The global pharmaceutical excipients market is expected to be valued at $ 7,415.2 Mn by 2021.
New York, NY -- (SBWIRE) -- 09/05/2017 -- Pharmaceutical excipients are elements, excluding pharmacologically active drug constituents that are incorporated in the drug making process or restricted in a complete pharmaceutical product quantity form. They are included in the drug manufacturing process for the purpose of long-term stabilization, such as amassed lubricity and refining compressibility amongst other features.
The market growth is predominantly driven by growing demand for preventive and treatment drugs. Focus on patient comfort has also influenced drug manufacturers to cultivate sustained-release dosage preparations. This has helped contribute to prolonged shelf life of oral drugs, adding to higher profits projections. The absence of corresponding quality standards for the degree of excipients and their protection evaluation standards are some factors expected to restrain the growth of the market over the forecast period.
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The overall market for pharmaceutical excipients is segmented on the basis of the source of origin or chemistry type as per U.S. Pharmacopeia. The market is also categorized by application type and functionality and regions.
On the basis of chemistry type, the market has been subcategorized into animal-based, plant-based, mineral-based and synthetically derived. Globally, naturally resultant excipients are witnessing more demand because of minor side effects, like skin rashes, flatulence, etc. and better composition feature. In terms of value, the plant-based excipient is projected to account for nearly one-third of the global market share by 2021-end.
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By application, the market is segmented into the topical formulation, oral formulation, parenteral formulations and others. On the other hand, based on functionality, the market is sub-categorized into diluents, binders, disintegrants, glidants and others.
The global pharmaceutical excipients market is segmented into five major regions explicitly North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Although Asia Pacific is estimated to grow as the fastest developing market in terms of value, North America is projected to be leading market, accounting for over one-third of the total excipients market value during the forecast period.
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Significant players in the overall pharmaceutical excipients drug market include Evonik Industries AG, BASF SE, The Lubrizol Corporation, Innophos Holdings Inc., The Dow Chemical Company, Wacker Chemie AG, and Ashland Inc.