Pharmaceutical Excipients Market Worth $13.9 Billion | MarketsandMarkets

CHICAGO , Jan. 4, 2024 /PRNewswire/ -- Pharmaceutical Excipients Market in terms of revenue was estimated to be worth $10.0 billion in 2023 and is poised to reach $13.9 billion by 2028, growing at a CAGR of 6.8% from 2023 to 2028 according to a new report by MarketsandMarkets(TM).

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The pharmaceutical excipients market is projected to grow at a CAGR of 6.8% during the forecast period of 2023 to 2028. The major factors attributing to the growth of the market are increasing demand for generic drugs and pharmaceutical products, increased R&D Investments for the development of novel excipients and growing emphasis on patient-centric formulations. Collaborations and partnerships with pharmaceutical companies for customized excipient solutions are likely to boost the growth of the market in the near future.

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Browse in-depth TOC on "Pharmaceutical Excipients Market"

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Pharmaceutical Excipients Market Scope:



     
              Report Coverage 
     
              Details



     Market Revenue in 2023                                                                         
            $10.0 billion



     Estimated Value by 2028                                                                        
            $13.9 billion



     Growth Rate                                                                          Poised to grow at a CAGR of 6.8%



     Market Size Available for  
     2021-2028



     Forecast Period            
     2023-2028



     Forecast Units             
     Value (USD Billion)



     Report Coverage            
     Revenue Forecast, Competitive Landscape, Growth Factors, and Trends



     Segments Covered           
     By Product, By Functionality, By Formulation, By Functionality application



     Geographies Covered        
     North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa



     Report Highlights          
     Updated financial information / product portfolio of players



     Key Market Opportunities   
     Increasing growth of functional/Multifunctional Pharmaceutical Excipients



     Key Market Drivers           Increasing demand for generic drugs and pharmaceutical products is propelling the demand
                                    for pharma excipients

The organic chemicals segment dominated the market share in 2022 for the product segment.

Based on product, the global pharmaceutical excipients market is categorised into organic chemicals, inorganic chemicals and other chemicals. Organic chemicals are mainly chemicals with carbon atoms covalently linked to atoms of other elements. The non-toxic nature of organic chemicals is expected to drive the organic chemicals segments which in turn will uplift the pharmaceutical excipient market from 2023 to 2028.

Fillers and Diluents segment achieved top market share for the functionality segment in 2022

The fillers and diluents segment accounted for a majority of the market share in 2022. Fillers and diluents give form, bulk, or consistency to the product. The fillers and diluents market is expected to grow due to the rising use of fillers and diluents in developing and producing solid oral drugs. Tablets are the most popular dosage forms due to their advantages to manufacturers and patients and hence can drive the fillers and diluents market. The lubricants and glidants market is expected to grow at the fastest rate because they can improve the flow properties of a formulation by reducing the friction and cohesion between particles.

The Asia Pacific region predicted to showcase the most rapid growth during the forecast period.

The Asia Pacific region is poised to lead the market's expansion with the fastest market growth, driven by the low labor and manufacturing costs in China and India. These cost advantages have attracted significant investments from pharmaceutical giants to these countries. Additionally, the growing prevalence of lifestyle-related and age-related diseases, the rising disposable income, and government initiatives to improve healthcare infrastructure further contribute to the region's robust market growth.

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Pharmaceutical Excipients Market Dynamics:

Drivers:

1. Increasing demand for generic drugs and pharmaceutical products is propelling the demand for pharma excipients

Restraints:

1. High Development Costs associated with Novel excipients

Opportunities:

1. Increasing growth of functional/Multifunctional Pharmaceutical Excipients

Challenge:

1. Stringent Regulatory Requirements

Key Market Players of Pharmaceutical Excipients Industry:

The global pharmaceutical excipients market comprises of many key market players competing for markets shares like International Flavors & Fragrances Inc. (US), Ashland Inc. (US), Evonik Industries AG (Germany), BASF SE (Germany), Kerry Group Plc (Ireland), Roquette Frères (France), Merck KgaA (Germany), Associated British Foods Plc (UK), ADM (US), Wacker Chemie AG (Germany).

The primary interviews conducted for this report can be categorized as follows:

    --  By Respondent: Supply Side- 80%, and Demand Side - 20%
    --  By Designation (Supply Side): Managers - 45%, CXOs & Directors - 30%,
        Executives- 25%
    --  By Region: North America -20%, Europe -10%, Asia-Pacific -55%, Latin
        America -10%, MEA- 5%

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Pharmaceutical Excipients Market Recent Developments:

    --  In June 2023, Ashland introduced Polyplasdone Plus, a co-processed
        multifunctional direct compression superdisintegrant comprising a
        glidant and lubricant.
    --  In October 2023, Lubrizol Life Science Health was awarded the Finished
        Formulation Award for Apisolex Polymer solubilizing excipient at CPhI
        Barcelona.
    --  In July 2022, DFE Pharma announced the broadening of its Dry Powder
        Inhalation (DPI) portfolio by launching Lactohale 400.

Pharmaceutical Excipients Market - Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall pharmaceutical excipients market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

    --  Analysis of key drivers (Increasing demand for generic drugs and
        pharmaceutical products, increased R&D Investments for the development
        of novel excipients, growing emphasis on patient-centric formulations,
        collaborations and partnerships with pharmaceutical companies),
        restraints (Stringent Regulatory Requirements, High Development Costs),
        opportunities (Rising demand for functional/multifunctional
        pharmaceutical excipients, advancements in nanotechnology, emerging
        markets in Asia-Pacific and Latin America) and challenges (Safety &
        quality concerns, limited availability of certain raw materials) are
        influencing the growth of pharmaceutical excipients market.
    --  Product Development/Innovation: Detailed insights on newly launched
        products of the pharmaceutical excipients market.
    --  Functionality Apllication: Additional segment provided for functionality
        applications where segregation has been provided based on the
        applications of various excipients highlights the various uses of
        different excipients classes.
    --  Market Development: Comprehensive information about lucrative markets -
        the report analyses the pharmaceutical excipients market across varied
        regions.
    --  Market Diversification: Exhaustive information about new services,
        untapped geographies, recent developments, and investments in the
        pharmaceutical excipients market.
    --  Competitive Assessment: In-depth assessment of market shares, growth
        strategies, and service offerings of leading players include
        International Flavors & Fragrances Inc. (US), Ashland Inc. (US), Evonik
        Industries AG (Germany), BASF SE (Germany), Kerry Group plc (Ireland),
        Roquette Frères (France), MERCK KGaA (Germany), Associated British
        Foods plc (UK), ADM (US), Wacker Chemie AG (Germany) and among others in
        the pharmaceutical excipients market.

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