Pune, March 06, 2023 (GLOBE NEWSWIRE) -- The global Pharmaceutical Excipients market size was USD 6.8 Billion in 2022. and is projected to reach USD 11.8 billion by 2032, exhibiting a CAGR of 5.8% in the forecast period (2023-2032). Excipients in pharmaceutical products are added to dosage forms for support, protection, stability, or enhancement of bioavailability. Excipients are key components of pharmaceuticals that aid in the solubility of drugs, drug delivery, the conversion of pharmaceutical ingredients into usable dosages, and improve the taste. Because patients don't want to feel pain and it is easy to use, oral drugs have been popular in recent years. Patients-oriented industries have replaced hard-to-take, solid tablets with innovative drugs like ODG, chewable tablets, and lozenges.
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Key Takeaway:
- By product type, in 2022, the Pharmaceutical Excipients market was dominated by the organic chemicals segment due to their non-toxic nature and efficiency.
- By formulation type, the oral formulations segment dominated the market share due to its enormous advantages and efficiency in dominating diseases.
- By functionality type, the fillers and diluents hold the largest market share owing to their use in the formulation of tablets and capsules
- In 2022, Europe dominated the market with the highest revenue share of over 38%.
- APAC is expected to grow at a higher pace among all the regions covered in the report.
Factors affecting the growth of the Pharmaceutical Excipients industry?
Several factors can have an impact on the growth of the Pharmaceutical Excipients industry. Some of these factors include:
- Novel Drugs: The demand for novel substances to support nanoparticle drug delivery is increasing. This will allow for better stability and greater adoption of drugs.
- New Discoveries: Several companies are currently working to optimize excipients for drug delivery and formulations. These factors will have a significant impact on the future marketing and development of these products.
- Multi-Functional Excipients: An increase in the investments towards the development of multi-function excipients is also a factor contributing to the rapid growth of the target market.
- Increased Use of Generic Drugs: In recent years, generic drugs have seen a significant increase in popularity. It is likely that the rise of generic drugs will be attributed to the availability of cheaper alternatives to branded drugs.
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Market Growth
The COVID-19 pandemic brought several problems for excipients organizations, including a shortage of medical supplies. The global supply chain was affected by many failures, such as those that impeded the distribution, purchase, and obtaining of drug products. Key market players took various initiatives during the pandemic. Croda International Plc entered into an agreement with Pfizer Inc. in November 2020 to supply additional substances for its COVID-19 vaccine. This arrangement saw the UK-based specialty chemical organization reach a record high. Croda has had an agreement with Pfizer for a significant time. It grants Croda stock rights for four excipients used in the creation of the vaccine. These associations could have a positive impact in the near future.
Regional Analysis
Europe held 38% of the global pharmaceutical excipients market in 2022. The government schemes help to lower drug prices, increase investment in biologics discoveries, and develop dosage forms. The contribution of the European market healthcare industry to pharmaceuticals' overall growth will increase as there is more demand for new excipients. The Asia-Pacific region will see a significant increase in its market share over the forecast period. This is due to growth factors like the low cost of raw materials and the availability of low-cost workers in the region. These factors can also help to expand the market for pharmaceutical excipients. In the future, countries such as India or China will offer huge market growth opportunities.
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Pharmaceutical Excipients Market: Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 6.8 Billion |
| Market Size (2032) | USD 11.8 Billion |
| CAGR (from 2023 to 2032) | 5.8% |
| Europe Revenue Share | 38% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Generic drugs can have the same effects as branded drugs. Customers may also trust generic drugs because they offer the same safety guarantee as branded drugs. The lower costs of generics are driving the market growth in pharmaceutical excipients. Generic drugs have saved the US healthcare system up to US$ 1.7 trillion over the past ten years. Generic medicines are increasingly being promoted by several countries due to such advantages. According to the Association for Accessible Medicines, 90% of US prescriptions include generic drugs. Several players, such as Merck, Bristol Myers Squibb, and Novartis, among others, will lose patents on more than 50 types of drugs between 2019-2022. Generic drugs are able to meet the growing market demand for cheaper generic drugs at a low price, which is advantageous.
Market Restraints
CBRA estimates that the process of manufacturing new drugs takes between 10 and 12 years to complete. Toxicology studies for a specific drug only by an industry expert take 5-6 years. Only 10 drugs will be accepted for pre-clinical testing. Only 2 of these drugs will be approved for human testing. Biologic production has seen rapid development in the past, which is why there are high initial investments for the forecast period.
Market Opportunities
Many companies that offer pharmaceutical excipients solutions are limiting their operations to developed markets. This leaves the vast potential of emerging markets untapped. There are many countries such as China and India, Australia, the Middle East, and Africa that have a large population at high risk for certain diseases. This presents a huge opportunity to expand the market for Pharmaceutical Excipients.
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Report Segmentation of the Pharmaceutical Excipients Market
Product Type Insight
The overall market was led by the organic chemicals segment during the forecast period. This segment also has the highest CAGR when compared with inorganic chemicals. This is due to their non-toxic nature and efficiency as excipients for oral formulations.
Formulation Type Insight
The formulations types segment of the pharmaceutical excipients market is divided into tablets, capsules, tablets, liquid, parenteral, oral, and other formulations types. The market's largest share is held by the oral formulations segment due to its huge advantages and effectiveness in tackling diseases. Healthcare experts stated that antiviral medications are crucial in covid-19. These drugs were highly in demand during the pandemic. To increase the effectiveness against pneumonia and other diseases, tablets are available in tablet form. Tablets for oral use are growing in popularity due to their less intrusive nature. This increases overall market growth.
Functionality Type Insight
The pharmaceutical excipients market can be divided into fillers and diluents, suspending and viscosity agents, binders, flavoring and sweetener agents, preservatives, coating agents, and other functionality types. Fillers and diluents occupied the largest market share of all these functionalities. These are used to make capsules and tablets.
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Pharmaceutical Excipients Market Segmentation
By Product Type
- Inorganic Chemicals
- Organic Chemicals
By Formulation Type
- Capsules Formulation
- Tablets Formulation
- Liquid Formulation
- Parenteral Formulation
- Oral Formulation
- Other Formulation Types
By Functionality Type
- Fillers & Diluents
- Suspending and Viscosity Agent
- Binders
- Flavoring Agents and Sweeteners
- Preservatives
- Coating Agents
- Other Functionality Types
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Market share is dominated by key players such as America's Ashland Global Holdings, Inc., International Flavors & Fragrances, Inc., FMC Corporation), Germany (BASF SE, Evonik Industry AG), France (Roquette Freres), etc.
Some of the major players include:
- Ashland Global Holdings
- BASF SE
- DuPont
- Roquette Feres
- Evonik Industries AG
- Associated British Foods
- Archer Daniels Midland Company
- Lubrizol Corporation
- Kerry Group
- Croda International PLC
- Roquette Frères
- FMC Corporation
- Other Key Players
Recent Development of the Pharmaceutical Excipients Market
- In 2022, Less bio-availability, a long-time problem, can be solved using CD formulation in ongoing clinical trials by increasing bio-availability excipients.
- In 2022, Kerry Group Plc., superior nutrition and taste company, has most extensive growth acquired two leading biotechnology companies, c-LEcta, an innovation in a biotechnology company, and Enmex, an enzyme manufacturer.
- In 2022, klucel xtend HPC company manufacturing drugs with new technological advancements like matrix polymer.
- In 2022, the Use of twin-screw melt granulation for hydroxypropyl cellulose and Mannitol.
- In 2021, the Product launching of BioHale solved the global supply problem by DFE Pharma.
- In 2020, Colorcon launched the Acryl-EZE II film coating line, which extends the pH range.
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