USD 5.53 billion
Report ID:
SQMIG35I2131 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
76
Excipients Market size was valued at USD 5.86 billion in 2022 and is poised to grow from USD 6.21 billion in 2023 to USD 9.90 billion by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).
Excipients have been shown to improve functionality and provide a competitive advantage in drug formulations, which has contributed to their increased use by pharmaceutical companies in recent years. Gelatin and Polyethylene Glycol are commonly used as excipients in the production of soft gel, hard capsules, ointments, solvents, and other products. Similarly, sweetening agents are excipients that are commonly added to pharmaceutical dosage to mask the bitter taste of the partially dissolved drug and improve palatability. Cellulose esters are another type of pharmaceutical excipient that is commonly found in osmotic and enteric-coated drug delivery systems.
Ongoing research and discovery of ideal or near-ideal substances that can be used in drug formulations and delivery have provided a significant boost to the market. Another factor driving global growth is that most pharmaceutical companies are developing more sophisticated excipients that play a more important role in drug delivery. Increased demand for medical drugs and medicines, as well as increased adoption of biopharmaceuticals, could be major market drivers. Strict rules and regulations regarding the negative environmental effects of pharmaceutical excipient production can be a major market constraint. Companies are currently working on optimising excipients in drug formulations and delivery. They are also working on developing such formulations. These factors are expected to have a significant impact on the future development and marketing of these products.
US Excipients Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.53 billion
Largest Segment
Oral Excipients
Fastest Growth
Oral Excipients
Growth Rate
6% CAGR
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Global excipients market is segmented based on the product, Administration Route and region. Based on product, the market is segmented into Polymers, alcohol, sugar, mineral and gelatin. Based on Administration Route, the market is segmented into Oral Excipients, Topical Excipients, Parenteral Excipients and Others. Based on Region it is categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Excipients Market Analysis by Product
Based on product, Polymers, which include microcrystalline cellulose and pregelatinized starch, emerged as the most profitable and volume-producing product category. In the forecast years, rising usage in various dosage forms such as suspensions, capsules, and tablets is expected to be a key driving factor for this segment. Polymers can perform a variety of functions in drug development, which explains their widespread use in pharmaceutical research and development. When compared to other types of excipients used in pharmaceutical preparations, they provide greater strength and a longer shelf life. Polymers provide ideal formulation characteristics for controlled/sustained release and aid in drug delivery to specific target sites.
Sugars have risen to become the second-largest product segment. Sugar is a preferred choice in a wide range of pharmaceutical applications due to its spherical shape and porous nature, which provides flowability and low friability. Sugar is also used as a drug delivery agent via the pulmonary route, and applications like this are expected to drive segment growth.
Excipients Market Analysis by Administration Route
Based on Administration Route, The Oral Administration Route segment dominated the Pharmaceutical Excipients Market. The main reason for this is their widespread use and effectiveness against a variety of illnesses. Initially, healthcare professionals recommended antiviral drugs as the primary means of COVID-19 protection, owing to their effectiveness in treating pneumonia and other respiratory illnesses caused by the virus. For example, Pfizer, a leading pharmaceutical company, announced in March 2021 that it had begun the phase 1 study of novel oral antiviral therapeutic agents to combat SARS-COV-2. Similarly, in October 2020, Roche has announced a collaboration with Atea Pharmaceuticals to develop an orally administered antiviral treatment for COIVID-19 patients, which was currently in Phase 2. Because these drugs, like many others, are commonly prescribed in large quantities and are primarily produced in tablet form for oral consumption, the demand for pharmaceutical excipients such as gelatin, polyethylene glycol, cellulose esters, and sweetening agents required for their production is expected to rise significantly, potentially boosting market growth.
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Europe is closely followed by North America and Asia Pacific due to the presence of larger companies that are direct manufacturers of the products, such as Avantor Performance Materials Inc. and FMC Corporation. Because of ongoing case studies on drug-excipient interactions to improve delivery efficiency and efficacy, the regions are expected to grow significantly.
Asia Pacific, the Middle East, and Africa are expected to grow at a faster rate. This is Because of an expanding generic market and a high volume of unmet medical need in the regions, A. These regions also allow for low-cost manufacturing processes and are a good source of raw materials for excipient manufacturing.
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Excipients Market Drivers
Increasing Demand for Biopharmaceuticals to Bolster Market Growth
Excipients Market Restraints
Stringent Rules to Hinder Market Growth
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Global excipients market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Excipients Market Top Player's Company Profiles
Excipients Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our excipients market analysis, in terms of product, the segment of polymer and in terms of Administration Route, the oral segment held a larger market share. The rising demand for medical drugs, medicines and enhancing uptake of biopharmaceuticals is most likely to increase demand for the excipient market. And moreover, pharmaceutical firms have been producing more sophisticated excipients with an enhanced role in drug delivery is also a key contributing factor in the market expansion. Whereas Strict environmental regulations can cause an obstruction to the market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 5.86 billion |
Market size value in 2031 | USD 9.90 billion |
Growth Rate | 6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
Excipients Market Recent Developments
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Excipients Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Excipients Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Excipients Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Excipients Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35I2131