Pharmaceutical Excipients Market Outlook 2031
The global pharmaceutical excipients market size was USD 8.60 Billion in 2022 and is estimated to reach USD 14.41 Billion by 2031 register a robust CAGR 5.9% during the forecast period, 2023–2031. The growth of the market is attributed to the rising drug development & innovation by pharmaceutical companies.
Pharmaceutical excipient can be defined as pharmacologically inactive component in the drug delivery system. It is formulated by using the active pharmaceutical ingredient of a medication. Excipients are inactive components in the formulations of the drug. Moreover, they’re are used to inhibit contamination. Pharmaceutical excipients are included in the manufacturing process of drugs.
These excipients reduce viscosity of drug and stabilize it for longer period of time. They are used to enhance the properties, such as bulkiness of the pharmaceutical formulation. It also promotes the drug absorption quality of the pharmaceutical product. Pharmaceutical excipients help in safe chemical breakdown in the body, and they also increase the fluidity of blood circulation and boost the drug's functionality.
Pharmaceutical Excipients Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for functional excipients is one of the major factors driving the pharmaceutical excipients market growth.
- Rapid advancements in nanotechnology are anticipated to drive the market growth during the forecast period.
- Rising investment in the healthcare sector is projected to push the market growth during the forecast period.
- High demand for new drug delivery systems as well as for enhanced medications is expected to spur the market expansion.
- Challenges such as cost cutting and generic drug competition can hamper the market growth in the coming years.
- The COVID-19 outbreak has encouraged pharmaceutical companies to develop drugs that can ease the impact of the virus. This is expected to create lucrative opportunities for the industry players in the coming years.
- Huge R&D investment on the excipients that provide better understanding of their functional benefits is expected to offer significant opportunities for the market growth during the forecast period.
Scope of Pharmaceutical Excipients Market Report
The report on the global pharmaceutical excipients market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Pharmaceutical Excipients Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Inorganic Chemicals and Organic Chemicals), Functionalities (Fillers & Diluents, Binders, Suspension & Viscosity Agents, Coatings, Flavoring Agents, Disintegrants, Colorants, Preservatives, and Others),
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BASF SE, Evonik Industries AG, The Lubrizol Corporation, Archer Daniels Midland Company, and DuPont.
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Pharmaceutical Excipients Market Segment Insights
Organic chemicals segment to account a large market share
Based on products, the market is bifurcated into inorganic chemicals and organic chemicals. The organic chemicals segment is expected to account for a key market share during the forecast period due to increasing efficacy of poor soluble molecules in oral delivery and rising compressibility and fluidability properties of the organic pharmaceutical excipients.
Binders segment to register at a substantial CAGR
In terms of functionalities, the market is divided into fillers & diluents, binders, suspension & viscosity agents, coatings, flavoring agents, disintegrants, colorants, preservatives, and others. The binders segment is anticipated to expand at a substantial CAGR during the forecast period. Increasing adoption of binders in the pharmaceutical industry to aid active pharmaceutical ingredients is driving the segment growth.
North America is expected to dominate the market
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to presence of innovative multifunctional excipients and specialty blends. Rising demand for pharmaceuticals at micro level in the US is boosting the growth of drug production, thus increasing consumption of pharmaceutical excipients.
Segments
The global market has been segmented on the basis of
Products
- Inorganic Chemicals
- Organic Chemicals
Functionalities
- Fillers & Diluents
- Binders
- Suspension & Viscosity Agents
- Coatings
- Flavoring Agents
- Disintegrants
- Colorants
- Preservatives
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the pharmaceutical excipients market include BASF SE, Evonik Industries AG, The Lubrizol Corporation, Archer Daniels Midland Company, and DuPont. Companies are engaging in partnerships with pharmaceutical companies and contract manufacturing organizations (CMOs) to expand their market share.
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