(PharmaNewsWire.Com, August 24, 2021 ) The pharmaceutical excipients market is projected to reach USD 10.6 billion by 2026 from USD 7.9 billion in 2021, at a CAGR of 5.8% during the forecast period.
Growth in this market is majorly driven by the growing pharmaceutical industry coupled with the increasing R&D activities taking place in this field. Also, the growing generics market, rapidly growing biopharmaceuticals sector and the rising adoption of orphan drugs are supporting the growth of the market.
On the other hand, the increasing regulatory stringency regarding the approval of drugs and excipients is expected to restrain the growth of this market during the forecast period. The quality of pharmaceutical excipients throughout their life cycle plays a crucial role in patient safety. The effects of low-quality excipients, such as reduced API bioavailability, have further increased the importance of controlling various aspects of the excipient life cycle, including designing, manufacturing, and transportation.
The importance of excipient quality is recognized by the global pharmaceutical industry and various regulatory agencies worldwide. In this regard, various governments are developing legislation related to sourcing and manufacturing excipients for the pharmaceutical industry that has restrained the industry growth to some extent.
The organic chemicals segment is expected to grow at the highest CAGR during the forecast period
Based on product, the pharmaceutical excipients market is segmented into three major categories— organic chemicals, inorganic chemicals, and other chemicals. In 2020, the organic chemicals segment accounted for the largest market share. This segment is also projected to register the highest CAGR during the forecast period. In 2020, the organic chemicals segment accounted for the largest share of the pharmaceutical excipients market. The large share of this segment can be attributed to the use of these chemicals in a majority of pharmaceutical formulations.
The fillers & dilluents segment is expected to account for the largest share of the pharmaceutical excipients market
Based on functionality, pharmaceutical excipients are categorized into fillers & diluents, binders, suspending & viscosity agents, flavoring agents & sweeteners, coating agents, colorants, disintegrants, lubricants & glidants, preservatives, emulsifying agents, and other functionalities. By functionality, fillers & diluents held the largest share in 2020. The demand for fillers and diluents is high as they are utilized in manufacturing tablets and capsules.
The oral formulations segment is expected to grow at the highest rate during the forecast period
Based on the formulation, the pharmaceutical excipients market is segmented into oral, topical, parenteral, and other formulations. Oral formulations dominate this market due to their wide usage and efficacy against many ailments. Healthcare professionals recommended antiviral drugs as the primary line of defense against COVID-19. Due to their effectiveness in resolving pneumonia and respiratory ailments caused by the virus, these drugs were prescribed in large numbers. Since they are produced in tablet form for oral consumption, the oral formulations market has received a significant boost.
Europe is expected to account for the largest share of the pharmaceutical excipeints market in 2020
In 2020, Europe accounted for the largest share of the pharmaceutical excipients market, followed by North America, the Asia Pacific, Latin America, and the Middle East & Africa. Many European countries are focusing their attention on the generics market due to the expiration of blockbuster drug patents in the coming years. As a result, the European region is expected to witness major growth in its generics market during the forecast period, which will propel the demand for pharmaceutical excipients. Increasing government initiatives in countries such as Germany, Italy, and Spain for reducing drug prices are expected to drive the market for generic drugs in these countries. The abovementioned factors, alongside increasing investments for the development of biologics and advanced dosage forms, will increase the demand for novel excipients and thereby aid the growth of the pharmaceutical excipients market in Europe.
The prominent players in this market are Ashland Global Holdings (US), BASF SE (Germany), DuPont (US), Roquette Feres (France), Evonik Industries AG (Germany), Associated British Foods (UK), Archer Daniels Midland Company (US), Lubrizol Corporation (US), and Croda International (UK). Other players in this market are Innophous Holdings (US), Kerry Group (Ireland), WACKER Chemie AG (Germany), Colorcon (US), DFE Pharma (Germany), JRS Pharma (Germany), and Air Liquide (France).
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