Pharmaceutical Excipients Market Share, Assumptions & Limitations By Forecast To 2028

According to Premium Market Insights new research study on "Pharmaceutical Excipients Market is expected to grow from US$ 7,825.38 million in 2021 to US$ 12,245.04 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.

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The report highlights trends prevailing in the market and factors driving the market growth. The market growth is attributed to the growing generics market and increasing product launches. Additionally, the use of nanotechnology to improve excipients capabilities is likely to emerge as a significant trend in the market during the forecast period. However, the cost and time-intensive drug development process limits the market growth.
Excipients are inert substances used as vehicles and diluents for drugs. Pharmaceutical excipients are substances other than active pharmaceutical ingredients (APIs) that have been appropriately evaluated for safety and are intentionally included in a drug delivery system.

According to Food and Drug Administration (FDA), in the US, about 9 out of the 10 prescriptions have generic drugs. Governments of developing countries are focusing on reducing healthcare costs by boosting the production of generic drugs. For instance, in November 2008, the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India launched Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) to make quality generic medicines available at affordable prices. The scheme focused on dedicated outlets known as Janaushadhi Kendras, offering generic medicines at affordable prices. Till 2021, 8,012 Janaushadhi Kendras were functional across India. In addition, many drugs are on the brink of losing their patents. Generic drug companies can produce replicas of branded drugs when patents of original drugs expire. The replicas can cost up to 80% less than the originals. Therefore, the generics industry has witnessed remarkable growth in the last decade as the patents of many branded drugs have expired, with companies achieving above-average shareholder returns.

Excipients are an integral component of pharmaceutical products that determine the structure of dosage type and its role in delivering drugs. Excipients significantly affect the process ability, aesthetics, efficiency, and patient compliance with the dosage form. Thus, the use of excipients in a formulation requires an assurance and a clear understanding of their quality, safety, and performance attributes. The principal role of excipients is to support patient acceptability, enhance stability, bioavailability, and assist in the effectiveness.

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Thus, the rise in the sale of generic drugs across the world propels the demand for pharmaceutical excipients used in manufacturing generic drugs.
Based on type, the global pharmaceutical excipients market is segmented into bioresorbable polymers, lipids, and liposome-based formulation; oleochemicals; sugars; cellulose; starches; petrochemicals; plant proteins, polyols and cyclodextrins; inorganic chemicals; and others. The inorganic chemicals segment held the largest share of the market in 2021. However, the plant proteins, polyols and cyclodextrins segment is expected to register the highest CAGR during 2022-2028. Based on clinical indication, the global pharmaceutical excipients market is segmented into cancer, metabolic, infectious diseases, dental, ophthalmic, gene therapies, and others. The cancer segment held largest share of the market in 2021, whereas the market in the infectious disease segment is expected to grow during the forecast period. Based on functionality, the market is segmented into coloring agent & coating agent; sweetener & flavoring agents; suspending & viscosity agents; preservative & controlled-release; antioxidant & oil; tablet filler & diluents; binders, compression aids, and granulating agents; and others. The tablet filler & diluents segment held the largest share of the market in 2021, and the market in the same segment is expected to grow during the forecast period. Based on application, the global pharmaceutical excipients market is segmented into parenteral, oral formulations & tablets, capsules, liquid & injectables, physicochemical excipient-container interactions in prefilled syringes, nutraceuticals & OTC, topical, and others. The oral formulation & tablets segment held the largest share of the market in 2021, whereas the market in the physicochemical excipient-container interactions in prefilled syringes segment is expected to grow during the forecast period. Based on end user, the market is segmented into biopharma industries, pharma industries, animal health, and others. The pharma industries segment held the largest share of the market in 2021. However, the market in the biopharma industries segment is expected to grow during the forecast period.

Impact of COVID-19 Pandemic on Pharmaceutical Excipients Market
The global supply chain of medicines was under pressure during the COVID-19 pandemic because of a deficit of raw materials such as active pharmaceutical ingredients (APIs) and excipients. According to the Council on Foreign Relations, a large share of the medicines sold in the US are produced in China and India, while these two countries meet almost 80% of the US API demand. As one of the world's largest producers of generic medicines (producing 20% of global generics supply), India imports almost 70% of its APIs from China; therefore, disruption in its supply chain has resulted in drug supply shortages. There is a rise in the discovery of clinical drugs for COVID-19, which propelled the growth of the pharmaceutical excipient market. However, the supply disruptions due to extended lockdowns in various countries hindered oral solid dosage drug manufacturing, which, in turn, significantly negatively impacted the demand for excipients across the world.

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Various organic and inorganic strategies are adopted by companies in the pharmaceutical excipients market. The organic strategies mainly include product launches and product approvals. Further, inorganic growth strategies witnessed in the market are acquisitions, collaborations, and partnerships. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players in strengthening their customer base and expanding their product portfolios. A few of the significant developments by key market players are listed below.
- In May 2022, Avantor announced that it will establish a new manufacturing and distribution hub in Singapore by integrating its existing distribution facility with new manufacturing operations. The new hub brings Avantor services closer to regional customers and strengthens global supply chain capabilities. The company stated that the facility will be fully operational early next year.

The Parenteral Drug Association (PDA), Centers for Disease Control and Prevention (CDC), Office of Pharmaceutical Quality (OPQ), World Health Organization (WHO), and European Federation of Pharmaceutical Industries and Association (EFPIA) are a few of the major primary and secondary sources referred to while preparing the report on the pharmaceutical excipients market.

1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Pharmaceutical Excipients Market - By Type
1.3.2 Global Pharmaceutical Excipients Market - By Clinical Indication
1.3.3 Global Pharmaceutical Excipients Market - By Functionality
1.3.4 Global Pharmaceutical Excipients Market - By Application
1.3.5 Global Pharmaceutical Excipients Market - By End User
1.3.6 Global Pharmaceutical Excipients Market - By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Pharmaceutical Excipients Market - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe PEST Analysis
4.2.3 Asia Pacific PEST Analysis
4.2.4 Middle East & Africa PEST Analysis
4.2.5 South & Central America PEST Analysis
4.3 Experts Opinion
5. Pharmaceutical Excipients Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Generics Market
5.1.2 Increasing Product Launches
5.2 Market Restraints
5.2.1 Cost and Time-Intensive Drug Development Process
5.3 Market Opportunities
5.3.1 Rising Demand and Emphasis on Co-Processed Excipients
5.4 Future Trends
5.4.1 Use of Nanotechnology to Improve Excipients Capabilities
5.5 Impact Analysis
Continued…...!

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This release was published on openPR.