Pune, India., June 04, 2021 (GLOBE NEWSWIRE) --
Pharmaceutical Excipients Market: Key Insights
According to our new research study on “Pharmaceutical Excipients Market to 2027 – Global Analysis and Forecast – by Product, Functionality, and Type of Formulation,” the Pharmaceutical Excipients Market Size was valued at US$ 6,521.74 million in 2019 and is projected to reach US$ 9,873.53 million by 2027; it is expected to grow at a CAGR of 5.5% during 2020–2027. The cost and time intensive drug development process is likely to pose a negative impact on the market growth.
Pharmaceutical Excipients Market: Competition Landscape and Key Developments
DuPont de Nemours, Inc.; Roquette Frères; Croda International Plc; Ashland Global Holdings, Inc.; Archer Daniels Midland Company; BASF SE; Associated British Foods Plc; Evonik Industries AG; Lubrizol Corporation; and DFE Pharma are among the key companies operating in the global pharmaceutical excipients market. Leading players are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In 2018, Roquette Feres signed an agreement with Thermo Fisher Scientific to secure rights to distribute the products of Roquette in the US and Canada.
In 2019, Quadra Chemicals Ltd., a leading chemical and ingredient distributor, signed an agreement with MEGGLE Excipients & Technology to present its lactose excipient portfolio to the pharmaceuticals and nutraceuticals industries in Canada.
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North America held the largest share of the pharmaceutical excipients market in 2019. Economic development and increasing pharmaceutical demand support the growth in drug production in North America. Falling prices of excipients have resulted in reduced R&D efficiency in the pharmaceuticals industry, and strict regulations have compelled drug manufacturers to focus on the use of apt excipients to produce differentiated products at low prices, without compromising with the quality. As per a study conducted by the International Trade Administration in 2016, pharma-based industries devote ~15–20% of sales to R&D activities and spend more than US$ 50 billion in R&D per year. The US continues to be a leading investor in innovative research and development. Due to its high production and consumption potential and an improved regulatory environment, Mexico has also become a popular investment destination for pharmaceutical industry players in the recent years. The pharmaceutical excipients market in Mexico is fueled by growing pharmaceutical production and consumption, increased MNC investment, and strengthened regulatory framework. Moreover, with the launch of various innovative products and the acceptance of nanotechnology in the medical sector, the demand for excipients is increasing further.
Rising Demand and Emphasis on Co-Processed Excipients:
Co-processed excipients have gained much importance in the formulation of different dosage forms, particularly for in tablet preparation by direct compression method. Conventional inert excipients with a lack of desired functionality have drawn the pharmaceutical formulators' attention toward the production of new co-processed adjuvants. Recent advancements in the field of excipients, innovations in high-speed production machinery, and rise in focus on devising innovative co-processing techniques have been providing growth impetus to the pharmaceutical excipients market. The market growth is further fueled by the discoveries in the solid-state properties of excipients and the effects of the same on their functionality.
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Additionally, the escalating costs of developing a new chemical entity and growing preference for direct compaction has created a significant opportunity to develop high-functionality co-processed excipients. The tailor-made excipients that comply with performance, protection, and regulatory issues are predicted to gain more traction in the coming years. Owing to the advantages of the forthcoming newer combination of excipients and newer co-processing methods, co-processed excipients are likely to gain traction from both the pharmaceutical industry and academia. It also opens the opportunity to develop and use single multifunctional excipients, rather than using multiple excipients in the formulation. Co-processed excipients play a crucial role in creating a stable, result-oriented drug delivery system with enhanced chemical, physical, and mechanical properties. Besides, they resolve pre-compression parameters, palatability, disintegration, dissolution, compressibility, and sticking, which might affect performances of traditional individual excipients.
Pharmaceutical Excipients Market: Segmental Overview
On the basis of product, the pharmaceutical excipients market is segmented into inorganic chemicals, organic chemicals, and other products. The organic chemicals segment held the largest market share in 2019 and is expected to maintain its position in the market by 2027. On the basis of functionality, the pharmaceutical excipients market is segmented into suspending and viscosity agents, fillers and diluents, coating agents, binders, emulsifying agents, preservatives, and other functionalities. The fillers and diluents segment held the largest share of the pharmaceutical excipients market and is expected to dominate the market by 2027. Based on the type of formulation, the pharmaceutical excipients market is segmented into topical formulations, oral formulations, parenteral formulations, and other formulations. The oral formulations segment held the largest market share in 2019, as they are the most common pharmaceutical formulations used to treat various disease conditions.
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