LONDON, May 2, 2016 /PRNewswire/ -- Pharmaceutical excipients are inactive ingredients used along with the active ingredients in a drug formulation. While excipients may have different functionalities, they generally do not affect the therapeutic action of the active ingredient. The demand for functional excipients is expected to record a strong growth in the forecast period due to its increased use in advanced drug delivery forms.
The global pharmaceutical excipients market is majorly driven by patent cliffs resulting in increased demand of generic drugs, emergence of novel excipients, and growing demand of functional excipients. Use of modern science like nanotechnology to impart novel functions to the excipients used for target specific functionality of the active ingredients is also expected to propel the market for pharmaceutical excipients during the forecast period.
The pharmaceutical excipients market in this report is broadly segmented by products, functionality, and route of administration. The market by products is segmented into organic and inorganic chemicals. The market by functionality is segmented into fillers & diluents, binders, suspension & viscosity agents, coatings, flavoring agents, disintegrants, lubricats & glidants, colorants, and preservatives, while the market by route of administration covers oral, topical, parenteral, and other excipients.
The global pharmaceutical excipients market is expected to grow at a CAGR of 6.7% during the forecast period of 2014 to 2019. Swelling utilization of parenteral products owing to rise in the global burden of chronic and lifestyle diseases and heavy investments by the pharmaceutical industry on the development of biologics has propelled the growth of this market. Moreover, development of new APIs is increasing the demand of excipients like solubilizers and disintegrants which will further drive the growth of this market.
While developed regions like North America and Europe will show a sluggish growth, emerging markets like Asia-Pacific and Rest of the World is expected to record a strong growth during the forecast period. Countries like India, China, and Brazil will majorly drive the growth of these emerging markets owing to rising number of companies from the developed regions outsourcing their excipients manufacturing activities to these regions due to low manufacturing and labor costs in these countries.
Some of the prominent players in this market include Ashland Inc. (U.S.), BASF SE (Garmany), 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.). Various strategies such as collaborations, expansions, and new product launches have helped these companies maintain their market share and grow in this competitive market.
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The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the pharmaceutical excipients market. The report analyzes the pharmaceutical excipients market by products, functionality, and route of administration.
- Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product launches in the pharmaceutical excipients market.
- Market Development: Comprehensive information about the lucrative emerging markets by product, functionality, and geography.
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