Fort Collins, Colorado, Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the excipients market size was valued at USD 10.1 Billion in 2022 and is expected to exhibit a CAGR of 4.3% to reach USD 15.3 Billion by 2032.
Excipients are the ingredients present in the formulation alongside active pharmaceutical ingredients (API). They are free from any therapeutic effect but facilitate and secure the manufacturing process and enhance the stability in absorption and bioavailability of the active pharmaceutical ingredient. Therefore, they act as binders, glidants, diluents, and disintegrants.
The increased demand for novel drug delivery systems has led to the growth of excipient markets. Novel drug delivery systems require nanoparticles, microspheres, and niosomes. Excipients play a significant role in manufacturing these drug delivery systems. In addition, the rise in requirements for biopharmaceuticals will likely augment the market growth. Therefore, biopharmaceuticals, the fastest-growing segment in the pharmaceutical sector, fosters the growth of excipients. The rise in demand for novel substances that enhance nanoparticle drug delivery systems for cancer medication for better stability and bioavailability leads to a high demand for excipients.
Pharmaceutical companies focus more on optimizing excipients and their use in drug delivery systems. Government bodies are also investing in healthcare sectors owing to the proliferation of pharmaceutical companies in emerging economies. This creates a huge opportunity for the pharmaceutical industry to expand its manufacturing plants and also focus on the R&D of excipients to support novel drug delivery systems.
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Segmentation Overview:
The global excipients market has been segmented into product, function, formulation, and region. Asia Pacific, Middle East, and Africa are the fastest growing regions in the excipients market. Many emerging pharmaceutical companies in China and India are contributing to the growth of the pharmaceutical sector. Manufacturing of pharmaceutical formulations fosters the growth of the excipients market in this region.
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Excipients Market Report Highlights:
- The global excipients market growth is anticipated at a CAGR of 4.3% by 2032.
- The significant research on novel drug development largely drives the excipient market growth.
- Based on formulation, the market is segmented into oral, topical, parenteral, and others. Oral formulation dominated the market, accounting for a higher share.
- The excipients market is segmented based on function into binders, coating agents, glidants, disintegrants, and diluents.
- Some prominent players in the excipients market report include P&G Chemicals, FMC Corporation, Merck and Co. Inc., BASF SE, Ashland Inc., Lubrizol Corporation, Asahi Kasei Corporation, Evonik Industries AG, International Flavors & Fragrances, Inc., Roquette Frères.
Industry Trends and Insights:
- In 2022, the American Chemical Society (ACS) discovered that atomic layer deposition coating of metal oxides on active pharmaceutical ingredients significantly reduces the surface charge of the drug particles. This enables a smooth flow and homogeneity of the drug formulation.
- In 2023, the Medicines Manufacturing Industry Partnership published a report stating that the U.K. will emerge as the global life sciences superpower and will lead in the discovery and development of medicines. It would also account for a significant manufacturing share in the pharmaceutical industry.
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Excipients Market Segmentation:
- By Product: Polymers, alcohols, sugars, gelatin, minerals, others.
- By Function: Blinders, coating agents, glidants, disintegrants, diluents, and others.
- By Formulation: Oral, topical, parenteral, others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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