LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global pharmaceutical excipients market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global pharmaceutical excipients market for 2017-2021. The report segments the market into two major segments which are organic and inorganic type of pharmaceutical excipients of which the organic segment accounted for over 81% of the market share in 2016.
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Technavio chemicals and materials analysts highlight the following three market drivers that are contributing to the growth of the global pharmaceutical excipients market:
- Increasing demand for functional excipients
- Growth in the pharmaceutical industry
- Evolution in techniques used to produce excipients
Increasing demand for functional excipients
Functional excipients form an inherent part of the pharmaceutical industry. The demand for functional excipients is anticipated to increase rapidly during the forecast period owing to their use in advanced drug delivery. Functional excipients are being preferred in the developed markets while the emerging markets incline to use low-cost alternatives. Therefore, new and multifunctional excipients are anticipated to emerge in the market during the coming years.
Growth in the pharmaceutical industry
The global pharmaceutical market is primarily driven by factors like changing lifestyles and unhealthy eating habits, an expanding aging population base, and increasing occurrences of chronic diseases. The worldwide expenditure on medicines reached USD 1.1 trillion in 2015 and is expected to grow at a CAGR of over 5% during the next five years.
“Excipients are registering a steady growth in the global pharmaceutical market because these are used extensively as fillers and diluents, coatings, additives, flavoring agents, disintegrants, colorants, and preservatives in medicines. With the expansion of the pharmaceutical industry, the global excipients market is also expected to develop at a steady rate,” says Mahitha Mallishetty, a lead analyst at Technavio for specialty chemicals research.
Evolution in techniques used to produce excipients
With the rising number of chronic diseases across the globe, the demand for medications and health supplements is increasing in both emerging and developed markets. The increasing disposable income and the subsequent higher purchasing power among consumers have also been driving the growth of the market.
With this worldwide increase in the demand for medicines, advancements are being made in the pharmaceutical industry in the form of nanotechnology, and many novel therapeutics are coming up in recent times. The fusion of drug production with nanotechnology in excipients has led to the creation of nano-coated tablets, nano-derived liposomes, and vaccines.
“Nanotechnology imparts new functionalities to excipients. Products like nanotechnology-equipped drug delivery systems result in minimizing the toxic content in drugs,” says Mahitha.
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