by Pharmaceutical excipients refer to inert substances used as carriers for the active pharmaceutical ingredients and products in medicines and drugs. They are added to aid in processing and manufacture of the product and help ensure effective delivery of the active ingredient in the body. Common functions of excipients include binders that hold the drug product together, fillers that provide bulk, lubricants that aid the manufacturing process and disintegrants that ensure proper dissolution and absorption of the drug in the body. The global excipients market is driven primarily by the growth of the pharmaceutical industry, rise in generic and biosimilar drug development and increasing demand for multifunctional excipients and orphan drugs.
The Global pharmaceutical excipients market is estimated to be valued at US$ 10.11 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period.
Key Takeaways
Key players operating in the pharmaceutical excipients market are Waters Corporation,
Agilent Technologies Inc., Bruker Corporation, SCIEX, Shimadzu Corporation, Danaher, Thermo Fisher Scientific Inc., Shimadzu, PerkinElmer Inc. These players are focusing on new product launches, expansions and collaborations to enhance their market share. The growth in the pharmaceutical industry and increasing generic drug production is driving the demand for excipients globally. The demand for new drug delivery systems is further propelling the market.
The pharmaceutical excipients market is witnessing positive growth in emerging regions such as Asia Pacific and Middle East & Africa. This is attributed to growing investments by international players and increasing focus of regional governments on healthcare infrastructure development.
Market Key Trends
Multifunctional excipients that can perform more than one function are a major trend in the Pharmaceutical Excipients Market size help reduce the quantity of excipients used in formulations. Nanotechnology is also being explored to develop novel drug delivery systems using excipients. For example, nanoemulsions and nanoparticles encapsulated with pharmaceutical excipients are being researched for targeted drug delivery. Sustainable sourcing of excipients from natural or renewable sources is another trend to reduce environmental footprint of excipient manufacturing.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale create barriers for new players in this market.
Bargaining power of buyers: Large pharmaceutical companies possess significant influence over pharmaceutical excipients market.
Bargaining power of suppliers: Suppliers possess moderate bargaining power due to the availability of substitute products from other suppliers.
Threat of new substitutes: Limited threat of substitute products due to stringent regulatory norms in pharmaceutical industry.
Competitive rivalry: Fierce competition exists among key players to gain higher market share.
The geographical regions highlighted in the Pharmaceutical Excipients Market Regions Analysis show that market value is highly concentrated in North America and Europe. North America alone constitutes over 30% of the global market value, owing to its developed pharmaceutical industry and high per capita healthcare expenditure in the US and Canada.Europe is another prominent regional market led by countries such as Germany, France, Italy, UK and Spain where pharmaceutical excipients finds widespread application.
The Asia Pacific region is poised to be the fastest growing geographical market for pharmaceutical excipients over the forecast period from 2024 to 2031. This is attributed to rising healthcare spending, growing generic drugs market, and expansion of pharmaceutical production facilities by leading drug makers in emerging economies of India and China. Additionally, increasing collaborations between Asia based drug makers and international excipient suppliers is expected to boost the overall market growth.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
