DUBLIN--(BUSINESS WIRE)--The "Pharmaceutical Excipients Market by Product (Organic Chemicals (Carbohydrates [Sugar (Dextrose)], Inorganic Chemicals), Functionality (Fillers, Diluents, Coating, Disintegrants), Formulation (Tablet, Capsule, Topical, Parenteral) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The pharmaceutical excipeints market is projected to reach USD 10.6 billion by 2026 from USD 7.9 billion in 2021, at a CAGR of 5.8%
The rising global demand for pharmaceuticals has fueled the growth of drug production, increasing the excipient consumption rate. The discovery of increasingly lipophilic APIs, macromolecules, and biological actives has created the need for well-evaluated excipients and the development of new ones. The currently used excipients may not be sufficient to support the newly discovered actives.
As a result, demand has grown for newer, improved drugs, which calls for the development of new drug delivery systems that can deal with the challenges of drug development, such as bioavailability, permeability, and poor solubility. These challenges can be addressed through functional excipients for manufacturing drugs, fueling the demand for pharmaceutical excipients.
Based on product, the organic chemicals segment holds the largest market share during the forecast period.
Based on product, the pharmaceutical excipients market is segmented into three major categories - organic chemicals, inorganic chemicals, and other chemicals. In 2020, the organic chemicals segment accounted for the largest market share. This segment is also projected to register the highest CAGR during the forecast period.
In 2020, the organic chemicals segment accounted for the largest share of the pharmaceutical excipients market. The large share of this segment can be attributed to the use of these chemicals in a majority of pharmaceutical formulations.
Based on functionality, the fillers & dilluents is expected to have significant market size during the forecast period.
Based on functionality, pharmaceutical excipients are categorized into fillers & diluents, binders, suspending & viscosity agents, flavoring agents & sweeteners, coating agents, colorants, disintegrants, lubricants & glidants, preservatives, emulsifying agents, and other functionalities. By functionality, fillers & diluents held the largest share in 2020. The demand for fillers and diluents is high as they are utilized in manufacturing tablets and capsules.
Based on formualtions, the oral formulations segment holds the largest market share during the forecast period.
Based on the formulation, the pharmaceutical excipients market is segmented into oral, topical, parenteral, and other formulations. Oral formulations dominate this market due to their wide usage and efficacy against many ailments. Healthcare professionals recommended antiviral drugs as the primary line of defense against COVID-19.
Due to their effectiveness in resolving pneumonia and respiratory ailments caused by the virus, these drugs were prescribed in large numbers. Since they are produced in tablet form for oral consumption, the oral formulations market has received a significant boost.
Europe is expected to account for the largest share of the pharmaceutical excipeints market in 2020
In 2020, Europe accounted for the largest share of the pharmaceutical excipients market, followed by North America, the Asia Pacific, Latin America, and the Middle East & Africa. Many European countries are focusing their attention on the generics market due to the expiration of blockbuster drug patents in the coming years.
As a result, the European region is expected to witness major growth in its generics market during the forecast period, which will propel the demand for pharmaceutical excipients. Increasing government initiatives in countries such as Germany, Italy, and Spain for reducing drug prices are expected to drive the market for generic drugs in these countries.
The abovementioned factors, alongside increasing investments for the development of biologics and advanced dosage forms, will increase the demand for novel excipients and thereby aid the growth of the pharmaceutical excipients market in Europe.
Key players in the Pharmaceutical excipients market
The key players operating in the pharmaceutical excipeints market include
- Ashland Global Holdings (US)
- BASF SE (Germany)
- DuPont (US)
- Roquette Feres (France)
- Evonik Industries AG (Germany)
- Associated British Foods (UK)
- Archer Daniels Midland Company (US)
- Lubrizol Corporation (US)
- Croda International (UK)
Other players in this market are
- Innophous Holdings (US)
- Kerry Group (Ireland)
- WACKER Chemie AG (Germany)
- Colorcon (US)
- DFE Pharma (Germany)
- JRS Pharma (Germany)
- and Air Liquide (France)
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