The global pharmaceutical excipients market is projected to reach USD 8.53 Billion by 2023 from USD 6.40 Billion in 2018, growing at a CAGR of 5.9%.
Factors such as the growing demand for pharmaceuticals due to the rising aging population and the incidence of chronic diseases, advancements in functional excipient development, growing generics market due to patent cliffs, rapidly growing biopharmaceuticals sector, emergence of multifunctional & co-processed excipients, and the growing biosimilars industry are driving the market growth.
The report analyzes the market by product, functionality, type of formulation, and region. Based on product, the organic chemical excipients segment accounted for the largest share of the market in 2017. This can be attributed to the use of these excipients in majorly all of the pharmaceutical formulations as they offer advantages such as increased efficacy in oral delivery of poorly soluble molecules along with increased compressibility and flowability properties.
Based on functionality, the pharmaceutical excipients market is segmented into fillers & diluents, binders, suspending & viscosity agents, flavoring agents & sweeteners, coating agents, colorants, disintegrants, lubricants & glidants, preservatives, emulsifying agents, and other functionalities. The large share of the fillers and diluents segment can be attributed to the increased use of fillers and diluents in the development and production of solid oral drugs. They improve the taste of the formulation and provide ease of administration (of the drug), along with offering stability, ease in preparation, packaging, shipping, and dispensing of drugs.
On the basis of type of formulation, the oral formulations segment dominated the market in 2017. The oral route of administration is the most common and traditional route for drug delivery. With the development of excipients to improve the functionality of active pharmaceutical ingredients (APIs) in tablets and capsules, the demand for these formulations is high. This in turn will also propel the market growth in the coming years.
The market is highly fragmented and competitive in nature and is dominated by Ashland (US), BASF (Germany), DowDuPont (US), Roquette (France), Evonik (Germany), Associated British Foods (UK), Archer Daniels Midland Company (US), Lubrizol (US), Croda (UK), Innophous Holdings (US), Kerry Group (Ireland), WACKER CHEMIE (Germany), and Signet (India).
Key players in the market are pursuing several organic and inorganic growth strategies such as product launches, expansions, acquisitions, and agreements to garner larger shares of the market. During 2014 to January 2018, companies adopted expansions as their major growth strategy followed by acquisitions.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Pharmaceutical Excipients: Market Overview 4.2 Pharmaceutical Excipients Market: Geographic Growth Opportunities 4.3 Regional Mix: Market (2018-2023) 4.4 Asia Pacific: Organic Chemical Excipients Market, By Type (2017) 4.5 Pharmaceutical Excipients Market: Developing vs Developed Markets
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Market Drivers 184.108.40.206 Growth of the Pharmaceuticals Market Backed By Functional Excipients 220.127.116.11 Surge in the Generics Market 18.104.22.168 Increasing Uptake of Biopharmaceuticals 5.2.2 Market Restraints 22.214.171.124 Cost and Time-Intensive Drug Development Process 126.96.36.199 Increasing Regulatory Stringency 5.2.3 Market Opportunities 188.8.131.52 Multifunctionality Excipients are Proving to Be Emerging Areas of New Product Development 184.108.40.206 Shifting Focus of Pharmaceutical Manufacturing to Emerging Countries 220.127.116.11 Growth in the Biosimilars Market 5.2.4 Market Challenges 18.104.22.168 Safety and Quality Concerns
6 Industry Insights 6.1 Introduction 6.2 Industry Trends 6.2.1 Rising Demand and Emphasis on Co-Processed Excipients 6.2.2 Improving Excipient Capabilities By Using Nanotechnology 6.2.3 Increasing Use of Direct Compression in Oral Dosage Formulations 6.3 Regulatory Analysis 6.3.1 North America 22.214.171.124 US 126.96.36.199 Canada 6.3.2 Europe 6.3.3 Asia Pacific 188.8.131.52 Japan 184.108.40.206 China 220.127.116.11 India
7 Pharmaceutical Excipients Market, By Product 7.1 Introduction 7.2 Organic Chemicals 7.2.1 Oleochemicals 18.104.22.168 Fatty Alcohols 22.214.171.124 Mineral Stearates 126.96.36.199 Glycerin 188.8.131.52 Other Oleochemical Excipients 7.2.2 Carbohydrates 184.108.40.206 Sugars 220.127.116.11.1 Actual Sugars 18.104.22.168.1.1 Lactose 22.214.171.124.1.2 Sucrose 126.96.36.199.1.3 Dextrose (D-Glucose) 188.8.131.52.2 Sugar Alcohols 184.108.40.206.2.1 Sorbitol 220.127.116.11.2.2 Mannitol 18.104.22.168.2.3 Other Sugar Alcohols 22.214.171.124.3 Artificial Sweeteners 126.96.36.199 Cellulose 188.8.131.52.1 Microcrystalline Cellulose 184.108.40.206.2 Cellulose Ethers 220.127.116.11.3 Cmc and Croscarmellose Sodium 18.104.22.168.4 Cellulose Esters 22.214.171.124 Starch 126.96.36.199.1 Modified Starch 188.8.131.52.2 Dried Starch 184.108.40.206.3 Converted Starch 7.2.3 Petrochemicals 220.127.116.11 Glycols 18.104.22.168.1 Polyethylene Glycol 22.214.171.124.2 Propylene Glycol 126.96.36.199 Povidones 188.8.131.52 Mineral Hydrocarbons 184.108.40.206.1 PetRoLAtum 220.127.116.11.2 Mineral Waxes 18.104.22.168.3 Mineral Oils 22.214.171.124 Acrylic Polymers 126.96.36.199 Other Petrochemical Excipients 7.2.4 Proteins 7.2.5 Other Organic Chemicals 7.3 Inorganic Chemicals 7.3.1 Calcium Phosphates 7.3.2 Metal Oxides 7.3.3 Halites 7.3.4 Calcium Carbonates 7.3.5 Calcium Sulfates 7.3.6 Other Inorganic Chemicals 7.4 Other Chemicals