaceuticals are important components of a formulation that offers
effective drug absorption. Excipients must comply with the regulatory
requirements and must suit the intended dosage form. The compatibility is
crucial in dosage forms that incorporate coating, controlled and sustained
release, oil base (emulsifiers), and taste masking.
The Pharmaceutical
Excipients Market will witness a CAGR of 7.89 %, along with a value of USD 9.35 billion by 2030 in the forecast period.
Excipients used in the manufacturing of drug serve as binders, disintegrants,
glidants, or diluents. Therefore, multifunctional excipients can reduce the
manufacturing cost and drug development of the product.
Drivers and Restraints
Owing to the patent expiries, the market has witnessed a
robust growth rate in the recent times. Moreover, with the large patient
population base and growing demand for pharmaceutical products will propel the
growth of the market globally. Factors like increasing chronic diseases,
growing generics market owing to patent cliffs, advancement in the development
of functional excipient, rapid growth of biopharmaceuticals, growing biosimilar
industry, and emergence of co-processed and multifunctional excipients are the
major factors fuelling the market growth.
Meanwhile, strict mandates like inspection of manufacturing
sites by regulatory authorities such as MHRA, FDA, and TGA has affected the
supply of global pharmaceutical excipients. Lack of separate guidelines for
approval and manufacturing of excipients is impending R&D initiatives
related to excipients. If a new drug approval fails, the excipient also fails
even if it is not related to the excipient. The clinical data from that
particular excipient cannot be used. Moreover, the timeframe and cost required
to develop excipients are uneconomical for the manufacturers, thus limiting the
scope for getting an excipient approved.
Major Key
Players:
Some of the Pharmaceutical Excipients Market Players are Evonik Industries
Ag, Basf Se, Ferro Corporation, P&G Chemicals, Akzo Nobel
NV, FMC Corporation, The Dow Chemical Company, Ashland, Inc., Croda
International PLC
Segment Analysis
The global market for pharmaceutical binders can be segmented
on the basis of product, functions, applications, and region.
The market has been segmented into organic and inorganic
chemicals based on product.
The market has been segmented into glidants, lubricants,
fillers, coatings, preservatives, disintegrants, binders, and others on the
based on functions. Fillers have been accounted to hold the largest market
share. They provide ease of administration and improve the taste of the
formulation. They also offer ease in preparation, stability, shipping,
packaging, and dispensing of drugs.
The market for pharmaceuticals excipients has also been
segmented into parenteral, oral, topical, and advanced delivery system based on
applications. Oral and topical dosage forms are anticipated to drive the
pharmaceuticals excipients market growth. Consumption of excipients is
witnessed to be high in oral dosage forms like capsules,
tablets, and liquids, compared to parenteral. Local players mark their entry in
pharmaceuticals with oral dosage forms as they are easier to manufacture. Also,
with increasing topical solutions such as gel, cream, skin
patch, and eye drops in pain management and dermatology, demand for
excipients is also expected to grow at a steady pace.
Regional
Analysis
North America has been
anticipated to hold the largest market share and is expected to grow over the
forecast period. The major factor for growth in this region is due to the
presence of European Medicines Agency’s scientific guidelines on excipients.
North America is followed by
Europe due to the presence of large companies such as FMC Corporation and
Avantor Performance Materials Inc. who are direct manufacturers. This region is
expected to showcase a significant growth owing to the ongoing case studies
based on drug-excipient interactions to increase delivery efficacy and
efficiency.
Due to the high volume of unmet
medical requirement and expanding generic market, Asia Pacific along with
Middle East and Africa are anticipated to grow at a faster pace. Moreover,
these regions are a good source of raw materials and enable low-cost
manufacturing process for excipients.
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