(PharmaNewsWire.Com, October 06, 2020 ) According to the new market research report "Sugar-Based Excipients Market by Product (Actual Sugars, Sugar Alcohols, Artificial Sweeteners), Type (Powder/Granule, Crystal, Syrup), Functionality (Filler & Diluent, Tonicity Agents), Formulation (Oral, Topical, Parenteral) - Global Forecast" published by MarketsandMarkets™.
The Global Sugar-Based Excipients Market is estimated to grow at a CAGR of 4.3%, to reach USD 1,060.6 Million.
Major Market Growth Drivers:
- Increasing Use of Co-Processed Excipients - Patent Cliffs Driving the Demand for Sugar Excipients in the Generics Market - Increasing Development of Orally Disintegrating Tablets (ODTS) - Shifting Focus of Pharmaceutical Manufacturing to Emerging Countries
On the basis of product, the market is segmented into actual sugars, sugar alcohols, and artificial sweeteners. The actual sugars accounted for the largest share of the market in 2015, owing to its high utilization in oral formulations and pediatric formulations due to its non-toxicity and negligible reaction with drugs.
Based on the type, the market is segmented into powders/granules, direct compression sugars, crystals, and syrups. Similarly, on the basis of functionality, the market is segmented into fillers & diluents, flavoring agents, tonicity agents, and other functionalities.
Based on formulation, this market is segmented into oral formulations, parenteral formulations, topical formulations, and other formulations.
Geographically, the global sugar excipients market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Europe commanded a major share of the global market. Europe’s largest share is primarily attributed to the increasing investments in drug development, increasing production of generic drugs, and favorable government initiatives in the region. North America, represents the second largest market for sugar excipients. Factors such as presence of large number of global pharmaceutical companies, and increasing demand of generic drugs due to patent expiration of blockbuster drugs are majorly contributing to the growth of the market in this region.
The global sugar excipients market is dominated by Roquette Group (France), DFE Pharma (Germany), BASF SE (Germany), and Ashland Inc. (U.S.), which together accounted for ~40% to 45% of the global market in 2015. The rest of the market is fragmented in nature with the presence of many local and regional players.
BASF SE (Germany) is another well-established player in the sugar excipients market. The company’s stronghold in the global sugar excipients market is largely attributed to its innovative and sustainable products and solutions. It provides customized products to make customers’ production processes more efficient and increase the application of products.
The company emphasizes on increasing its market presence and geographical coverage through expansions and agreements in order to remain competitive in the global market. Strategically, the company has planned to invest about USD 13.8 million (EUR 10 billion) from 2013 to 2020 to enhance its geographic footprint in Asia-Pacific. With regard to this, in March 2014, BASF SE opened a new global R&D Center in Navi Mumbai, India, with an initial investment of USD 2.76 million. By 2020, the company plans to conduct around 25% of its global R&D in Asia-Pacific, to develop innovative solutions to address the region’s challenges of resource efficiency, food, and nutrition.
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