The new report by Expert Market Research titled, ‘Global Pharmaceutical Excipients Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2031’, gives an in-depth analysis of the global pharmaceutical excipients market, assessing the market based on its segments like product, functionality, formulation, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
• Historical Market Size (2022): USD 8.3 billion
• Forecast CAGR (2023-2031): 4.1%
• Forecast Market Size (2031): USD 11.9 billion
The market for pharmaceutical excipients has seen substantial growth due to factors such as the rising pharmaceutical industry combined with advances in functional excipients, increased use of orphan drugs, and the increased use of biopharmaceuticals. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the pharmaceutical excipients market. The introduction of multifunctional excipients, the shift in pharmaceutical manufacturing to emerging markets, and the growing biosimilar sector all present significant potential opportunities for industry players in the pharmaceutical excipients market.
Industry Definition and Major Segments
A pharmaceutical excipient, also known as a bulking agent, diluent, or filler, is an organic or synthetic component created with the active ingredient of a medicine and used in the manufacturing process to protect, support, or enhance stability, as well as for bioavailability. They also aid in product identification and increase overall product safety and functionality when in storage or use.
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Based on the product, the industry is divided into:
• Organic Chemicals
• Inorganic Chemicals
o Calcium Phosphate
o Metal Oxides
o Calcium Carbonate
o Calcium Sulphate
Based on the functionality, the industry is divided into:
• Fillers & Diluents
• Suspending & Viscosity Agents
• Coating Agents
• Flavouring Agents & Sweeteners
• Lubricants & Glidants
• Emulsifying Agents
Based on the formulation, the industry is divided into:
• Oral Formulations
o Liquid Formulations
• Topical Formulations
• Parenteral Formulations
The regional markets for pharmaceutical excipients include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Pharmaceutical Excipients Market Trends
Geographically, the market is dominated by North America, which is projected to continue in this pattern over the forecast period. As new active pharmaceutical ingredients are created and fresh technologies are implemented, the excipient sector in the United States is likely to evolve with the pharmaceutical industry. Binders have seen huge increases in both quantity and revenue in recent years. Binders have steadily gained recognition in the pharmaceutical business as a means of assisting active pharmaceutical components in achieving improved functioning and providing a competitive advantage.
The wet granulation process is one of the most often utilised binder modalities; it is frequently necessary when the pharmaceutical form contains a high number of active components. The need for binders is increasing rapidly, owing to their ease of use and low cost. This growing need increases the use of binders in pharmaceutical products, which is a driving force for this industry throughout the forecast period.
Key Market Players
The major players in the market are Dupont De Nemours, Inc., Roquette Frères, Ashland Global Holdings Inc., Evonik Industries AG, BASF SE, Kerry Group PLC, Croda International, Associated British Foods PLC, Archer Daniels Midland Company, Lubrizol Corporation, Innophos Holdings Inc., WACKER Chemie AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.