Growth in this market is driven by the growing pharmaceutical industry in Latin American countries such as Brazil, Mexico, and Argentina; increasing focus of MNCs on investing in the pharmaceutical and healthcare sectors in Latin America; growing pricing pressures; rapid growth in aging population & the subsequent increase in the prevalence of related diseases; and the availability of local and government funding for R&D activities.
The report Latin America Pharmaceutical Excipients Market is projected to reach USD 579 million by 2024 from USD 403 million in 2019, at a CAGR of 7.5%.
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By functionality, the filler & diluents segment accounted for the largest share of the Latin America pharmaceutical excipients market
The Latin America pharmaceutical excipients market, by functionality, is segmented into fillers & diluents, binders, suspending & viscosity agents, flavoring agents & sweeteners, coating agents, colorants, disintegrants, lubricants & glidants, preservatives, emulsifiers & solubilizers, and other functionalities. The fillers & diluents segment accounted for the largest market share in 2018. The increased use of fillers & diluents in the development and production of solid dosage form and the wide applications of diluents in the wet granulation and direct compression process for tablet formulation are driving the growth of the fillers & diluents segment.
Mexico to dominate the Latin America pharmaceutical excipients market during the forecast period
In 2018, Mexico dominated the Latin America pharmaceutical excipients market, followed by Argentina. Over the past few years, Mexico has become an attractive destination for investment in the pharmaceutical industry due to its large pharmaceutical production and consumption capacity and the improved regulatory framework. Growing pharmaceutical production and consumption, increasing investments by MNCs, and improved regulatory framework are the major factors driving the growth of the pharmaceutical excipients market in Mexico.
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Top key Players: –
Prominent players in the Latin America pharmaceutical excipients market are DowDuPont (US), Roquette (France), Ashland (US), BASF (Germany), and Kerry Group (Ireland).