Pharmaceutical Excipient Market is on the rise, driven by a surge in drug development and manufacturing this market include the rising prevalence of chronic diseases, growing generic drug production, and the expanding biopharmaceutical industry.
NEWARK, DE / ACCESSWIRE / July 15, 2024 / The Pharmaceutical Excipient Market is slated to have a valuation of US$ 972.9 million in 2024. The burgeoning pharmaceutical industry is playing into the hands of pharmaceutical excipient vendors. With governments especially desirous of extending healthcare services to rural and remote parts, the pharmaceutical sector, and in turn, the pharmaceutical excipient market, is benefitting.
The pharmaceutical excipient industry is slated to progress at a CAGR of 5.1% through 2034. Excipients are moving away from the non-active role they were traditionally playing. Functional and novel excipients often provide functions like changing the color of the medicine or enhancing the effect of the active ingredient. Thus, pharmaceutical excipients are getting more of the limelight and end-users are paying more attention to them.
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By the time 2034 rolls around, the pharmaceutical excipient market's value is forecasted to hit US$ 1,600 million. Development in the biologics sector is expected to add considerable value to the market. Similarly, developments in nanotechnology are predicted to enhance market value during the forecast period.
Some factors slow down the growth of the market. The market is heavily regulated, and the launch of new products has the potential to be slow as holdups from regulatory authorities are common. As with many pharmaceutical ingredients, consumer aversion towards them, especially artificial ingredients, is a roadblock for the market.
"Use of excipients to mask the taste of bitter medicines or to provide a different color to them is anticipated to help in the market's progress. Despite the existence of some notable drawbacks, the multi-functionality of excipients is expected to help the market to progress along nicely," Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
What are the Key Dynamics to the Pharmaceuticals Excipients Market Share?
The global sales of pharmaceutical excipients are driven by factors such as growing demand for functional excipients, increasing demand for generics, and the emergence of new excipients in the market.
Thousands of different excipients are used in medicines and makeup, on average, about 90% of each product. As a result, they represent a market value accounting for about 0.5% of the total demand for pharmaceutical excipients.
The sales of pharmaceutical excipients are expected to grow at a healthy CAGR during the forecast period due to increasing utilization of parenteral products due to the rise in the global burden of chronic and lifestyle diseases and heavy investments by the pharmaceuticals industry in the development of biologics.
Additionally, the adoption of modern science like nanotechnology to impart innovative functions to the excipients used for target-specific functionality of the active ingredients, resulting in reduced drug toxicity, a major challenge faced by the pharmaceutical industry, is also propelling the demand for pharmaceutical excipients during the forecast period.
The product demand is increasing in emerging markets like Asia-Pacific and Latin America; therefore, proper expansion planning focuses on various R&D and innovations to launch new products would be a great opportunity.
The sales of pharmaceutical excipients are hampered to a certain extent by the factors like declining investments in R&D by excipients producers and increasing regulatory requirements leading to scarcity of U.S. FDA-approved manufacturing sites.
Key Takeaways from the Pharmaceutical Excipient Market
The pharmaceutical excipient market is expected to be US$ 972.9 million in size in 2024.
Artificial excipients rule the roost in the market. Artificial excipients are expected to account for 34.7% of the market share in 2024.
Coating is the predominant technique. For 2024, coating is anticipated to account for 33.0% of the market share.
China is expected to be a promising country in terms of progress for the market. The country is forecasted to have a CAGR of 5.6% from 2024 to 2034 in the market.
The United States and Japan are poised to be lucrative countries for the market. For the forecast period, the CAGR for both the United States and Japan is predicted to be 5.3%.
The market is expected to progress at a CAGR of 5.4% in Germany.
Competition Analysis of the Pharmaceutical Excipient Market
The pharmaceutical excipient market is fragmented, with small-scale companies looking at product differentiation. While bigger companies look to expand production capabilities. Some of the prominent companies in the market include Ashland Global Holdings, Croda International, BASF SE, and Lubrizol Corporation.
Recent Developments in the Pharmaceutical Excipient Market
In October 2023, Clariant Chemicals introduced three new excipients as part of its VitiPure range.
In November 2021, Gattefossé unveiled excipients named Labrafac MC60, Gelucire 59/14, and Emulfree Duo.
Key Companies in the Pharmaceutical Excipient Market:
Ashland Global Holdings
Croda International
BASF SE
Lubrizol Corporation
Evonik Industries AG
Associated British Foods
Roquette Feres
Archer Daniels Midland Company
DuPont
Avantor Performance Materials, Inc.
The Dow Chemical Company
FMC Corporation
Evonik Industries
Lubrizol Corporation
Roquette
Colorcon, Inc.
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Pharmaceutical Excipient Market Key Segments
By Type:
Organic Chemicals
-
Oleochemicals
Fatty Alcohols
Mineral Stearates
Glycerin
Other Oleochemicals
-
Carbohydrates
-
Sugars
Actual Sugars
Sugar Alcohols
Artificial Sweeteners
-
Cellulose
Microcrystalline cellulose
Cellulose ethers
Carboxymethyl cellulose (CMC) and croscarmellose sodium
Cellulose esters
-
Starch
Modified Starch
Dried Starch
Converted Starch
-
-
Petrochemicals
Glycols
Povidones
Mineral Hydrocarbons
Acrylic Polymers
Other Petrochemical Excipients
Proteins
Other Organic Chemicals
Artificial
Calcium Phosphate
Metal Oxides
Halites
Calcium Carbonate
Calcium Sulphate
Other Artificial Chemicals
Other Chemicals
By Technique:
Fillers & Diluents
Suspending & Viscosity
Coating
Binders
Flavoring & Sweeteners
Disintegrants
Colorants
Lubricants & Glidants
Preservatives
Emulsifying
By Formulation:
Oral Formulations
Tablets
-
Capsules
Hard-gelatin Capsules
Soft-gelatin Capsules
Liquid Formulations
Other Oral Formulations
Topical Formulations
Parenteral Formulations
Other Formulations
By Application:
Taste Masking
Stabilizers
Modified-Release
Solubility & Bioavailability Enhancement
Others
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)
Author by
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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