The global excipients market size is estimated to expand at a significant CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increase in demand for excipients that are multifunctional and a rise in the use of generic medicines. The usage of excipient has increased over the past few years as they are better in performance and proved to be an advantage in the competition.
Inactive substances that are used as a medium in the formulation of drugs or other active substances in to make them stabilize for a long term are known as excipients. They act as an important factor in the formulation of these medicinal drugs and in the treatment of generic illness. Excipients do not possess medical properties and are inactive but are used for the better absorption of the drugs. It is very important to choose the suitable excipient for a drug to be added during the development process. Along with providing stability to the drug, excipients also increase the effectiveness and integrity of the product.
The outbreak of COVID-19 pandemic had a negative impact on the excipients market as lockdown was imposed globally and the manufacturing process was put on hold due to disrupted supply of raw materials. Furthermore, new laws and regulations were framed and imposed in order to establish maximum safety for the patients after consumption of drugs. However, the momentum started to build after the lockdown ended as there was surge in the demand for few drugs that were needed for the treatment of COVID-19. This presents a key aspect, which would definitely help to accelerate the development of the market.
Market Trends, Drivers, Restraints, and Opportunities
- Continuous research by pharmaceuticals firms in order to come up with ideal or near to ideal substances that can be used as excipients in the formulation and development of drugs is anticipated to drive the market expansion.
- Expiration of patents for blockbuster drugs is anticipated to propel the market growth as when the patents expire generic drug companies are able to develop their replicas that can save up to 80% of the original price.
- Increase in demand for substances that are novel and support non-particle drug delivery for medications of oncology in order to provide more stability and adoption of medicines for cancer treatment are expected to boost the growth of the market.
- A lack or absence of a uniform regulatory process for the approval of excipients for the drug development is a major restraining factor expected to hinder the growth of the market during the forecast period.
Scope of the Report
The report on the global excipients market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Excipients Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Polymers [Methyl Cellulose, Ethyl Cellulose, MCC, HPMC, Providone, CMC, Pregelatinized Starch, Croscarmellose Sodium, Sodium Starch Glycolate, Acrylic Polymers, and Polyethylene Glycol], Alcohols [Propylene Glycol, Manitol, Glycerin, Sorbitol, and Others], Sugars [Sucrose, Lactose, and Others], and Minerals [Clay, Calcium Carbonate, Calcium Phosphate, Titanium Dioxide, Silicon Dioxide, and Others], and Gelatin)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Eastman Chemical Corp.; P&G Chemicals; Avantor Performance Materials LLC; Huntsman Corp.; BASF SE; Ashland Inc.; FMC Corp.; Roquette; Colorcon Inc.; Lubrizol Corp.; Valeant; JRS Pharma; Shin-Etsu Chemical Co., Ltd.; DFE Pharma; and Finar Ltd.
Market Segment Insights
Polymers segment held a key share of the market
On the basis of products, the excipients market is segmented into polymers, alcohol, sugars, minerals, and gelatin. The polymers segment is further divided into methyl cellulose, ethyl cellulose, MCC, HPMC, providone, CMC, pregelatinized starch, croscarmellose sodium, sodium starch glycolate, acrylic polymers, and polyethylene glycol. The alcohols segment is sub-categorized as propylene glycol, manitol, glycerin, sorbitol, and others. The sugars segment is further divided into sucrose, lactose, and others while the minerals segment is sub-divided into clay, calcium carbonate, calcium phosphate, titanium dioxide, silicon dioxide, and others.
The polymers segment held a key share of the market with a large revenue contribution from various sub-segments including MCC, HPMC, and CMC, representing nearly 40% of the global market share in 2019. The growth of the segment can be attributed to an increase in the usage of capsules, tablets, and suspensions. In process of drug development, polymers have multiple important functionalities that improves the shelf life of the drugs and provides strength to them as well. That is why, they are highly used in pharmaceutical research & developments. Besides polymers, the sugars segment was the second-largest segment in 2019 and is expected to register a substantial growth rate in the coming years owing to their porous nature and spherical shape that makes them low friable and proved flow ability.
Asia Pacific is anticipated to grow at a rapid pace
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market was led by Europe in 2019 with accounting for a share of nearly 30.2% of the total revenue and is projected to constitute a major share of the market in the coming years. The regional market growth is owing to presence of scientific guidelines on excipients by European Medicines Agency that helps regional pharmaceutical firms to come up with applications for medicines for marketing authorizations. Moreover, the presence of big companies such as FMC Corp. and Avantor Performance Materials Inc. in the regional plays an important for the market expansion. However, the market of Asia Pacific is anticipated to grow at a rapid pace attributed to presence of a high number of medical needs in the region due to existing unmet requirement and expansion of the generic medicine market.
Segments Covered in the Report
The global excipients market has been segmented on the basis of
- Methyl Cellulose
- Ethyl Cellulose
- Pregelatinized Starch
- Croscarmellose Sodium
- Sodium Starch Glycolate
- Acrylic Polymers
- Polyethylene Glycol
- Propylene Glycol
- Calcium Carbonate
- Calcium Phosphate
- Titanium Dioxide
- Silicon Dioxide
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Eastman Chemical Corp.
- P&G Chemicals
- Avantor Performance Materials LLC
- Huntsman Corp.
- BASF SE
- Ashland Inc.
- FMC Corp.
- Colorcon Inc.
- Lubrizol Corp.
- JRS Pharma
- Shin-Etsu Chemical Co. Ltd.
- DFE Pharma
- Finar Ltd.
Key players competing in the global excipients market are Eastman Chemical Corp.; P&G Chemicals; Avantor Performance Materials LLC; Huntsman Corp.; BASF SE; Ashland Inc.; FMC Corp.; Roquette; Colorcon Inc.; Lubrizol Corp.; Valeant; JRS Pharma; Shin-Etsu Chemical Co., Ltd.; DFE Pharma; and Finar Ltd. Many of these players have adopted business strategies such as the development of novel and multifunctional excipients, merger, partnership, and production capacity expansion to increase their market position and expand their consumer base globally.