Pharmaceuticals play a vital role in the well-being of human beings in the form of medications and drugs, with one of the category being excipients. Pharmaceutical excipients are natural or synthetic substances that help in increasing the stability of drugs which are formulated with active ingredients in the forms of dosage, without altering the therapeutic value of the drug. Moreover, they also help in transporting the active drug to the intended site in the body along with aiding in manufacturing process as well. Although they are inactive as per therapeutic values, they are a critical part of modern drugs. Over the past few years, the pharmaceutical industry has seen a sudden increase in demand for functional excipients, thereby boosting the growth of the pharmaceutical excipients market, globally.
The growth of the global market for pharmaceutical excipients is can be majorly attributed to the following factors:
- Rise in demand for functional excipients in pharmaceutical industry
- Increasing demand for generics due to expiration of patents
- Developments in Nanotechnology that will impart advanced features to pharmaceutical excipients
- Introduction of new excipients in this industry
Moreover, increasing focus of pharmaceutical industry in emerging economies and developments of multi-functional excipients are likely to provide good growth opportunities. However, reduced investments in R&D, rising need for more transparency in supply chain, and increasing regulatory requirements for manufacturers are some of the factors that may hamper the growth of this market.
The global pharmaceutical excipients market was valued at $6,105.0 Million in 2014, and is expected to grow at a CAGR of 6.7% during the forecast period of 2014-2019. Among regions, North America is the major market, followed by Europe, owing to the increased investments on novel drug and efforts of pharmaceutical companies to offer good-quality products. However, Asia-Pacific is estimated to register a higher CAGR as compared to North America and Europe.
The leading players participating in the global market for pharmaceutical excipients include Ashland Inc. (U.S.), BASF SE (Germany), The Dow Chemical Company (U.S.), Roquette (France), Colorcon, Inc. (U.S.), Avantor Performance Materials, Inc. (U.S.), FMC Corporation (U.S.), Evonik Industries (Germany), and Lubrizol Corporation (U.S.).
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The global market for pharmaceutical excipients has been analyzed and forecasted on the basis of following segmentation:
- Products: Inorganic Chemicals, Organic Chemicals
- Functionality: Fillers & Diluents, Binders, Suspension & Viscosity Agents, Coatings, Flavoring Agents, Disintegrants, Colorants, Lubricants & Glidants, Preservatives
- Route of Administration: Oral Excipients, Topical Excipients, Parenteral Excipients, Others
- Region: North America, Europe, Asia-Pacific, RoW