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™.
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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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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