April 23, 2024
Pharmaceutical Excipients Market

Pharmaceutical Excipients Market Is Expected To Be Flourished By Increasing Demand For Complex Formulations

Pharmaceutical excipients are extensively used in various pharmaceutical formulations and products. They include diluents, binders, flavors, coatings, sweeteners, glidants, lubricants and disintegrants that help in the processing of active pharmaceutical ingredients into medicines. Excipients play an important role such as bulking agents, lubricants and binders in the manufacturing process of pharmaceutical drugs. They improve the functionality and efficacy of the drug product and act as drug delivery vehicles. The growth in generic drug production and rise in contract manufacturing have significantly contributed to the growth of the global pharmaceutical excipients market.

The global pharmaceutical excipients Market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing demand for complex formulations is expected to drive the growth of the pharmaceutical excipients market over the forecast period. Complex drug formulations involve novel excipients which require extensive toxicological and safety evaluations before usage. New technological advancements have led to the development of multifunctional excipients which help in enhancing thermodynamic stability and solubility of active pharmaceutical ingredients. Further, the growing generics market fuels the demand for pharmaceutical excipients. Rise in contract manufacturing outsourcing from pharmaceutical companies to excipient suppliers also promotes market growth. However, stringent regulatory mandates associated with the approval of new excipients hampers the market growth.

Segment Analysis

The pharmaceutical excipients market can be segmented into fillers and diluents, binders, surfactants, coating and films, preservatives, flavoring agents and sweeteners, and other excipients. The fillers and diluents segment dominates the market and accounts for over 40% share. Fillers and diluents are primarily used to increase the bulk of the formulation to allow correct processing and preparation of the dosage form. They also help in binding and disintegrating properties of the dosage forms. The fillers and diluents segment is dominating owing to increasing use of lactose and microcrystalline cellulose in drug formulations.

PEST Analysis

Political: There are stringent laws and regulations regarding the use of ingredients in pharmaceutical formulations by regulatory bodies like FDA and EMA. This creates a regulated environment for pharmaceutical excipients manufacturers.
Economic: Growth of the pharmaceutical industry and increasing R&D investment in drug development is fueling demand for excipients. Additionally, rise in chronic diseases is boosting usage of medicines which requires excipients.
Social: Increasing health awareness among consumers is prompting them to adopt medicine for better healthcare. This is positively impacting the excipients market.
Technological: Advancements in drug delivery technologies like controlled release and targeted drug delivery systems are presenting opportunities for excipients manufacturers to develop specialized products. Newer techniques in analysis are helping ensure quality and safety.

Key Takeaways

The global Pharmaceutical Excipients Market Growth is expected to witness high growth at a CAGR of 21% during the forecast period of 2023 to 2030. The growing pharmaceutical industry, evolving drug delivery systems and increasing incidence of lifestyle diseases are key factors driving market growth.

Regional analysis : North America leads the global market and is expected to maintain its dominance during the forecast period. However, Asia Pacific is projected to be the fastest growing regional market owing to growth in generics manufacturing, rising healthcare spending and increasing clinical trial activities in the region.

Key players operating in the pharmaceutical excipients market are Safari Club International, Cabela’s, Bass Pro Shops, Remington Outdoor Company, Beretta, Hunters Hill Safaris, Weatherby, Leica, Winchester Ammunition, Orvis, Hornady, Blaser Group, Zeiss, Sako, Norma. These companies are focusing on developing innovative excipients to support new drug delivery mechanisms and formulations.

Some of the specialized excipients increasingly used are Glidants that improve flow properties of granulations, Lubricants that prevent compaction of powders during tabletting, and Plasticizers that maintain flexibility of films and capsules. Overall, focus on functional excipients presents lucrative opportunities for players in the pharmaceutical excipients market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it