Pharmaceutical Excipients Market Size Worth USD 10.43 Billion in 2032 | Emergen Research

Rising demand for functional excipients and oral pharmaceutical medicines and increasing number of pharmaceuticals industries across the globe are key factors driving Pharmaceutical Excipients market revenue growth.

Vancouver, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The global pharmaceutical excipients market size was USD 6.00 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.7% during the forecast period. The global pharmaceutical excipients market is experiencing substantial growth, primarily fueled by the rising demand for functional excipients and oral pharmaceutical medicines worldwide. The market is also driven by the expansion of pharmaceutical industries and an increasing preference for generic medications. Pharmaceutical excipients, inert chemicals integral to drug manufacturing, play a pivotal role in enhancing stability, solid formulations, and drug absorption.

Key Factors Driving Market Growth:

  • Functional Excipients and Oral Medicines Demand: The escalating demand for functional excipients and oral pharmaceutical medicines is a significant driver of market revenue growth. These excipients are crucial in preparing pharmaceuticals, providing solid formulations, improving stability, and enhancing drug absorption.
  • Rise in Generic Medications: The increasing demand for generic medications, particularly after the expiration of patents, contributes to market growth. Generic drugs offer cost savings, with prices typically 60%–70% less than brand-name drugs, leading to substantial savings, especially in countries like India with high per capita spending.
  • Chronic Disease Prevalence: The growing prevalence of chronic diseases worldwide further propels the demand for pharmaceutical excipients, as these are essential in formulating medications for disease management.
  • Regulatory Challenges: Despite the positive trends, market growth faces challenges from regulatory strictness regarding drug and excipient approvals, along with the costly and time-consuming drug development process. Harmonizing regulatory criteria globally and ensuring consistent quality of generic pharmaceuticals are critical concerns.

Recent Market Trends:

  • Biopharmaceutical Industry Growth: The market witnesses a rapid expansion of the biopharmaceuticals industry, driven by the popularity of biomolecule-based drugs. Pharmaceutical companies globally are increasingly focusing on Research & Development (R&D) for biopharmaceutical products.
  • Formulation Insights: In 2022, the topical segment dominated the market revenue share due to the increasing adoption of topical medication delivery, providing high therapeutic outcomes. Tablets are expected to register moderate growth, driven by their widespread use in dosage forms.

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Functionality Insights:

  • Fillers and Diluents Lead: The fillers and diluents segment is expected to hold a significant revenue share, driven by their use in oral medications to enhance stability, reduce weight fluctuation, and improve dosing accuracy.
  • Binder Segment Growth: Binders are expected to experience steady growth due to their role in enhancing mechanical strength, disintegration, bulkiness, bioavailability, and dissolution rate in pharmaceutical products.

Product Insights:

  • Inorganic Excipients Growth: The inorganic excipients segment is poised to register the fastest revenue growth, attributed to the increasing demand for stable dosage forms that withstand transportation and storage challenges.
  • Organic Excipients Dominance: Organic excipients, sourced from natural origins, are expected to account for the largest revenue share, driven by their biocompatibility, compatibility with biological systems, and relevance in novel medication formulations.

Regional Insights:

  • North America Dominance: North America held the largest revenue share in 2022, driven by the demand for functional excipients and technological advancements. Functional excipients play a crucial role in enhancing therapeutic efficacy and drug delivery.
  • Asia Pacific's Rapid Growth: The Asia Pacific market is poised for the fastest growth, fueled by the presence of major players in developing countries, low manufacturing costs, and an increasing need for pharmaceutical excipients.
  • Europe's Strong Presence: Europe is expected to account for a considerable revenue share, driven by investments in biologics and superior dosage forms. Key industry players in the region actively engage in partnerships, collaborations, and product innovations.

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Scope of Research

Report DetailsOutcome
Market Size in 2022USD 6.0 Billion
CAGR (2023–2032)5.7%
Revenue Forecast To 2032USD 10.43 Billion
Base Year For Estimation2022
Historical Data2019-2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Formulation, functionality, product type, end-use, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledEvonik Industries, Ashland Global Holdings, Inc., International Flavors & Fragrances, Inc., Roquette Frères, Fuji Chemical Industries Co., Ltd., Wacker Chemie AG, Meggle GmbH & Co Kg, Fuji Chemical Industries Co., Ltd., Ideal Cures Pvt. Ltd., Biogrund GmbH, Nitika Pharmaceutical Specialties Pvt. Ltd.,
J.M. Huber Corporation, Kerry, Colorcon, Merck Millipore, Ashland, DFE Pharma, Finar Limited, Corel Pharma Chem, and Roquette
Customization Scope10 hours of free customization and expert consultation

MAJOR COMPANIES and Market Share Analysis

The global pharmaceutical excipients market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective pharmaceutical excipients solutions. Some major players included in the global pharmaceutical excipients market report are:

  • Evonik Industries
  • Ashland Global Holdings, Inc.
  • International Flavors & Fragrances, Inc.
  • Roquette Frères
  • Fuji Chemical Industries Co., Ltd.
  • Wacker Chemie AG
  • Meggle GmbH & Co Kg
  • Fuji Chemical Industries Co., Ltd.
  • Ideal Cures Pvt. Ltd.
  • Biogrund GmbH
  • Nitika Pharmaceutical Specialties Pvt. Ltd.
  • J.M. Huber Corporation
  • Kerry
  • Colorcon
  • Merck Millipore
  • Ashland
  • DFE Pharma
  • Finar Limited
  • Corel Pharma Chem
  • Roquette

Strategic Development

  • On 3 October, 2022, Ashland a, company manufacturing drugs with new technological advancements, such as matrix polymer, launched klucel xtend HPC. Klucel xtend HPC is the only cellulosic excipient that offers a complete extended-release polymer alternative for Hot-Melt Extrusion (HME).
  • In February 2022, Kerry Group Plc., the world’s leading taste and nutrition company, revealed the acquisition of two significant biotechnology companies. These acquisitions strengthened Kerry Group Plc’s technology portfolio, manufacturing capabilities, and expertise. Enmex, a Mexican enzyme manufacturer, and c-LEcta, a leading biotechnology innovation company, have been acquired by the company.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global pharmaceutical excipients market on the basis of formulation, product, functionality, end-use, and region:

  • Formulation Outlook (Revenue, USD Billion; 2019-2032)
    • Tablets
    • Parenterals
    • Capsules
    • Topicals
    • Others
  • Functionality Outlook (Revenue, USD Billion; 2019-2032)
    • Fillers and Diluents
    • Binders
    • Disintegrants
    • Lubricants and Glidants
    • Flavoring Agents & Sweeteners
    • Others
  • Product Outlook (Revenue, USD Billion; 2019-2032)
    • Organic Excipients
    • Inorganic Excipients
  • End-use Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
    • Pharmaceutical and Biopharmaceutical Companies
    • Research Organizations
    • Contract Formulators
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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