Pharmaceutical Excipient Market to Reach USD 1,600.0 Million by 2034 at a 5.1% of CAGR

Future Market Insights (FMI) has released an updated analysis of the pharmaceutical excipient market, projecting steady growth over the next decade. The market is expected to be valued at US$ 972.9 million in 2024 and is forecasted to expand at a compound annual growth rate (CAGR) of 5.1%, reaching a valuation of US$ 1.6 billion by 2034. The rising demand for innovative drug formulations, enhanced bioavailability, and advanced delivery systems are key factors driving this market expansion.

Pharmaceutical excipients play a critical role in drug development, acting as stabilizers, binders, and carriers that improve the efficacy, safety, and shelf life of medications. The increased emphasis on patient-centric drug delivery methods, such as controlled-release and targeted delivery systems, is fueling the demand for next-generation excipients. This trend is being further accelerated by the growing production of biologics, complex generics, and personalized medicines.

As the pharmaceutical industry shifts toward more sophisticated drug formulations, manufacturers are increasingly focusing on the development of multifunctional excipients that can meet regulatory standards while enhancing drug performance. The rising prevalence of chronic diseases and an aging population are also driving the need for improved drug delivery mechanisms, further supporting the growth of the excipient market.

The pharmaceutical excipient market is expected to witness continued growth opportunities as industry stakeholders, including pharmaceutical companies and research organizations, prioritize innovations in drug formulation. With regulatory agencies encouraging the adoption of quality-by-design (QbD) approaches, the demand for high-performance excipients is projected to rise significantly over the next decade.

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Key Takeaways:

The pharmaceutical excipient market is expected to grow from US$ 972.9 million in 2024 to US$ 1.6 billion by 2034, at a CAGR of 5.1%.
Growth is driven by the increasing adoption of advanced drug delivery systems, biologics, and patient-centric drug formulations.
Excipients play a crucial role in enhancing the stability, bioavailability, and effectiveness of drug formulations.
Regulatory support for quality-by-design (QbD) approaches and the rise in personalized medicines are creating new growth opportunities for pharmaceutical excipient manufacturers.

Key Market Drivers

Increasing Demand for Generic and Biologic Drugs: The rising production and consumption of generic medications and biologics are driving the demand for pharmaceutical excipients, which play a crucial role in drug formulation.
Growth of the Pharmaceutical Industry: An expanding pharmaceutical sector, particularly in emerging markets, is contributing to the increased need for excipients that enhance drug delivery and stability.
Rising Geriatric Population: An aging population with a higher prevalence of chronic diseases requires more medications, thereby increasing the demand for effective excipient solutions.
Technological Advancements: Innovations in excipient formulations, including multifunctional excipients that can serve multiple purposes in drug delivery systems, are fostering market growth.
Regulatory Support for Drug Development: Favorable regulatory environments and initiatives aimed at accelerating drug approvals are encouraging investments in excipient research and development.
Challenges

Stringent Regulatory Frameworks: The complex regulatory landscape can pose challenges for manufacturers seeking to introduce new excipients or formulations into the market.
High Development Costs: The costs associated with developing new excipients can be significant, potentially limiting opportunities for smaller companies.
Competitive Landscape in the Pharmaceutical Excipient Market

The pharmaceutical excipient industry is highly competitive, with newer entrants looking to distinguish themselves with novel products. On the other hand, established players are looking to expand production facilities to meet production targets.

One of the prominent companies in the market, Ashland Global Holdings, is looking to expand its portfolio with the help of biologics. As the company's drug delivery focus enhances, even greater attention is being paid to excipients. Croda International, meanwhile, is looking to increase its functional excipients portfolio.

Recent Developments

In October 2023, India-based Clariant Chemicals announced plans to launch three new excipients as part of its VitiPure range.
In September 2023, United States-based Colorocon introduced its titanium dioxide (TiO2)-free Opadry film coating system for tablets to stop moisture from affecting them.
In November 2021, French-based Gattefossé launched three new pharmaceutical excipients, named Labrafac MC60, Gelucire 59/14, and Emulfree Duo.

Key Companies in the Pharmaceutical Excipient Market

Ashland Global Holdings
Croda International
BASF SE
Lubrizol Corporation
Evonik Industries AG
Associated British Foods
Roquette Feres
Archer Daniels Midland Company
DuPont
Avantor Performance Materials, Inc.
The Dow Chemical Company
FMC Corporation
Evonik Industries
Lubrizol Corporation
Roquette
Colorcon, Inc.

Key Segments

By Type:

Organic Chemicals
Oleochemicals
Fatty Alcohols
Mineral Stearates
Glycerin
Other Oleochemicals
Carbohydrates
Sugars
Actual Sugars
Sugar Alcohols
Artificial Sweeteners
Cellulose
Microcrystalline cellulose
Cellulose ethers
Carboxymethyl cellulose (CMC) and croscarmellose sodium
Cellulose esters
Starch
Modified Starch
Dried Starch
Converted Starch
Petrochemicals
Glycols
Povidones
Mineral Hydrocarbons
Acrylic Polymers
Other Petrochemical Excipients
Proteins
Other Organic Chemicals
Artificial
Calcium Phosphate
Metal Oxides
Halites
Calcium Carbonate
Calcium Sulphate
Other Artificial Chemicals
Other Chemicals

By Technique:

Fillers & Diluents
Suspending & Viscosity
Coating
Binders
Flavoring & Sweeteners
Disintegrants
Colorants
Lubricants & Glidants
Preservatives
Emulsifying

By Formulation:

Oral Formulations
Tablets
Capsules
Hard-gelatin Capsules
Soft-gelatin Capsules
Liquid Formulations
Other Oral Formulations
Topical Formulations
Parenteral Formulations
Other Formulations

By Application:

Taste Masking
Stabilizers
Modified-Release
Solubility & Bioavailability Enhancement
Others

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.