Pharmaceutical Excipients Market to Surpass US$ 9.8 Billion by 2024 - Coherent Market Insights

Published On : Feb 24, 2017

The Global Pharmaceutical Excipients Market was valued at US$ 5,394.2 million in 2015 and is projected to expand at a CAGR of 6.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Rise in demand for oral pharmaceutical products globally in the form of solid as well as liquid dosage forms, in turn is expected to underpin growth of the pharmaceutical excipients market in the near future.

Excipients plays a vital part in drug dosage formulation as they are mixed with active pharmaceutical ingredients that forms the volume for any pharmaceutical product. Pharmaceutical excipients possess various properties that are utilized by API for making bulk of any product and can also improve drugs bioavailability in certain cases. Though there are various types of pharmaceutical excipients, only particular excipients are most compatible for a specific dosage form. Pharmaceutical excipients do not have same properties as API, though they need to be stabilized and standardized before use. In 2016, according to an update from William Reed Business Media Ltd., the IPEC association of China was included as the fifth member of global excipient certification organization. This inclusion is expected to favor the promotion of safety regarding excipients throughout the supply chain in China.

To know the latest trends and insights prevalent in the pharmaceutical excipients market, click the link below:

Development of new pharmaceutical product requires significant amount of time and effort along with high cost expenditure. However, product development in pharmaceutical excipients is economical as compared to drug or API development. Quality by design is a scientific method that involves risk-based approach at product concept stage. In 2002, the U.S. Food and Drug Administration (FDA) started an initiative for pharmaceutical companies called pharmaceutical current Good Manufacturing Practices (GMP), a risk-based approach for organizations involved in pharmaceutical product manufacturing to adopt management techniques to enhance quality in keeping with modern standards. Furthermore, key players in the market are focused towards expanding geographical presence by setting up new plants and manufacturing units worldwide. For instance, in 2016, Ashland Inc., established a new pharmaceutical excipients manufacturing unit in Nanjing, China to meet increasing demand and new quality regulations, which is a major stronghold for the company in the region.

Pharmaceutical excipients market is projected to witness significant growth over the forecast period, as pharmaceutical excipients play an important role in the finished pharmaceutical products, varying pharmaceutical products require different forms of excipients. According to Saffron Media Pvt. Ltd, in 2014, around 1,200 excipients were available in the market that were used in the pharmaceutical industry for product development. Furthermore, increasing demand from end-use industries is propelling need for development of more variations in the properties of excipients, which can be achieved by using multifunctional excipients that include preprocessed and co-processed pharmaceutical ingredients. Moreover, biopharmaceutical companies are focused on use of excipients for enhancing the stability and add bulk to biologics.

Key takeaways of the market:

  • The global pharmaceutical excipients market is expected to expand at a CAGR of 6.9% during the forecast period (2016–2024). The rise in market for oral formulation is expected to favor the market for pharmaceutical excipients over the forecast period. This has been supported by the introduction of different types of oral dosage for having variations in release timing and coating properties.
  • The binder functionality type segment in the global pharmaceutical excipients market was estimated to be the largest in 2015 and is expected to dominate the market throughout the forecast period in terms of value. This is expected to grow in the near future on the backdrop of rise in demand for oral dosage forms globally.
  • In terms of product type, the plant chemistry type segment is expected to expand at a significant CAGR of 7.8% during the forecast period. The growing demand for plant products are projected to favor the market for pharmaceutical excipients market in the near future
  • The global pharmaceutical excipients market is characterized by strategic research and development and advancements in the excipients processing, also the organizations involved in the manufacturing of the excipients are now inclined towards product development to expand their product portfolio. For instance, according to pharmaceutical technology, in 2012, Ashland announced the expansion of production of Polyplasdone cross-linked polyvinylpyrrolidone (PVPP) in Texas City manufacturing facility.
  • Some of the major players are Innophos Holdings Inc., The Dow Chemical Company, The Lubrizol Corporation, Wacker Chemie AG, and Ashland Inc., BASF SE, and Evonik Industries AG

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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