Pune, Nov. 22, 2023 (GLOBE NEWSWIRE) -- “The Pharmaceutical Excipients Market, as per the SNS Insider report, achieved a valuation of USD 8.58 billion in 2022 and is projected to attain USD 13.68 billion by 2030. It is anticipated to register a Compound Annual Growth Rate (CAGR) of 6% during the forecast period from 2023 to 2030.”
Market Overview
Pharmaceutical excipients, often referred to as inactive ingredients, are substances that are added to medicinal products during the manufacturing process. These substances are not intended to have a direct therapeutic effect but serve various essential functions. Excipients contribute to the stability of pharmaceutical formulations, preventing degradation and ensuring the product's effectiveness throughout its shelf life. Some excipients aid in the solubility and absorption of the active pharmaceutical ingredient (API), thereby enhancing the bioavailability of the drug.
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Market Analysis
Increasing research and development efforts in the pharmaceutical industry, particularly in the development of novel drug formulations, contribute to the demand for innovative excipients. Advancements in drug delivery technologies, such as nanotechnology and controlled-release formulations, require specialized excipients, driving pharmaceutical excipients market growth. The growing demand for generic drugs, coupled with the need for cost-effective formulations, boosts the market for excipients that enhance the performance of generic pharmaceuticals. The rising prevalence of chronic diseases necessitates the development of more effective and patient-friendly drug formulations, stimulating the demand for advanced excipients. Stringent regulations regarding the safety and efficacy of pharmaceuticals prompt manufacturers to invest in high-quality excipients that comply with regulatory standards, fostering market growth.
Key Company Profiles Listed in this Report are:
The Major Players are Akzo Nobel N.V., Evonik, Merck, J.M. Huber Corporation, Dow Chemicals Corporation, Merck Millipore, Croda International, and Archer Daniels Midland, Ashland, Inc., BASF SE, Associated British Foods Plc and Other Players
Pharmaceutical Excipients Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 8.58 Billion |
| Market Size by 2030 | US$ 13.68 Billion |
| CAGR | CAGR of 6% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regions/Countries | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Pharmaceutical business expansion fueled by functional excipients |
Key Takeaway from Pharmaceutical Excipients Market Study
- The ORAL FORMULATIONS segment emerges as a dominant force in shaping the pharmaceutical excipients market. As the demand for oral drug delivery systems continues to rise, excipients play a pivotal role in enhancing the efficacy, stability, and bioavailability of these formulations.
- Within the market, the segment dedicated to fillers and diluents is poised to assert its dominance. Fillers and diluents serve as integral components in pharmaceutical formulations, contributing to the physical characteristics and overall stability of medicinal products.
Recent Developments
- Roquette, a global leader in plant-based ingredients, has recently inked a definitive agreement to acquire Qualicaps, a prominent player in the capsules and drug delivery systems industry. This acquisition marks a significant step for Roquette, consolidating its position in the pharmaceutical sector and reinforcing its commitment to advancing innovative solutions.
- Nitika Pharmaceuticals is set to inaugurate a state-of-the-art microcrystalline cellulose manufacturing plant in Nagpur, India. The new manufacturing plant is poised to become a cornerstone in Nitika Pharmaceuticals' operations, providing a robust infrastructure for the production of microcrystalline cellulose, a vital ingredient in pharmaceutical formulations.
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Market Dynamics Analysis
The pharmaceutical excipients market is dynamically evolving, driven by a confluence of factors that shape its landscape. Among the key drivers propelling the market forward is the escalating demand for innovative drug formulations, as pharmaceutical companies strive to enhance the efficacy and bioavailability of therapeutic agents. The increasing prevalence of chronic diseases globally, coupled with an aging population, has fueled the need for novel drug delivery systems, thereby stimulating the demand for a diverse range of excipients. Furthermore, stringent regulatory requirements have prompted pharmaceutical manufacturers to seek excipients that comply with the ever-evolving standards, pushing the market towards continuous innovation. However, this surge in demand is met with its own set of challenges and restraints. Rising concerns about the safety and compatibility of excipients, especially in complex formulations, pose a significant challenge to market growth. Additionally, the escalating costs associated with research and development, coupled with the need for extensive clinical trials to ensure the safety of excipients, act as impediments to market expansion. Moreover, the market faces the constant threat of regulatory uncertainties, as changes in guidelines and compliance standards can impact the adoption of specific excipients. Navigating through these dynamics requires a delicate balance between innovation and adherence to regulatory requirements, presenting both opportunities and challenges for stakeholders in the market.
Pharmaceutical Excipients Market Segmentation:
By Function
- Fillers and diluents
- Binders
- Coatings
- Flavoring agents
- Disintegrants
- Colorants
- Others
By Type
- Inorganic Chemicals
- Organic Chemicals
By Type of Formulation
- Oral Formulations
- Topical Formulations
- Parenteral Formulations
- Other Formulations
Key Regional Developments
The North American region stands as a key player in the pharmaceutical excipients market, owing to the presence of a well-established pharmaceutical industry and a robust regulatory framework. The United States, in particular, dominates this market with a large number of pharmaceutical companies and research institutions. Europe is another prominent player in the market, driven by advancements in drug delivery technologies and a strong emphasis on research and development. The Asia-Pacific region is emerging as a lucrative market for pharmaceutical excipients, propelled by the rapid expansion of the pharmaceutical industry in countries such as China and India. The availability of cost-effective raw materials and labor, coupled with a large patient population, makes the region attractive for pharmaceutical manufacturers.
Impact of Recession on Pharmaceutical Excipients Market Growth
The recession has led pharmaceutical companies to tighten their budgets and implement cost-cutting measures. As a result, the demand for pharmaceutical excipients, which constitute a significant portion of the production cost, has experienced a decline. During economic downturns, there is a historical trend towards increased consumption of generic drugs as a cost-saving measure. This surge in the demand for generic pharmaceuticals positively influences the market for excipients, as these substances are crucial in ensuring the bioequivalence and stability of generic formulations. Pharmaceutical companies facing financial constraints may opt for outsourcing non-core functions to minimize costs. This trend benefits contract manufacturing organizations (CMOs) specializing in excipient production, potentially driving growth in the pharmaceutical excipients market.
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Tabel of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Pharmaceutical excipients market, by Function
9. Pharmaceutical excipients market, by Type
10. Pharmaceutical excipients market, by Type of Formulation
11. Regional Analysis
12.Company Profiles
13. Competitive Landscape
14. Conclusion
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