Northbrook, IL -- (SBWire) -- 06/26/2019 --According to a new market research report "Pharmaceutical Excipients Market by Type (Organic chemical (Carbohydrate, Petrochemical), Inorganic chemical), Functionality (Filler, Coating, Disintegrant, Binder), Formulation (Tablet, Capsule, Topical, Parenteral) - Global Forecast to 2023", published by MarketsandMarkets™
Factors such as the growing pharmaceutical market with the rapidly aging population and increasing incidence of chronic disease, advancements in functional excipients, growing generics market propelled by the patent cliffs, and the rapidly growing biopharmaceuticals sector are driving the growth of the Pharmaceutical Excipients Market. Furthermore, the emergence of multifunctional & co-processed excipients, shifting the focus of pharmaceutical manufacturing to emerging markets, and the growing biosimilars industry present significant opportunities for the growth of excipients. However, the increasing regulatory stringency, cost and time-intensive drug development process, and the quality concerns of excipient manufacturers represent a significant challenge to the market growth.
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By product, the organic chemical excipients segment accounted for the largest share of the market
On the basis of products, the organic chemical excipients segment accounted for the largest share of the Pharmaceutical Excipients Market, in 2017. This can be attributed to the use of these excipients in majorly all of the pharmaceutical formulations. They offer advantages such as increased efficacy in oral delivery of poorly soluble molecules along with increased compressibility and flowability properties.
The parenteral formulations segment is expected to grow at the highest CAGR during the forecast period
By type of formulation, the Pharmaceutical Excipients Market is segmented into oral, topical, parenteral, and other formulations. The parenteral formulations segment is expected to grow at the highest CAGR 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. Also, the emergence of new biologics and biosimilar delivered through the parenteral route will contribute to the market growth.
Europe dominated the market in 2017
Europe accounted for the largest share of the Pharmaceutical Excipients Market in 2017, followed by North America. This regional segment shows significant market growth opportunities owing to the presence of well-established pharmaceutical companies such as Novartis and Roche, whose large production capacities lead to high quantity excipient consumption. Furthermore, many European countries are diverting their attention towards the generics and biologics market which will propel the demand for pharmaceutical excipients.
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The prominent players in the Pharmaceutical Excipients Market are Ashland (US), BASF (Germany), DowDuPont (US), Roquette (France), Evonik (Germany), Associated British Foods (UK), Archer Daniels Midland Company (US), Lubrizol (US), Croda (UK), Kerry Group (Ireland), Innophous Holdings (US), WACKER CHEMIE (Germany), and Signet (India).
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Global Pharmaceutical Excipients Market Will Grow at a CAGR of 5.9% - Exclusive Report by MarketsandMarkets
The Pharmaceutical Excipients Market is expected to reach USD 8.53 Billion by 2023 from an estimated USD 6.40 Billion in 2018, at a CAGR of 5.9% during the forecast period.