What's driving the Pharmaceutical Excipients Market Size? Innophos Holdings Inc., The Dow Chemical Company, The Lubrizol Corporation, Wacker Chemie AG

Demand for high-quality excipients is more in developed economies, while affordability is the key criteria considered for price sensitive emerging economies. China has emerged as the largest supplier of low-cost pharmaceutical API and excipients. India is the other fast emerging market to which production of excipients is outsourced owing to lower labor and production costs. North America and Europe lead the market for excipients as the number of excipient manufacturers are high in these regions. Moreover, high cost of manufactured excipients generates higher revenue for these regions compared to cost of material produced by manufacturers in Asia Pacific. However, growing pharmaceutical drug price pressure across the globe is expected to drive growth of the markets in China and India characterized by high supply of low cost excipients.

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Affordable healthcare is the primary objective of health regulators globally, something that is propagated by various such initiatives in place such as Obama Care Act and the actions of Drug Price Control Order (DPCO) in India. The DPCO has capped the prices of over 467 drugs to cater to unmet need of population with low income levels. According to the IMS Health 2015 data, average price of branded products has increased from US$ 71.91 in 2010 to US$ 91.92 in 2015. On the other hand, average price of generic products has declined from US$ 26.23 in 2010 to US$ 20.92 in 2015. Pricing pressure and high competition are major attributable factors to this decline. This has further contributed to wards the growth of pharmaceutical excipients market.

Increasing demand for oral dosage forms is projected to propel the market growth for pharmaceutical excipients in oral application during the forecast period. Moreover, patent expiry of blockbuster drugs would fuel demand for pharmaceutical excipients in the near future. However, regular inspection of FDA approved manufacturing sites by local regulatory authorities is impacting supply of pharmaceutical excipients globally.

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Development of new pharmaceutical product requires significant amount of time and effort along with high cost expenditure. However, product development in pharmaceutical excipients is economical as compared to drug or API development. Quality by design is a scientific method that involves risk-based approach at product concept stage. In 2002, the U.S. Food and Drug Administration (FDA) started an initiative for pharmaceutical companies called pharmaceutical current Good Manufacturing Practices (GMP), a risk-based approach for organizations involved in pharmaceutical product manufacturing to adopt management techniques to enhance quality in keeping with modern standards.

Furthermore, key players in the market are focused towards expanding geographical presence by setting up new plants and manufacturing units worldwide. For instance, in 2016, Ashland Inc., established a new pharmaceutical excipients manufacturing unit in Nanjing, China to meet increasing demand and new quality regulations, which is a major stronghold for the company in the region.

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Some of the major players are Innophos Holdings Inc., The Dow Chemical Company, The Lubrizol Corporation, Wacker Chemie AG, and Ashland Inc., BASF SE, and Evonik Industries AG

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