Pharmaceutical Excipients Market

The global Pharmaceutical Excipients Market is valued at USD 8.2 Billion in 2022 and is projected to reach a value of USD 12 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.7% between 2023 and 2030.

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Pharmaceutical Excipients are inert chemicals used in manufacturing or found in the dose form of pharmaceutical products but not pharmacologically active medications. Excipients are frequently employed in preparing pharmaceuticals to provide solid formulations with more bulk, enhance long-term stability, and improve drug absorption. The global Pharmaceutical Excipients market will grow at a prevailing rate during the forecast period due to various driving factors. The increase in pharmaceutical industries worldwide, coupled with the rising demand for oral pharmaceutical drugs, is driving the global market for Pharmaceutical Excipients. Moreover, nano-derived liposomes, nano-coated tablets, and vaccines have been created due to the combination of excipient nanotechnology with medication formulation.

Huge investments are being made in the industry for topical, parenteral, and oral applications. Also, the target market's manufacturers of Pharmaceutical Excipients, consulting firms, research & development businesses, and other goods and services will probably present a lot of potential for the market to grow during the projected period in terms of value sales. Also, the Covid19 pandemic's increased demand from the pharmaceutical industries is a crucial factor in the market's rise. Other factors boosting the market's growth in value sales include the growing usage of generic medications and advancements in biopharmaceuticals.

According to a recent report by JAMA Network, the demand for drugs from public hospitals worldwide has increased compared to before COVID-19. According to the research, utilization of azithromycin, hydroxychloroquine, corticosteroids, and heparin has increased by 11.45%, 6.14%, 24.68%, and 49.05%, respectively. As the need for medical medications and medicines increases, so will the demand for Pharmaceutical Excipients, which are necessary to make medical pharmaceuticals, driving the market's growth in the years to come. The growing pharmaceutical industry and increased pharmaceutical production are driving the expansion of the pharmaceutical market. As a result of this gain in manufacturing value, which also reflects an increase in the number of pharmaceuticals, the need for Pharmaceutical Excipients rises.

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Economic Insights

A global recession is anticipated to begin in 2023, according to the Center for Economic and Business Research (CEBR) and several other organizations. Some advanced economies are predicted to contract due to rising borrowing costs to combat inflation. Since February 2014, Russia and Ukraine have been at war with one other (along with Russian separatists in Ukraine). Russia annexed Crimea from Ukraine after the Revolution for Dignity and backed pro-Russian separatists in the Donbas conflict.

Top Market Trends

1. Rising Application for Generic Drug Applications: The two main reasons anticipated to drive revenue growth are increased demand for multifunctional excipients and rising generic drug usage. Pharmaceutical companies use excipients more frequently now that they are understood to improve functionality and competitive advantage in drug formulations. The market has benefited from ongoing research and identifying optimum or nearly ideal components for therapeutic formulations and delivery. Most pharmaceutical companies have been creating more advanced excipients with greater involvement in medication delivery, another element promoting global expansion. Nevertheless, during the pandemic, many actions were taken by significant market participants.

2. Increasing Applications for Novel Substances: There is an increasing demand for new chemicals that promote nanoparticle drug delivery for oncological drugs to improve drug stability and uptake. This will probably accelerate market expansion. Blockbuster medicine patent expirations are also anticipated to expand the market significantly. Companies are currently focusing on excipient optimization for medication formulations and delivery. They are also working on creating similar compositions. Future product development and marketing are anticipated to be significantly impacted by these issues.

3. Biopharmaceuticals: Biopharmaceuticals are getting increasingly popular in the healthcare industry. This is mostly due to their striking similarity to biological chemicals naturally present in the human body, which offers exceptional efficiency with low side effects. They have one of the fastest growth rates in the pharmaceutical sector. Due to their great efficacy and outstanding safety, biopharmaceutical products' ability to treat diseases that were once thought to be incurable has profoundly influenced the spread of biopharmaceutical treatments throughout many nations. For instance, a recent study published on Biosimilar Development found that new candidates for biopharmaceuticals are emerging in countries like China and India. It also asserts that China is home to more than 150 bio-manufacturing plants.

Market Segmentation

The global Pharmaceutical Excipients market can be categorized on the following: Product, Functionality, End User, and Regions. Based on Product, the market can be categorized into Organic Chemicals, Oleochemicals, Carbohydrates, Petrochemicals, Proteins, Other Organic Chemicals, Inorganic Chemicals, Metal Oxides, Halites, Calcium Carbonate, Calcium Sulphate, Other Inorganic Chemicals, and Other Chemicals. Furthermore, by Functionality, the market can be split between Fillers & Diluents, Suspending & Viscosity Agents, Coatings Agents, Flavoring Agents & Sweeteners, Disintegrants, Colorants, Lubricants & Glidants, Preservations, Emulsifying Agents, and Other Functionalities. In Addition, by End User, the market can be fragmented across Oral Formulations, Tablets, Capsules, Liquid Formulations, Topical Formulations, Parenteral Formulations, and Other Formulations. By Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product

Organic Chemicals to Dominate Largest Market Share Owing to Rising Utilization of These Chemicals

The organic chemicals segment will lead the global Pharmaceutical Excipients market during the forecast period. The pharmaceutical business has progressively realized how important organic compounds are in helping active pharmaceutical components work better and gain a competitive edge. Also, the need for organic chemicals is anticipated to rise along with the expansion in pharmaceutical production, which is anticipated to fuel the segment's growth. For instance, according to the India Brand Equity Foundation report, India's pharmaceutical output in 2022 was rated third globally by volume and fourteenth globally by value. Oleochemicals will grow with the fastest-growing CAGR during the forecast period due to technologically advanced and innovative product launches.

Based on Functionality

Fillers and Diluents to Account for the Largest Market Share Due to Rising Utilization in the Formulation of Capsules

The global Pharmaceutical Excipients market is expected to be dominated by the segment of fillers & diluents during the forecast period. This is because end-user industries have a high need for fillers and diluents since they are necessary for the formulation of capsules and tablets, the two types of formulations that are now the most prevalent. All medicines depend on these substances to function properly and accomplish their intended effects. There is a growing need for drugs with fewer side effects from natural resources. The growing growth of pharmaceutical products with an oral fixed-dose combination and the rising use of fillers and diluents in the life sciences industries are driving this market's expansion. Lubricants & glidants will grow with the fastest-growing CAGR during the forecast period, as they can be used as binder fillers.

Based on the End User

Oral Formulation to Account for the Largest Market Share Owing to Rising Demand of Such Medicines

The global Pharmaceutical Excipients market is expected to be dominated by the segment of oral formulation during the forecast period. Oral formulations dominate the market because of their widespread usage and effectiveness in treating many diseases. Medical specialists recommended antiviral medications as the first line of treatment during the Covid-19 health crisis. Due to their effectiveness in treating illnesses, including pneumonia and respiratory infections, these drugs were in high demand during the pandemic. The need for oral formulations is rising since they are created in tablet form for oral use, which in turn assists in the market's overall expansion in value sales. Liquid formulations will grow with the fastest growing CAGR during the forecast period due to rising demand for pharmaceutical and biopharmaceutical drugs.

Based on Region

Europe to Lead Global Sales Owing to Rising Focus on the Generic Drugs Sector

The global Pharmaceutical Excipients market is expected to be dominated by the region of Europe. Because the patents on many medications will expire in the next years, many European nations are concentrating on the generics industry. Hence, as a result, the European nations of Germany, the United Kingdom, France, and others are anticipated to see strong growth rates over the projected period, likely fueling demand for Pharmaceutical Excipients in this area. The market for generic medications in these nations is also predicted to be driven by the expanding government initiatives to lower the pricing of the drugs on the market. The above mentioned elements and growing investments in biologics and sophisticated dosage forms are projected to boost the need for new excipients, fueling the market's expansion in Europe.

Due to the rising demand for potent oral medications for chronic disorders, the North American market is anticipated to expand substantially over the projected period. Significant expansion is made possible by the region's ability to provide low-cost manufacturing techniques and a reliable source of raw materials for excipient production.

Competitive Landscape

The international Pharmaceutical Excipients industry is highly fragmented and competitive, with numerous foreign firms vying for a sizable portion of the global income. The creation of multifunctional and new excipients is anticipated to be a crucial aspect of market rivalry, with mergers and acquisitions serving as a further effort to diversify product offerings and increase revenue share. The market leaders are also investing heavily in their research and development departments to widen their market presence.

The key players in the global Pharmaceutical Excipients market include - Ashland Global Holdings (U.S.), BASF SE (Germany), DuPont (U.S.), Evonik Industries AG (Germany), Associated British Foods (UK), Archer Daniels Midland Company (U.S.), Lubrizol Corporation (U.S.), Croda International (UK), Kerry Group (Ireland) among others.

Recent Market Developments

· March 2022: A long-standing problem in medication development, poor bioavailability, has been addressed by CD Formulation through the creation of customized solutions for higher bioavailability excipients.

· April 2022: A new product line called BioHale was launched by DFE Pharma, a supplier of Pharmaceutical Excipients solutions, to assist biopharmaceutical businesses in resolving supply difficulties on a global scale. In addition to marketing purity and low endotoxin excipients for the formulations, the new line will provide pharmaceutical companies and drug researchers with high-quality excipient technology and services to support therapeutic formulation.

Segmentation of the Global Pharmaceutical Excipients Market