Pharmaceutical Excipients Market to Surge Well Beyond US$ 9.8 Billion by 2024
The Global Pharmaceutical Excipients Market was valued at US$ 5,394.2 million in 2015 and is projected to expand at a CAGR of 6.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Rise in demand for oral pharmaceutical products globally in the form of solid as well as liquid dosage forms, in turn is expected to underpin growth of the pharmaceutical excipients market in the near future.
New product development incurs a significant amount of effort and time along with high cost expenditure. However, product development in pharmaceutical excipients is economical as compared to drug or API development. Quality by design is a scientific method that also involves risk-based approach at product concept stage. In 2002, the U.S. Food and Drug Administration (FDA) started an initiative for pharmaceutical companies called pharmaceutical current good manufacturing Practices (GMP). This was considered to be a risk-based approach that encouraged various organizations involved in pharmaceutical product manufacturing to adopt management techniques to enhance quality in keeping with modern standards. Furthermore, companies are now focused towards expanding their geographical reach by setting up new plants and manufacturing units worldwide based on the potential of the region. For instance, in 2016, according to William Reed Business Media Ltd update, Ashland Inc., established a new pharmaceutical excipients manufacturing unit in Nanjing, China, in order to cater to rise in local demand and new quality regulations. This would provide a major stronghold for the company in the region.
Excipients plays a vital part in drug dosage formulation as they are mixed with active pharmaceutical ingredients that forms the volume for any pharmaceutical product. Pharmaceutical excipients possess various properties that are utilized by API for making bulk of any product and can also improve drugs bioavailability in certain cases. Though there are various types of pharmaceutical excipients, only particular excipients are most compatible for a specific dosage form. Pharmaceutical excipients do not have same properties as API, though they need to be stabilized and standardized before use. In 2016, according to an update from William Reed Business Media Ltd., the IPEC association of China was included as the fifth member of global excipient certification organization. This inclusion is expected to favor the promotion of safety regarding excipients throughout the supply chain in China.
The market for pharmaceutical excipients is expected to grow significantly over the forecast period. Since pharmaceutical excipients play an important role in the finished pharmaceutical products, varying pharmaceutical products require different forms of excipients. According to Saffron Media Pvt. Ltd, in 2014, there were around 1,200 excipients available in the market that were used in the pharmaceutical industry for product development. However, there is still need for more variations in the properties of excipients to meet emerging needs. This can be achieved by using multifunctional excipients that include preprocessed and co-processed pharmaceutical ingredients. Biopharmaceutical companies are also inclined towards use of excipients for enhancing the stability and add bulk to biologics.
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Key takeaways of the market:
The global pharmaceutical excipients market is expected to expand at a CAGR of 6.9% during the forecast period (2016–2024). The rise in market for oral formulation is expected to favor the market for pharmaceutical excipients over the forecast period. This has been supported by the introduction of different types of oral dosage for having variations in release timing and coating properties. The binder functionality type segment in the global pharmaceutical excipients market was estimated to be the largest in 2015 and is expected to dominate the market throughout the forecast period in terms of value. This is expected to grow in the near future on the backdrop of rise in demand for oral dosage forms globally. In terms of product type, the plant chemistry type segment is expected to expand at a significant CAGR of 7.8% during the forecast period. The growing demand for plant products are projected to favor the market for pharmaceutical excipients market in the near future. The global pharmaceutical excipients market is characterized by strategic research and development and advancements in the excipients processing, also the organizations involved in the manufacturing of the excipients are now inclined towards product development to expand their product portfolio. For instance, according to pharmaceutical technology, in 2012, Ashland announced the expansion of production of Polyplasdone cross-linked polyvinylpyrrolidone (PVPP) in Texas City manufacturing facility.
Some of the major players are Innophos Holdings Inc., The Dow Chemical Company, The Lubrizol Corporation, Wacker Chemie AG, and Ashland Inc., BASF SE, and Evonik Industries AG
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