Pharmaceutical excipients are inert substances formulated alongside the active pharmaceutical ingredient (API) in a dosage form. Excipients are selected based on their functionality which include binding, adhesives, lubrication and others. They are used across various dosage forms like tablets, capsules, creams among others. The global market is driven by rising genericization of drugs and increased production of biologics. With patent expiration of major drugs, generic equivalents are increasingly adopted to reduce healthcare costs. This is translating into higher demand for excipients used in manufacturing generics. Additionally, biologics are complex molecules requiring optimized delivery methods. Advanced excipients play a crucial role in enhancing stability, solubility and deliverability of such large molecule drugs.

The Global Pharmaceutical Excipients Market Size is estimated to be valued at US$ 12.33 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The increasing demand for generics is a major driver of the pharmaceutical excipients market. According to industry estimates, generic drugs account for nearly 90% of all prescriptions filled in the U.S. In 2020, over 20 blockbuster drugs lost patent protection in North America alone, opening lucrative opportunities for generics. Excipients are critical in developing stable and comparable generic formulations. Furthermore, the biologics market is growing at an accelerated pace globally. Biologics development relies heavily on excipients due to complexities involved in stabilizing and delivering large molecule drugs. Innovative excipients that can facilitate insoluble API solubility, enhance bioavailability and target drug delivery are witnessing significant demand from biopharma companies. The customized formulation needs of the biologic drugs space is propelling functional excipient innovation.

SWOT Analysis

Strength: The pharmaceutical excipients market has seen steady growth over the years due to increased demand for generic drugs and biosimilars. Rising R&D investments by major players to develop innovative excipients will further propel market growth. Various regulatory bodies support the usage of excipients by approving new formulations.

Weakness: High costs associated with development and production of novel excipients can restrain market expansion. Stringent regulatory norms for approval of new excipients extend the time required to commercialize products.

Opportunity: Growing geriatric population prone to various diseases drives the need for medicines. Hence pharmaceutical firms actively work on developing drugs suitable for pediatric and geriatric patients requiring special excipients. Emerging economies offer lucrative opportunities owing to their huge patient populations.

Threats: Substantial dependency on China and India for raw material supplies exposes the industry to potential trade risks. Possible side effects and allergic reactions to certain excipients pose safety concerns.


Key Takeaways

The global pharmaceutical excipients market is expected to witness high growth. The global Pharmaceutical Excipients Market is estimated to be valued at US$ 12.33 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.

Asia Pacific dominates currently due to presence of major generic drug Regional analysis: manufacturing hubs in India and China. The region's low manufacturing costs and lenient regulatory environment aid market expansion. Europe and North America also account for sizable shares and are anticipated to grow steadily through 2031.

Key players: Key players operating in the pharmaceutical excipients market are Waters Corporation, Agilent Technologies Inc., Bruker Corporation, SCIEX, Shimadzu Corporation, Danaher, Thermo Fisher Scientific Inc., Shimadzu, and PerkinElmer Inc.

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