Factors that drive the global pharmaceutical excipients market are rising demand for pharmaceutical drugs, increasing popularity of functional excipients, drug pipeline, development of novel excipients, and increasing generic drugs market caused by expiration of various bestseller drugs patents. Factors that are likely to impede the market growth include, supply chain issues, high market fragmentation, and implementation of stringent regulations.
Pharmaceuticals Excipients Market is expected to garner $6.4 billion by 2020, registering a CAGR of 7.6% during the forecast period 2015-2020. Pharmaceutical excipients are inert substances, other than the pharmacologically active drug, which are included in the manufacturing process or are present in the pharmaceutical product dosage form. Excipients are widely used in drug formulation to provide long-term stability, add bulkiness to solid formulations and facilitate drug absorption. They also enhance the overall safety or functionality of the product during storage or use. The world pharmaceutical excipients market size is evaluated to reach 728.4 kilo tons in volume by 2020, accounting for a revenue of $6.4 billion.
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Binders segment generated highest revenue in 2015 and is anticipated to maintain this trend throughout the forecast period. This is attributed to the higher use of binders in pharmaceutical drugs as compared to fillers and diluents. However, fillers and diluents led this segment in terms of volume (units) in 2015 and accounted for about one fourth of the overall market. Economical cost and high popularity of fillers and diluents across pharmaceutical and excipient industries were the key factors responsible for the dominance of filler and diluents segment.
The world pharmaceutical excipients market is driven by the increase in demand for oral solid pharmaceutical drugs and emergence of novel therapeutics on account of the upsurge in the number of pharmaceutical industries. The amalgamation of drug formulation and nanotechnology in excipients have led to the development of nano-coated tablets, nano-derived liposomes, and vaccines.
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In addition, several companies have targeted the emerging economies for expansion of their plants for manufacturing pharmaceutical excipients, preservatives, glycerin and Fatty Acids owing to cost-effective labor. However, higher production cost and stringent government regulations are likely to impede the overall growth. Applications including parenteral formulation, topical formulation and oral formulation are driving in huge investments. Moreover, the target audience consisting of reputed consulting firms, drug manufacturers, pharmaceutical excipients manufacturers, research & development companies will keep the future of the industry robust.
The key companies profiled in this report include Ashland, Inc., BASF SE, Associated British Foods Plc, Akzo Nobel N.V., Evonik, Merck, J.M. Huber Corporation, Dow Chemicals Corporation, Merck Millipore, Croda International, and Archer Daniels Midland. These companies have adopted product launch as their key developmental strategy to expand their global presence.