The Pharmaceutical Excipients Market is estimated to be valued at US$ 7835.63 Million in 2021 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Pharmaceutical Excipients Market refers to the substances that are included in pharmaceutical formulations to enhance their stability, bioavailability, and palatability. These excipients are a crucial component of various dosage forms, such as tablets, capsules, and oral liquids. They assist in maintaining the integrity and functionality of active pharmaceutical ingredients (APIs). Increasing demand for oral solid dosage forms and growing research and development activities by pharmaceutical manufacturers are driving the demand for pharmaceutical excipients. These excipients also play a vital role in improving drug delivery and patient compliance.
The pharmaceutical excipients market is driven by the increasing demand for oral solid dosage forms. Tablets and capsules are widely preferred by patients and healthcare professionals due to their ease of administration, accurate dosage, and convenience. The demand for excipients is also fueled by the growing research and development activities in the pharmaceutical industry. The development of novel drug formulations and delivery systems requires the use of various excipients to improve drug performance and ensure safety. Moreover, the rising prevalence of chronic diseases and the need for effective drug delivery systems are further driving the demand for pharmaceutical excipients. Additionally, the availability of a wide range of excipients with different functionalities and compatibility helps manufacturers tailor formulations according to specific needs. The market is also propelled by the increasing adoption of generic drugs, which require excipients for formulation development. Overall, the pharmaceutical excipients market is poised for significant growth in the coming years.
The Pharmaceutical Excipients Market can be segmented based on type, functionality, and formulation. By type, the dominating segment is the organic excipients segment. Organic excipients are derived from natural sources such as plants, animals, and minerals. They are preferred due to their compatibility with active pharmaceutical ingredients (APIs) and their minimal impact on human health. Additionally, organic excipients offer advantages such as improved solubility, stability, and bioavailability of drugs. These factors contribute to the dominating position of the organic excipients segment in the market.
Political: The pharmaceutical excipients market is influenced by various political factors such as regulations and policies related to drug manufacturing and safety standards. Government regulations play a crucial role in ensuring the quality and efficacy of pharmaceutical products.
Economic: The market is driven by several economic factors, including the increasing demand for generic drugs, rising healthcare expenditure, and the growing pharmaceutical industry worldwide. Economic factors significantly impact the pricing, production, and supply of pharmaceutical excipients.
Social: The social factors influencing the market include the aging population, changing lifestyles, and increasing awareness regarding healthcare. These factors drive the demand for pharmaceutical products, leading to the growth of the excipients market.
Technological: Technological advancements in drug formulation and manufacturing processes are shaping the pharmaceutical excipients market. Innovations such as nanotechnology, 3D printing, and continuous manufacturing are revolutionizing the pharmaceutical industry and creating opportunities for excipients manufacturers.
The global pharmaceutical excipients market is expected to witness high growth, exhibiting a CAGR of 5.3% from 2023 to 2030. This growth can be attributed to the increasing demand for generic drugs, the growing pharmaceutical industry, and the need for improved drug formulation and delivery systems.
In terms of regional analysis, North America is the fastest-growing and dominating region in the market. The region’s well-established healthcare infrastructure, high healthcare expenditure, and presence of major pharmaceutical companies drive the demand for excipients. Additionally, the increasing focus on research and development activities further fuels market growth in North America.
Key players operating in the pharmaceutical excipients market include BASF SE, DOW Chemical Company, FMC Corporation, Evonik Industries AG, Croda International PLC, Ashland Inc., Roquette Group, Lubrizol Corporation, Innophos Holdings Inc., MEGGLE Excipients & Technology, and others. These players hold a significant market share and constantly strive to innovate and develop advanced excipients to meet the evolving needs of the pharmaceutical industry.
- Source: Coherent Market Insights, Public sources, Desk research
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