(USA, NY, New York City) Pharmaceutical excipients are used in the manufacturing process in the pharmaceutical product dosage form. Excipients are widely used for drug formulation for long-term stability, the addition of bulkiness and facilitating drug absorption. Excipients also enhance the safety and functionality of the product.
The Pharmaceutical Excipients Market is chiefly driven due to the demand for oral solid pharmaceutical drugs and novel therapeutics in the pharmaceutical industries. The integration of drug formulation and nanotechnology is leading to the development of nano-derived liposomes, nano-coated tablets, and vaccines. The industrial players are targeting the expansion of preservatives, plant-based pharmaceutical excipients, glycerin and fatty acids. Applications like topical formulation, parenteral formulation, and oral formulation are the major driving factors. Pharmaceutical excipients manufacturers, consulting firms, drug manufacturers, and research & development companies stabilize the industry’s future growth.
Pharmaceutical excipients improve the ability and patient compliance to the drugs. The main role of pharmaceutical excipients is to drive patient acceptability, bioavailability, and effectiveness. Moreover, the usage of pharmaceutical excipients in generic drugs is another primary driver of the Pharmaceutical Excipients Market. Generic drugs are alternatives to branded ones, and it is showing a rapid growth in the forecast period. And these enhancing factors will drive the market to reach its valuation.
The Pharmaceutical Excipients Market reached a valuation of USD 6,521.74 million in 2019. It will reach a valuation of USD 9,873 million by 2027, with a CAGR of 5.5 % in the forecast period.
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Key Players
The Dow Chemical Company, Ferro Corporation, Evonik Industries Ag, Croda International PLC, FMC Corporation, Ashland, Inc., Basf Se, P&G Chemicals, Akzo Nobel NV are the major pharmaceutical excipients manufacturers profiled in the review study.
Segmental Analysis
The Pharmaceutical Excipients Market is fragmented into types, functions, and applications.
The type fragment of the market is categorized into organic chemicals and inorganic chemicals. The function segment is divided into binders, coatings, pharmaceutical fillers, disintegrants, preservatives, lubricants and Glidants.
The application segment is classified into the oral, topical, parental, and advanced delivery systems.
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Regional Analysis
The Pharmaceutical Excipients Market is showing tremendous growth in major regions such as North America, Europe, the Asia Pacific, and the other parts of the world.
The European region is leading the market share because of the presence of large medicine agencies. Followed by Europe, North America is observed as the second-highest market shareholder. The region is propelling because of larger companies’ presence. North America will notice a rapid growth rate in the growth period due to the development and research on drug-excipient interactions.
The Asia Pacific will capture the highest growth rate compared with a significant CAGR in the forecast period. The growing investment in the pharmaceutical industry is driving the regional market of this region.
India and China hold the highest share in this region and highly contribute to the regional market growth. The lifestyle change and rise in cases of chronic diseases are fueling up the APAC region. The Japanese regions will show steady growth in the future. The Latin American region will show moderate growth in the forecast period.
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