Fort Collins, Colorado, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The Pharmaceutical Excipients Market was valued at USD 8.3 Billion in 2022 and is anticipated to grow CAGR at 6.1% to reach USD 14.9 Billion by 2032.
Excipients are substances that do not have medicinal properties but play a vital role in strengthening tablet formation. They can be pharmacologically active or inactive and are in high demand due to the growing need for generic and new medicines that cater to changing health needs. As a result, there is an increasing demand for suitable excipients.
The pharmaceutical industry is always exploring cost-saving measures, and one particularly promising avenue is using excipients. These substances can be important in reducing costs while maintaining high-quality standards, making them an increasingly popular choice among generic drug manufacturers. As a result, the demand for affordable, top-quality excipients steadily rises, indicating a positive trend for the pharmaceutical excipient market.
Excipients are auxiliary substances added to a medication to facilitate its formulation and administration. They can be used either individually or in combination with other excipients, depending on the specific function they need to perform. Some excipients are multifunctional, reducing the substances required in the drug formulation. These functions can include enhancing the solubility and stability of the drug, improving its taste and texture, and controlling its release rate. In summary, excipients play a crucial role in ensuring that drugs are effective, safe, and easy to use.
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Segmentation Overview:
The pharmaceutical excipients market has been segmented into product, formulation, functionality, and region. Organic chemicals are classified into two types: petrochemicals and carbohydrates. Within this category, organic excipients are the dominant players and are expected to continue their dominance in the coming years. People prefer organic chemicals due to their nontoxic nature, biocompatibility, and eco-friendliness. Topical formulations are projected to grow significantly due to patient compliance and their effectiveness in treating ailments. Moreover, these formulations have fewer side effects and are less toxic, making them a preferred option for many.
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Pharmaceutical Excipients Market Report Highlights:
- The pharmaceutical excipients market growth is anticipated at a CAGR of 6.1% by 2032.
- Excipients are non-medicinal substances used to strengthen tablet formation. They help reduce costs while maintaining high-quality standards, making them popular among generic drug manufacturers. Excipients can be used individually or in combination with others to enhance the drug's solubility, stability, taste, and texture and control its release rate. In summary, excipients play a crucial role in ensuring that drugs are effective, safe, and easy to use.
- Europe is a major player in this market, thanks to key players and strict government regulations that monitor and promote growth in this region. Additionally, the large production capacities for generics and biosimilars are expected to boost the long-term demand for various excipients.
- Some prominent players in the pharmaceutical excipients market report include Croda International, Evonik Industries, Associated British Foods Plc., Archer Daniels Midland Company, BASF SE, Lubrizol Corporation, Ashland Global Holdings Inc., International Flavors and Fragrances, Roquette Pharma, Air Liquide S.A., and others
Industry Trends and Insights:
- Evonik's Mobile site in Alabama has received the ISCC PLUS sustainability certificate for using renewable acetone to produce isophorone-based products. The certification allows Evonik to market its renewable VESTA eCO series in the USA for the first time. European production began in 2022 after the Herne, Germany, Crosslinkers production site certification.
- Air Liquide and TotalEnergies have recently announced the formation of TEAL Mobility, a collaborative venture to create the premier provider of hydrogen distribution services for heavy-duty vehicles in Europe. Our joint initiative aims to promote the widespread adoption of hydrogen fuel cell technology, which will help accelerate the transition to cleaner and more sustainable transportation.
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Pharmaceutical Excipients Market Segmentation:
By Product: Organic chemicals, Inorganic chemicals, Other chemicals
By Formulation: Parenteral, Topical, Capsule, Tablet, Others
By Functionality: Coatings, Disintegrants, Fillers and Diluents, Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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