Pharmaceutical excipients are inert substances, other than the pharmacologically active drug, which are included in the manufacturing process or are present in the pharmaceutical product dosage form. Excipients are widely used in drug formulation to provide long-term stability, add bulkiness to solid formulations and facilitate drug absorption. They also enhance the overall safety or functionality of the product during storage or use. The world excipient market volume is estimated to reach 728.4 kilo tons by 2020, accounting for a revenue of $6.4 billion.
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The world excipients market is driven by the increase in demand for oral solid pharmaceutical drugs and emergence of novel therapeutics on account of the upsurge in the number of pharmaceutical industries. The amalgamation of drug formulation and nanotechnology in pharmaceutical excipients have led to the development of nano-coated tablets, nano-derived liposomes, and vaccines. In addition, several companies have targeted the emerging economies for expansion of their plants for manufacturing pharmaceutical excipients, owing to cost-effective labor. However, higher production cost and stringent government regulations are likely to impede the market growth.
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This report segments the world excipient market on the basis of type, function, and geography. Based on type, the market is segmented into organic and inorganic chemicals. Organic chemicals are further categorized into carbohydrates and petrochemicals. Based on function, the world market is classified into fillers and diluents, binders, coatings, flavoring agents, disintegrants, colorants, and others. The market has been analyzed on the basis of regions, namely North America, Europe, Asia-Pacific, and LAMEA. The North American excipient market is the leading revenue-generating region, owing to growing demand for solid oral drugs for the treatment of chronic diseases. However, the Asia-Pacific market is expected to register the highest CAGR, owing to low cost of raw materials and availability of cost-effective workforce.The key companies profiled in this report include Ashland, Inc., BASF SE, Associated British Foods Plc, Akzo Nobel N.V., Evonik, Merck, J.M. Huber Corporation, Dow Chemicals Corporation, Merck Millipore, Croda International, and Archer Daniels Midland. These companies have adopted product launch as their key developmental strategy to expand their market presence.
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