by The global pharmaceutical industry utilizes excipients to enhance the bioavailability of drugs and ensure safety. Excipients such as fillers, binders, lubricants, flavoring agents, preservatives and others are used to impart various functional properties to pharmaceutical formulations including tablets, capsules, oral liquids, injectables and topical preparations. They improve the processing and manufacturing properties of drug products. Excipients facilitate accurate dosing and ensure timely drug delivery at the intended site of action in the body. The global demand for excipients is rising in tandem with increasing pharmaceutical R&D activities and manufacturing volumes across different dosage forms. Also, the growing generic drug market demands cost-effective excipients to manufacture low-cost medications for large patient populations. The global Pharmaceutical Excipients Market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the pharmaceutical excipients industry is the shift towards multifunctional excipients. Excipient manufacturers are focusing on developing excipients that can serve multiple functions, thereby reducing overall production costs for drug manufacturers. For example, jointly utilizing a single excipient for tableting and coating purposes instead of using separate excipients. Also, excipient manufacturers are offering formulation development and manufacturing services to drug developers for developing finished dosage forms using their specialized excipient portfolios. This helps expedite clinical trials and new product launches for pharmaceutical companies. Novel excipients mimicking the properties of tissues and biological fluids are also gaining attention for developing advanced drug delivery systems including controlled and sustained release formulations.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Developing new excipients requires huge investments in R&D and testing and getting regulatory approval is a lengthy process.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have a variety of excipient manufacturers to choose from and commodity excipients can be easily substituted.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many suppliers, key raw materials are petrochemical based and suppliers require long term contracts and adherence to regulations.
Threat of new substitutes: The threat of new substitutes is moderate. Advancements in formulation technologies can reduce dependence on some excipients but complete substitutes are difficult to develop given functional requirements.
Competitive rivalry: The competitive rivalry is high due to a significant number of players operating in the market and commoditization of many excipients. Players compete based on pricing, service and quality.
Key Takeaways
The global Pharmaceutical Excipients Market Growth is expected to witness high growth. The market size for 2023 is projected to reach US$ 10.7 Bn registering a CAGR of 21% during the forecast period.
Regional analysis:
North America is expected to dominate the global market owing to developed pharmaceutical industry, high R&D spending and easy adoption of new technologies. Asia Pacific is expected to grow at fastest pace due to rising generics market, growing biologics industry and shifting of production bases.
Key players:
Key players operating in the Pharmaceutical Excipients market are Safari Club International, Cabela’s, Bass Pro Shops, Remington Outdoor Company, Beretta, Hunters Hill Safaris, Weatherby, Leica, Winchester Ammunition, Orvis, Hornady, Blaser Group, Zeiss, Sako, Norma. These players are focusing on expanding their production capacities, global presence and new product developments catering to needs of various dosage forms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
