Pharmaceutical Excipients Market is Anticipated to Witness High Growth Owing to Increasing Generic Drugs Production
Pharmaceutical Excipients Market is Anticipated to Witness High Growth Owing to Increasing Generic Drugs Production
The pharmaceutical excipients market deals with various inactive substances that bind or dilute active ingredients in a drug formulation.

Excipients are added to formulations to provide consistency, thickness, and stability to drugs. Some common excipients include fillers, binders, lubricants, flavoring agents, preservatives, disintegrants, and coloring agents. The pharmaceutical excipients provide ease of swallowing in tablets and capsules and prevent drug decomposition. The rising generic drug productions have increased the demand for excipients.

The Global pharmaceutical excipients market is estimated to be valued at US$ 12.33 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the Global Pharmaceutical Excipients Market Size are Waters Corporation, Agilent Technologies Inc., Bruker Corporation, SCIEX, Shimadzu Corporation, Danaher, Thermo Fisher Scientific Inc., Shimadzu, PerkinElmer Inc.

The key opportunities in the market include development of multifunctional excipients and expansion in emerging markets. Global players are focusing on expanding their distribution networks in Asia Pacific and Middle East & Africa. These regions offer huge growth opportunities owing to growing healthcare expenditures, increasing generics production, and rising medical tourism.

Global expansion of key pharmaceutical excipients manufacturers include strategic partnerships, acquisitions, and establishing local manufacturing plants. For instance, in 2018, JRS Pharma and BASF entered into a partnership to develop specialized multifunctional excipients. In 2020, Roquette acquired Petpure Pharmaceuticals to strengthen its position in pharmaceutical excipients market in China.

Market drivers:

- Increasing production of generic drugs worldwide is expected to drive the pharmaceutical excipients demand. Generic drugs require 30-40% lesser excipients as compared to branded drugs.

- Growth in biologics and injectables drugs segments where excipients play a vital role in solubility and stability of drugs. This is projected to boost the market growth during the forecast period.

Market Restrains:

- Stringent regulatory approval process for new excipients may hamper market growth. Regulatory authorities require extensive clinical data to approve new excipients.
- Availability of substitutes like contract manufacturing organizations (CMOs) providing end-to-end drug development services poses threat to pure play excipient manufacturers.

Segment Analysis

Pharmaceutical excipients market can be classified based on product type and functionality. Based on product type, the market is segmented into fillers & diluents, binders, suspending & viscosity agents, flavoring agents & sweeteners, coating agents, colorants, lubricants & glidants and others. Fillers & diluents sub-segment dominates the market currently and is expected to continue its dominance over the forecast period. Fillers & diluents mainly help in bulking of tablets and provide consistency to the formulation. Based on functionality, the market is segmented into tablets, capsules, oral powders, parenteral preparations and others. Tablets sub-segment accounted for the largest share currently due to increased consumption of tablets as oral solid dosage forms. Tablets provide convenience of self-administration and accurate dosing which drives the growth of this sub-segment.

Global Analysis

North America region currently dominates the pharmaceutical excipients market owing to well-established pharmaceutical industry, presence of major pharmaceutical manufacturers and rising R&D expenditure. The region is expected to continue its dominance over the forecast period. Asia Pacific region shows fastest growth owing to increase in generic drugs manufacturing, expansion of pharmaceutical industry and increasing healthcare spending. Manufacturers are outsourcing their manufacturing facilities to Asia Pacific region to reduce costs. Emerging economies like India and China provide lucrative growth opportunities for excipients manufacturers due to availability of raw materials and affordable labor costs. Countries like Japan and South Korea are also considered as key markets in Asia Pacific region attributed to presence of prominent pharmaceutical companies.

Get More Insights On This Topic: https://www.ukwebwire.com/pharmaceutical-excipients-market-size-share-analysis-2023-2030/

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