Press release
Excipients Market - Latin America Industry Analysis 2023
Excipients Market
Therefore, the progress of the pharmaceutical industry is directly proportional to the success of the excipients market in Latin America. According to a research report published by Transparency Market Research the opportunity of the Latin America excipients market was worth US$359.0 mn in 2014 and is expected to reach US$626.9 mn by 2023, expanding at a CAGR of 6.4% between 2015 and 2023.
The exponentially rising number of geriatrics have led to the growth of the pharmaceutical industry, as these people are prone to a variety of medical complication that requires assistance. The increasing expenditure on healthcare and the improving disposable incomes that allow consumers to spend on medicines in Latin America is also responsible for the rise of excipients in the region. During the given forecast period, the pharmaceutical industry is anticipated to progress at a CAGR of 8.1% have a direct positive impact on the overall excipients market.
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Sugar and Other Excipients Lead Market in Latin America
The research report states that the lactose sub-segment of the sugar and other excipients segment is anticipated to grow the fastest in the coming years. Between the forecast period of 2015 and 2023, this sub-segment expected to likely to expand at a 7.3% CAGR as the adoption of these products is witnessing a rise in the pharmaceutical industry. Meanwhile, the analysis of the functions of excipients suggests that the controlled release segment will show considerable progress given the fast pace of technological advancements.
Geographically, in terms of volume, Brazil held the largest share in the Latin America excipients market in 2014. The excipients market in this country is expected to rise at a CAGR of 5.7% between 2015 and 2023. This growth will be attributable to the increasing consumption of sugar and other excipients during the forecast period. On the other hand, the Mexico will grow at a rapid pace as the country is projected to witness a rise in the consumption of povidone (binders) and crosspovidone (disintegrants) in the near future.
Result-Oriented Attitude to Decide Future of Players
The top players operating in the Latin America excipients market are Innophos Holdings Inc., Ashland Inc., FMC Corporation, Roquette Pharma, The Dow Chemical Company, BASF SE, Merck KGaA, Evonik Industries AG, Croda International Plc, CP Kelco, JRS Pharma, Colorcon Inc., Avantor Performance Materials Inc., Cargill Inc., Eastman Chemical Company, The Lubrizol Corporation, Asahi-Kasei Corporation, Archer Daniels Midland (ADM) Company, and Cabot Corporation. Going forward, these companies will have to make wise investments in delivering result-oriented research and developments to add value to their existing list of products. Furthermore, informing and educating the consumers about the new excipients derived through these research and development activities will also open up numerous opportunities.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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