Global Pharmaceutical Excipients Market Poised for Significant Growth

The global pharmaceutical excipients market, valued at USD 6.00 billion in 2022, is projected to witness substantial growth, with a revenue CAGR of 5.7% over the forecast period. The increasing demand for functional excipients and oral medicines, coupled with the expansion of the global pharmaceutical industry, are key factors driving this growth.

Pharmaceutical excipients are essential substances used in the formulation of medicines. They enhance drug stability, improve absorption, and ensure that medicines are delivered effectively. As the pharmaceutical industry grows, so does the need for these excipients, making them crucial in modern drug development.

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Key Market Drivers: One of the primary factors contributing to the growth of the pharmaceutical excipients market is the rising demand for generic drugs. These medications, which are more affordable alternatives to brand-name drugs, are in high demand, especially as the prevalence of chronic diseases continues to increase worldwide. The U.S. Food and Drug Administration (FDA) ensures that generic drugs meet strict standards, offering the same quality and effectiveness as their brand-name counterparts. India, in particular, leads the world in per capita spending on generic drugs, contributing significantly to market growth.

The cost savings associated with generic drugs are substantial, with prices typically dropping 60-70% within a few years of a drug losing its patent. This affordability drives the demand for generics, further boosting the need for excipients in the pharmaceutical industry.

Market Restraints: Despite the positive outlook, the pharmaceutical excipients market faces challenges, particularly with regulatory hurdles. The process for getting drugs and excipients approved can be lengthy and costly. Furthermore, the lack of strict regulatory standards regarding the quality of generic drugs in some regions has led to concerns among healthcare providers. To address this, stricter regulations and better control over excipient manufacturing are becoming necessary to ensure product safety and consistency.

Emerging Market Trends: A notable trend in the pharmaceutical excipients market is the rapid growth of the biopharmaceutical industry. Biopharmaceuticals, which are drugs developed using biological molecules, are gaining popularity due to their high potency and minimal side effects. Many pharmaceutical companies are now shifting their research and development efforts toward these macromolecule-based drugs, increasing the demand for specialized excipients to support their production.

Formulation Insights: In terms of formulations, topical medications held the largest market share in 2022. Topical excipients, used in creams and gels, are becoming increasingly popular because they allow for direct application to the affected area, bypassing the digestive system. Tablets are also widely used, benefiting from the inclusion of excipients that enhance stability, absorption, and product identification.

Functionality Insights: Excipients are classified based on their functionality, with fillers and diluents accounting for a significant portion of the market. These substances help maintain the stability and flow of oral medications, which are commonly used in solid form. Binders, another key segment, play a vital role in giving tablets mechanical strength and improving their bioavailability.

Product Insights: The pharmaceutical excipients market is divided into organic and inorganic products. Inorganic excipients, which are used in tablet and capsule production, are expected to see the fastest growth due to their stability and strength. Meanwhile, organic excipients, derived from natural sources, are anticipated to dominate the market due to their biocompatibility and growing use in innovative treatments like gene therapies.

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Pharmaceutical Excipients Top Companies and Competitive Landscape

The global pharmaceutical excipients market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective pharmaceutical excipients solutions.

Some major players included in the global pharmaceutical excipients market report are:

Evonik Industries
Ashland Global Holdings, Inc.
International Flavors & Fragrances, Inc.
Roquette Frères
Fuji Chemical Industries Co., Ltd.
Wacker Chemie AG
Meggle GmbH & Co Kg
Fuji Chemical Industries Co., Ltd.
Ideal Cures Pvt. Ltd.
Biogrund GmbH
Nitika Pharmaceutical Specialties Pvt. Ltd.
M. Huber Corporation
Kerry
Colorcon
Merck Millipore
Ashland
DFE Pharma
Finar Limited
Corel Pharma Chem
Roquette

Pharmaceutical Excipients Latest Industry Updates
On 3 October, 2022, Ashland a, a company manufacturing drugs with new technological advancements, such as matrix polymer, launched klucel xtend HPC. Klucel xtend HPC is the only cellulosic excipient that offers a complete extended-release polymer alternative for Hot-Melt Extrusion (HME). In February 2022, Kerry Group Plc., the world's leading taste and nutrition company, revealed the acquisition of two significant biotechnology companies. These acquisitions strengthened Kerry Group Plc's technology portfolio, manufacturing capabilities, and expertise. Enmex, a Mexican enzyme manufacturer, and c-LEcta, a leading
biotechnology innovation company, have been acquired by the company.

Pharmaceutical Excipients Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global pharmaceutical excipients market on the basis of formulation, product, functionality, end-use, and region:

Formulation Outlook (Revenue, USD Billion; 2019-2032)

Tablets
Parenterals
Capsules
Topicals
Others

Functionality Outlook (Revenue, USD Billion; 2019-2032)

Fillers and Diluents
Binders
Disintegrants
Lubricants and Glidants
Flavoring Agents & Sweeteners
Others

Product Outlook (Revenue, USD Billion; 2019-2032)

Organic Excipients
Inorganic Excipients

End-use Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)

Pharmaceutical and Biopharmaceutical Companies
Research Organizations
Contract Formulators

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Regional Outlook (Revenue, USD Billion; 2019-2032)

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa

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