Pharmaceutical Excipients Market Worldwide Industry Share, Size, Gross Margin, Trend, Future Demand and Forecast till 2025
The global pharmaceutical excipients market was valued at USD 7 billion in 2019 and is expected to reach USD 10.5 billion by 2026, expanding at a CAGR of 6 % during the forecast period, 2020 – 2026. The growth of the market is attributed to the rise in number of diseases, increase in consumption of biopharmaceuticals, rapid advancements in multifunctional excipients, and surge in demand for pharmaceutical excipients due to current patents expiries.
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Pharmaceutical excipients are formulated alongside the active pharmaceutical ingredient. They are pharmaceutically inactive substances which facilitate drug solubility, provide stability and bulk to the formulation, and increases therapeutic effect of drug in medicines. Moreover, they are use as fillers, sorbents, antioxidants, lubricants, binders, disintegrants, coatings, sweetening agents, flavoring agents, coloring agents, and buffering agents.
Market Trends, Drivers, Restraints, and Opportunities:
Increase in number of life threatening diseases worldwide, growth of the pharmaceutical industry, awareness about the multiple properties of excipients are key factors boosting the market.
Low cost, consistent production, minimum risk, availability of good quality raw materials, and various uses of excipient fuel the demand for pharmaceutical excipient.
High costs and time required for drug development processes decrease investment in R&D. Moreover, increase in quality compliances, and rise in regulatory inflexibility are key factors hindering the growth of market.
A large number of excipients are required to increase drugs solubility and stability and to reduce problems related to active pharmaceutical ingredients (APIs). This is expected to increase the demand for pharmaceutical excipients.
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Scope of the Report:
The report on the global pharmaceutical excipients market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Global Pharmaceutical Excipients Market Segment Insights:
Based on product types, the market is bifurcated into organic chemicals and inorganic chemicals. In 2018, the organic chemicals segment held a large share of the market owing to the maximum use of these chemicals in most of the pharmaceutical formulations available in market. In terms of functionalities, the market is fragmented into binders, fillers, and diluents. The fillers and diluents segments constitutes large market share as they are used to develop solid oral formulations. The binders segment is expected to grow during the forecast period, as binders are used in wet granulation processes and for active pharmaceutical ingredients to provide better functionality. This, in turn, is boosting the demand for binders. On the basis of formulations, the market is divided into oral, topical, and parenteral. The oral segment dominates the market. It held a key share of the market in 2019, as it is a common route of administration for drugs delivery. The topical segment is expected to grow during forecast period due to the easy assimilation of topical excipients with liquid APIs. Based on regions, the market is broadly divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2019, North America accounted for a large share of the market. Its share is expected to increase during the forecast period owing to the high demand for excipients, increasing consumption, and rising investment in R&D. The market Asia Pacific is expected to grow at a considerable pace the during forecast period, due to the growth in the pharmaceutical industry in the region and increase in the demand for novel excipients.
Competitive Landscape:
Some of the leading players in global pharmaceutical excipients market are Ashland, BASF SE, DuPont, Associated British Foods Plc., Dow Chemicals Corporation, Roquette Frères, Evonik Industries, Merck Millipore The Lubrizol Corporation, Archer Daniels Midland Company, and Croda International PLC. These companies adopt different strategies such as merger & acquisition, product launches, and joint ventures to increase their presence in the market. For instance, in July 2019, The Lubrizol Corporation announced the acquisition of Bavaria Medizin Technologies (BMT), Custos Vermögensverwaltungs, and Lubrizol Deutschland. This helped Lubrizol Corporation to become an end to end participant in pharmaceutical industry.
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Segments Covered in the Report:
By Products:
· Organic Chemicals
· Inorganic Chemicals
· By Functionalities:
· Binders
· Fillers
· Diluents
By Formulations:
· Oral
· Topical
· Parenteral
By Regions:
· Asia Pacific
· North America
· Latin America
· Europe
· Middle East & Africa
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