The report "Pharmaceutical Excipients Market by Product (Organic Chemicals (Carbohydrates), Inorganic Chemicals (Calcium Phosphate)), Functionality (Fillers, Binders, Lubricants, Preservatives), Formulation (Tablets, Capsules, Parenteral) - Global Forecast to 2027", is projected to reach USD 11.5 billion by 2027 from USD 8.6 billion in 2022, at a CAGR of 5.9% during the forecast period of 2022 to 2027.
Browse 562 market data Tables and 51 Figures spread through 392 Pages and in-depth TOC on "Pharmaceutical Excipients Market by Product (Organic Chemicals (Carbohydrates), Inorganic Chemicals (Calcium Phosphate)), Functionality (Fillers, Binders, Lubricants, Preservatives), Formulation (Tablets, Capsules, Parenteral) - Global Forecast to 2027"
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Growth in the pharmaceutical excipients market can be attributed to factors such as growth of the pharmaceuticals market backed by functional excipients, surge in the generics market, increasing uptake of biopharmaceuticals and rising adoption of orphan drugs. Furthermore, multifunctional excipients, shifting focus of pharmaceutical manufacturing to emerging countries and growth in the biosimilars market provides significant growth opportunities for the market players in near future. However, increasing regulatory stringency regarding the approval of drugs and excipients and a cost and time-intensive drug development process are expected to restrain the growth of this market during the forecast period.
The organic chemicals segment accounted for the largest share of the product segment in the pharmaceutical excipients market in 2021.
Based on product, the pharmaceutical excipients market is segmented into three major categories— organic chemicals, inorganic chemicals, and other chemicals. In 2021, the organic chemicals segment accounted for the largest market share. This segment is also projected to register the highest CAGR during the forecast period. This can be attributed to the non-toxic nature of organic chemicals and efficacy of these chemicals as excipients for oral drug formulations. The market for organic chemicals is further divided into five major segments—oleochemicals, carbohydrates, petrochemicals, proteins, and other organic chemicals. The oleochemicals segment commanded the largest share of the organic chemicals market in 2021.
The fillers & diluents segment accounted for the largest share of the functionality segment in the pharmaceutical excipients market in 2021.
Based on functionality, pharmaceutical excipients are categorized into fillers & diluents, binders, suspending & viscosity agents, flavouring agents & sweeteners, coating agents, colorants, disintegrants, lubricants & glidants, preservatives, emulsifying agents, and other functionalities. Fillers & diluents accounted for the largest share of the market in 2021 and are expected to continue dominating the market over the forecast period. This largest share can be attributed the rising use of fillers and diluents in developing and producing solid oral drugs. However, the market for lubricants & glidants is expected to grow at the highest CAGR followed by binders during the forecast period.
The oral formulations segment accounted for the largest share of the pharmaceutical excipients market by functionality in 2021.
Based on formulation, the pharmaceutical excipients market is segmented into oral, topical, parenteral, and other formulations. Oral formulations accounted for the largest share of the market in 2021 due to their wide usage and efficacy against many ailments. Oral drug preparations include tablets, capsules, pills, solutions, and emulsions. There is also a growing trend toward sachet formulations. Increasing concerns about preservatives used in syrups for paediatric formulations raised by the European Medicines Agency and other regulatory bodies are further expected to propel the demand for sachets.
The Asia Pacific region is the fastest-growing region of the pharmaceutical excipients market in 2021.
The pharmaceutical excipients market is broadly divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2021, Europe accounted for the largest share of the global pharmaceutical excipients market owing to the large base of pharmaceutical giants with large production capacities leading to high consumption of excipients, growing emphasis on superior pharmaceutical products, generics, and biosimilars. The Asia Pacific is estimated to be the fastest-growing segment of the market owing to the large base of generic drug manufacturers, growing Asian scientific base (due to the establishment of R&D centers and manufacturing facilities by major players in recent years); growth in the Asian pharmaceutical markets and pharmaceutical manufacturing capabilities; and the large patient pool are contributing to the growth of the pharmaceutical excipients market in the APAC.
Key players in the Market include Ashland Global Holdings, Inc (US), International Flavors & Fragrances, Inc. (US), BASF SE (Germany), Evonik Industries AG (Germany), Roquette Frčres (France), Associated British Foods plc (UK), Archer Daniels Midland Company (US), Lubrizol Corporation (US), Innophos Holdings (US), Kerry Group plc (Ireland), Wacker Chemie AG (Germany), Air Liquide (France), Dow Chemicals (US), Colorcon (US), DMV-Fonterra Excipients (Germany), JRS Pharma GmbH (Germany), Meggle GmbH & Co Kg (Germany), Finar Limited (India), Fuji Chemical Industries Co., Ltd (Japan), Merck KGaA (Germany), Captisol (US), Ideal Cures Pvt. Ltd (India), Corel Pharma Chem (India), Biogrund GmbH (Germany), Nitika Pharmaceutical Specialties Pvt. Ltd (India).
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