Global Pharmaceutical Excipients Market Size & CAGR (2021 to 2026)
As per our report, the global pharmaceutical excipients market size was valued at USD 7.19 billion for 2021 and is poised to reach USD 9.67 billion by the end of 2026, growing at a 6.1% CAGR during the forecast period.
Impact of COVID-19 on the global pharmaceutical excipients market:
The COVID-19 epidemic has triggered a global public health crisis that has never been seen before. The coronavirus pandemic and subsequent lockdown had a negative impact on all major sectors of the economy. Still, it turned out to be a blessing in disguise for the pharmaceutical industry and pharmaceutical excipient market. Although some aspects of the pharmaceutical industry were impacted, particularly population movement restrictions around the world, shortages of raw materials such as APIs & excipients, travel & transportation bans, the extent of COVID-19’s economic impact, and reliance on imports were significant. However, the import of active pharmaceutical components from China, such as Covid-19, has created some opportunities in the industry, particularly in emerging markets such as India. Also, the corporations may begin to diversify production across multiple markets, reducing the impact of the future interruption.
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KEY DRIVING FACTORS:
The expanding pharmaceutical industry and the increased R&D activities in this field are driving factors for the pharmaceutical excipients market.
The pharmaceutical industry is in control of medical research, development, manufacturing, and distribution. As a result, the market has expanded significantly over the last two decades, with global pharma revenues counting 1.25 trillion US dollars in 2019. India is the world’s third-largest pharmaceuticals manufacturer by volume, with vaccine production accounting for 60% of global output. More than any other, the pharmaceutical industry is heavily reliant on R&D, with some companies investing as much as 20% of their sales revenues in R&D projects.
The expanding generics market and the rising adoption of orphan drugs expect to boost the pharmaceuticals excipients market.
To ensure that generic medicines meet these standards, the FDA Generic Drugs Program conducts a thorough review. Also, India is the world’s largest supplier of generic drugs. The Indian pharmaceutical industry meets more than half of the world’s demand for vaccines, 40% of generic demand in the United States, and 25% of total medicine demand in the United Kingdom. In addition, orphan products, created to treat a rare disease, have become growing in the market. At nearly 300 orphan drugs were commercially available, with over 400 orphan designated drugs in clinical trials is expected to raise the pharmaceutical excipients market.
The rapidly growing biopharmaceuticals sector, rising chronic disease incidences, and rapid advancements in nanotechnology.
The biopharmaceutical industry invests six times more in R&D as a percentage of sales than all other manufacturing industries combined. The biopharmaceutical industry in the United States has been the world leader in developing new medicines for more than 30 years. The biopharmaceutical industry as a whole spent an estimated $102 billion on R&D in 2018. The major drivers of this global demand are increased lifestyle-related diseases and chronic disorders, an aging population, and the expansion of emerging markets.
Nanotechnology’s recent advances in the creation of wonderful nanomaterials aid in the advancement of healthcare and treatment. Nanotechnology is a true therapeutic revolution, and as a result, the number of therapeutic solutions available for disease treatment will increase in the long run.
However, the loss of patent protection can have important effects, and generic drug competition is a significant challenge for companies. In addition, increased production costs and stringent government regulations, drug development are time-consuming and expensive processes are exp are to hinder the growth of the global pharmaceutical excipients market.
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KEY MARKET INSIGHTS:
- Based on product type, the organic chemicals segment held the greatest market share in 2020.
- Based on the formulation, the oral formulations segment dominates this industry due to its widespread use and efficacy against various disorders.
- Geographically, North America is the biggest revenue-generating area due to the rising demand for solid oral medications to treat chronic diseases.
- To maintain their market position, market players are focusing on launching innovative products. These are Ashland, Inc., Associated British Foods Plc, BASF SE, Merck Millipore, J.M. Huber Corporation, Evonik, Archer Daniels Midland, and Dow Chemical’s Corp. With rising drug consumption, it is expected that drug manufacturing companies will need to increase production, increasing demand for pharmaceutical excipients as one of the major raw materials in the drug manufacturing process. Companies that want to survive must be able to compete effectively in both domestic & international markets, which should aid market growth during the forecast period.
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Recent Market Developments:
- In Feb 2020, MilliporeSigma & ReForm Biologics agreed to collaborate on excipient development and commercialization.
- In Nov 2019, Merck introduced Parteck® COAT, a functional excipient designed for fast-release film coating applications.
- In Oct 2019, New excipient solutions from Ashland Inc. are now available for better medication delivery.
SEGMENTS IN THE REPORT:
- Organic Chemicals
- Inorganic Chemicals
- Fillers & Diluents
- Suspension & Viscosity Agent
- Flavoring Agents
- Other Functionalities
By Formulation Type:
- Oral Formulations
- Topical Formulations
- Parenteral Formulations
- Advanced Delivery Systems
- North America
- Latin America
- The Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Ashland Inc.
- Archer Daniels Midland Company
- Associated British Foods PLC
- BASF SE
- Colorcon, Inc.
- Croda International PLC
- Evonik Industries AG
- FMC Corporation
- Innophos Holdings Inc.
- M. Huber Corporation
- Merck Millipore
- Roquette Group
- The DOW Chemical Company
- Lubrizol Corporation
BROWSE REGIONAL REPORTS:
- North America Pharmaceutical Excipients Market
- Europe Pharmaceutical Excipients Market
- APAC Pharmaceutical Excipients Market
- Latin America Pharmaceutical Excipients Market
- MEA Pharmaceutical Excipients Market
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