by Market Overview:
Pharmaceutical excipients are any inert substances used as vehicle or medium for a drug or other active pharmaceutical ingredient in the formulations and final dosage forms of drugs such as capsules, tablets, or syrups. Excipients provides bulk and consistency to tablets and granules.
The Pharmaceutical Excipients market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trend in the pharmaceutical excipients market is increasing adoption of orphan drugs development which has been driving the demand for advanced excipients. Orphan drug development require specialized formulations and targeted delivery to ensure safety and efficacy of active ingredients. Manufacturers are focusing on developing novel excipients to facilitate development of orphan drugs and overcome challenges related to solubility, stability and metabolism of active pharmaceutical ingredients. For instance, in September 2022, JRS Pharma introduced ServActTM P 101, amorphous solid dispersion excipients to enhance solubility of poorly soluble APIs and enable development of orphan drugs.
SWOT Analysis
Strength: The pharmaceutical excipients market has strong growth potential due to the rising demand for medications across the world. Pharmaceutical excipients serve as inactive ingredients that improve the effectiveness and quality of drug formulations.
Weakness: Stringent regulatory guidelines for the approval of pharmaceutical excipients can delay their time to market. Additionally, high R&D costs associated with the development of novel excipients pose financial challenges for manufacturers.
Opportunity: The market sees opportunities for innovations in excipient formulations that can enhance drug bioavailability and targeted drug delivery. Additionally, the development of biodegradable and environment-friendly excipients presents an avenue for business expansion.
Threats: Price fluctuations in the raw materials used for excipient production can negatively impact the overall production costs. Moreover, the presence of substitutes such as nutrient supplements and herbal drugs may reduce dependence on conventional medications.
Key Takeaways
The Global Pharmaceutical Excipients Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for effective and safe drug formulations along with rising medication consumption worldwide.
Regional analysis: North America dominated the global market and accounted for over 30% market share in 2023 owing to technological advancements in drug delivery and formulation development supported by strong R&D investments in the country. Asia Pacific is anticipated to be the fastest growing market due to rising generic drug manufacturing, increasing medical expenditures, and growing geriatric population in major Asian countries including India and China.
Key players operating in the pharmaceutical excipients market are Kerry Group plc., DFE Pharma, Cargill, Incorporated, Pfanstiehl, Colorcon, MEGGLE GmbH & Co. KG, Omya AG, Peter Greven GmbH & Co. KG, Ashland., Evonik, Dow, Croda International Plc, Roquette Frères., The Lubrizol Corporation, BASF SE, Avantor, Inc., BENEO, Chemie Trade, among others. These players are focusing on new product launches, capacity expansions, and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
