The global pharmaceutical excipients market was valued at US$ 6.9 Bn in 2018 and is projected to expand at a high CAGR from 2019 to 2027. In terms of volume, the global pharmaceutical excipients market was valued at 2,108,405 tons in 2018. Rise in adoption of orphan drugs, growing approvals of biosimilars, increase in focus on development of novel excipients, and changing regulatory scenario are expected to drive the global pharmaceutical excipients market.
The Pharmaceutical industry is witnessing demands on it like never seen before. From a rapidly ageing population to an ongoing pandemic that has no drugs and vaccines available for treatment, many factors are leading to intensive and extensive research and development activities. Some of the factors that are underlying increase in demand for drugs and drug development are outlined below.
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First of all, incidence of chronic illnesses is on a rise. Poor lifestyle that is marked by unhealthy eating habits and a sedentary schedule are major culprits. Additionally, an increase in numbers in the geriatric population, a demographic susceptible to illnesses and disorders, is also paving way for growth. COVID – 19, is pushing players in the industry towards further research and development, and at a pace that has been rare in the past. Besides, the concept of bioequivalence is quickly catching-on.
Use of High-quality Excipients Leads to Innovations in Drug Delivery
High-quality excipients are revolutionizing the pharmaceutical excipients market. Pharmaceutical companies are combining active pharmaceutical ingredients (APIs) with novel excipients to introduce ground-breaking innovations in the drug development process. It has been found that the right choice of pharmaceutical excipients can help manufacturers establish a stable dosage form and improve the shelf life of drugs. Moreover, promotion of excipients by various institutions such as the International Pharmaceutical Excipient Council (IPEC) has influenced the choice of excipients used in drug formulations.
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With the help of novel excipients, companies in the pharmaceutical excipients market are bolstering their credibility by complying with globally vetted standards. Growing awareness about GMP regulations is helping manufacturers to develop new orphan drugs. Furthermore, increased cooperation from the IPEC has encouraged pharmaceutical companies to adopt new excipients in their production activities. On the other hand, vitamin E TPGS and polyamino acids are steering innovations in drug delivery.
All this points towards the fact that demand for pharmaceutical excipients will also grow in-step as these are important in drug manufacturing. As per Transparency Market Research, the global pharmaceutical excipients market is anticipated to grow at a growth rate of about 5% from 2019 to 2027, pushing the market worth up to nearly USD 10.7 billion by the end of this period.
Region-wise it is important to note that North America would hold a massive share of the global pharmaceutical excipients market owing to extensive research and development going on for various ailments. Europe and Asia Pacific would also chart significant growth over the assessment period due to increase in demand for pharmaceuticals and a massive patient pool, respectively.
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The global pharmaceutical excipients market is more fragmented than consolidated and top players operating the playfield include BASF SE, Colorcon Inc., Ashland, Inc., Croda International Plc., Roquette Freres, Evonic Industries AG, DuPont de Nemours, Inc., Associated British Foods plc, Archer Daniels Midland Company, Lubrizol Corporation, among others.
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