Albany, NY -- (SBWire) -- 02/28/2019 --This report has a comprehensive section on the market dynamics affecting the global pharmaceutical excipients market and gives a clear picture regarding the factors that are affecting the market growth. As per the numbers provided in this report, the global pharmaceutical excipients market was valued at US$ 5,682.7 Mn in 2017 and is anticipated to reach a valuation of US$ 7,415.2 Mn in 2021 end, displaying a CAGR of 6.9% during the period of assessment 2017-2021.
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The world has been witnessing rising demand for medicines, led by an increase in the number of chronic diseases, greater awareness towards physical well-being, and rising incidence of lifestyle diseases such as diabetes and obesity-related disorders. This has been fueling demand for and production of drugs and thus excipients. Excipients are believed to aid active pharmaceutical ingredients achieve better functionalities such as longer shelf-life, and also render competitive advantage in formulation.
Increasing demand from emerging economies acting as a boon in the development of the global pharmaceutical excipients market
Industry experts have noted that over the last three years there has been increasing demand for cheaper quality excipients from emerging economies in Asia Pacific and East Africa regions due to increased requirement in the local drug manufacturing industry. However, the trend is the opposite to the situation currently in developed economies with sophisticated manufacturing practices, where demand for superior quality excipients is increasing, but at a lower rate than that in emerging economies. Government initiatives in various countries is driving revenues derived from healthcare services and drug manufacturing in emerging economies such as India, China, Brazil, Kenya, and Nigeria are expected to contribute to increasing demand for excipients over the assessment period.
Growing demand for oral solid drug formulations boosting the global pharmaceutical excipients market
Demand for oral solid drug formulations has been witnessing a steady increase over the past few years owing to ease of consumption by patient classes, including children. Oral dosage forms generally require more amount of excipients than other forms during the drug manufacturing process and is being promoted due to adoption of increased patient-centricity approaches by drug manufacturers. For example, over 50% of patients find it difficult to swallow conventional hard solid tablets. This has prompted drug companies to devise more innovative solid oral product forms such as orally disintegrating granules (ODGs), effervescent tablets, lozenges, instant drinks, and chewable tablets. This is expected to create substantial demand for excipients in the near future.
Regulatory hurdles restricting the development of novel pharmaceutical excipients
Lack of separate guidelines for manufacturing and approval of excipients is deterring R&D initiatives related to novel excipients. Under the present regulatory scenario, if a new drug approval (NDA) fails, the excipient also fails even if it is not due to anything related to the excipient. Furthermore, clinical trial data from that failed excipient is not usable. This leads to major financial loss on the part of both the drug and the excipient manufacturer. The cost and time frame to develop novel excipients under proper regulatory compliances are both uneconomical for manufacturers, thus limiting the outlook for getting a novel excipient approved.
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Global Pharmaceutical Excipients Market: Competition Landscape
This research report also profiles the leading players that are operating in the global pharmaceutical excipients market in the competition landscape section. Some of the leading players that have been profiled include BASF SE, Evonik Industries AG, Innophos Holdings Inc., The Lubrizol Corporation, The Dow Chemical Company, Wacker Chemie AG and Ashland Inc.
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Pharmaceutical Excipients Market 2021: Comprehensive Evaluation of the Market via in-Depth Qualitative Insights - BASF SE, Evonik Industries AG, Innophos Holdings Inc.
Synthetic excipient type segment has been estimated to witness an increase in value from US$ 2.26 Bn in 2017 to US$ 3.01 Bn by 2021, registering a robust CAGR over the forecast period.