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Pharmaceutical Excipients Market Rising at 6.1% CAGR to 2023: Top Key Players are Ashland Inc, AkzoNobel, Archer Daniels Midland Company, Associated British Foods PLC, BASF SE, Croda International PLC, FMC Corporation
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An excipient is a natural or synthetic constituent formulated alongside the active ingredient of a medication, included for the purpose of inducing and catalyzing a wide range of physical and chemical properties.
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Rise in chronic diseases due to a sedentary lifestyle, heavy investments by the pharmaceutical companies in the development of biologics, adopting modern innovations like nanotechnology are key driving forces of the market. Reducing side-effects of drugs and developing eco-friendly solutions for manufacturing processes are the major challenge faced by the pharmaceutical excipients industry.
As discussed earlier, demand is increasing in the emerging markets like Asia-Pacific and Latin America, therefore proper expansion strategies, launching new product pipeline would be a lucrative opportunity for the companies operating in this industries. However, the growth of the market is hindered to a certain level by the fact that investments in R&D by major companies are not up to the required level and increasing regulatory requirements are making it increasingly hard to get new manufacturing facilities approved which are definite threats to overcome.
Pharmaceutical Excipients Market Forecast Report (2018-2023)
The Global Pharmaceutical Excipients Market was worth USD 6.78 billion in 2018 and estimated to be growing at a CAGR of 6.1%, to reach USD 9.12 billion by 2023.
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Pharmaceutical Excipients Market Segmentation
The Global market for Pharmaceutical Excipients is broadly categorized by Product, by Functionality, and by Formulation Type. Based on Product it is further categorized into Organic Chemicals (Oleochemicals, Carbohydrates, Petrochemicals, Proteins, Other Organic Chemicals) and Inorganic Chemicals (Calcium Phosphates, Metal Oxides, Halites, Calcium Carbonates, Calcium Sulphates, Other Inorganic Chemicals). Based on Functionality the Pharmaceutical Excipients are divided into subcategories like Fillers & Diluents, Binders, Suspension & Viscosity Agents, Coatings, Disintegrants, Flavouring Agents, Lubricants & Glidants, Colorants, Preservatives, Others). On basis of the type of formulations, it is segmented into Oral Formulations, Topical Formulations, Parenteral Formulations and Advanced Delivery Systems. The fillers & diluents segment accounted for the largest share of the pharmaceutical excipients market while the lubricant & Glidants segment will witness the highest growth.
On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Europe and North America occupy the majority of the share in the Pharmaceutical Excipients market, accounting for almost 2/3 of the revenue. Despite that Asia-Pacific remains the dominant region in terms of growth because of the untapped resources it offers in terms of manufacturing facilities and sheer population figures.
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Major Players:
The major companies dominating this market for its products and services are
• Ashland Inc.,
• AkzoNobel,
• Archer Daniels Midland Company,
• Associated British Foods PLC,
• BASF SE,
• Colorcon, Inc.,
• Croda International PLC,
• Evonik Industries AG,
• FMC Corporation,
• Innophos Holdings Inc.,
• J.M. Huber Corporation,
• Merck Millipore,
• Roquette Group,
• The DOW Chemical Company and Lubrizol Corporation.
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