The global pharmaceutical excipients market is projected to reach USD 8.53 billion by 2023 from USD 6.40 billion in 2018, at a CAGR of 5.9%. Factors such as growing pharmaceutical market with the rapid aging population and increasing chronic disease prevalence, advancements in functional excipients, growing generics market, increasing biopharmaceuticals industry, emergence of multifunctional & co-processed excipients, and the growing biosimilars market are driving the growth of the market.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=956
On the basis of product, the pharmaceutical excipients market is segmented into organic chemicals, inorganic chemicals, and other chemicals. The other chemicals segment mainly comprises pharmaceutical grade water and mucilages. The organic chemical segment is expected to register the highest CAGR during the forecast period. The growth of this segment is primarily attributed to the fact that these chemicals are used in most of the pharmaceutical formulations. These chemicals provide high efficacy in oral delivery of poorly soluble molecules and help increase the compressibility and flowability of the formulation. The growing use of natural excipients such as various carbohydrate-based excipients will also aid the growth of this market segment.
Based on functionality, the pharmaceutical excipients market is segmented into fillers & diluents, binders, suspending & viscosity agents, flavoring agents & sweeteners, coatings, colorants, disintegrants, lubricants & glidants, preservatives, emulsifying agents, and other functionalities. The lubricants & glidants segment is expected to grow at the highest rate during the forecast period. The rising uptake of these excipients to reduce clumping of ingredients and friction between a tablet and the dye cavity and to increase the flowability of the drug will support the growth of this segment.
On the basis of type of formulations, the pharmaceutical excipients market is segmented oral, topical, parenteral, and other formulations. Owing to the increasing incidence of infectious diseases, such as hepatitis, tuberculosis, cardiovascular diseases, diabetes, and cancer, where parenteral formulations are used as a major line of treatment; the parenteral formulations segment is expected to grow at the highest CAGR. Also, the emergence of new biologics and biosimilars delivered through the parenteral route will contribute to the market growth.
Geographically, the pharmaceutical excipients market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific (APAC) region is expected to register the highest CAGR during the forecast period. Growth in this market is largely driven by low labor and manufacturing costs in China and India, cost-effective outsource manufacturing processes, increasing generic drug manufacturers, and less stringent regulations for pharmaceutical manufacturing.
