The global pharmaceutical excipients market is growing, due to the high growth of pharmaceutical industry, increasing demand of excipients in generics market due to the patent cliffs, emergence of new excipients, increasing prevalence of chronic diseases, and aging population. Although the pharmaceutical excipients do not alter the functionality of active pharmaceutical ingredients in a drug, they help in ensuring consistency and control of a drug’s bioavailability, protects active pharmaceutical ingredients from degradation, and also improves dosing compliance.
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The increasing focus of drug manufacturers in the emerging economies of Asia-Pacific and Latin America, such as India, China and Brazil, and the development of multi-functionality excipients are creating ample revenue generation opportunities for the major pharmaceutical excipients manufacturers. The key trend witnessed in the global market is the advances in nanotechnology providing new functions to pharmaceutical excipients. However, the stringent regulatory requirements especially in European Union and North America, and the quality concern related to excipients are expected to hinder the growth of the global market to some extent.
Pharmaceutical excipients are natural or synthetic inactive substances used alongside the active pharmaceutical ingredient of a drug. These substances perform their functions without altering or modifying the therapeutic action of the active pharmaceutical ingredient. Pharmaceutical excipients are used for various functions, such as easing administration of drug by intended route, improving dosing compliance, ensuring consistency and control of drug bioavailability, improving active pharmaceutical ingredient stability, and ensuring robust and reproducible physical product.
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Geographically, North America held the largest share in the global market in 2015, owing to the high healthcare expenditure, presence of a large number of manufacturers, increasing prevalence of chronic diseases and technological advances in pharmaceutical industries. The U.S. dominated the North American market in 2015, and it is anticipated to retain its dominance during 2016 – 2022. Europe is the second largest market for pharmaceutical excipients. The increasing prevalence of chronic diseases, aging population and increasing compliance for multi-functionality excipients are the key factors driving the growth of the European market. Asia-Pacific is the fastest growing market for the pharmaceutical excipients. The highest growth of the pharmaceutical excipients market in the region is attributed to the large consumer base in the region, shifting interest of key players in pharmaceutical industries to the emerging economies of the region, and increasing consumption and production of generics in the region.
Some of the key players operating in the global pharmaceutical excipients market include Archer Daniels Midland Company, Ashland, BASF SE, Associated British Foods plc, The Dow Chemical Company, Croda International Plc, FMC Corporation, Evonik Industries AG, The Lubrizol Corporation and ROQUETTE.
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