Pharmaceutical Excipients Market to Hit $14.9 Billion By 2028

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Pharmaceutical Excipients Market to Hit $14.9 Billion By 2028

According to a report by MarketsandMarkets, the global Pharmaceutical Excipients Market is estimated to have reached $10.7 billion in revenue in 2023, with a projected growth to $14.9 billion by 2028. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period from 2023 to 2028. This growth is attributed to factors such as increasing demand for generic drugs and pharmaceutical products, augmented research and development (R&D) investments in novel excipients, and a growing focus on patient-centric formulations.

The market dynamics indicate a rising trend in collaborations and partnerships with pharmaceutical companies for tailored excipient solutions, further fueling market expansion. The detailed report encompasses 562 tables, 51 figures, and 373 pages, providing a comprehensive analysis of the Pharmaceutical Excipients Market.

Market Segmentation and Key Findings:

Product Categories: The global market is categorized into organic chemicals, inorganic chemicals, and other chemicals. In 2022, the organic chemicals segment, characterized by carbon atoms covalently linked to atoms of other elements, dominated the market share. The non-toxic nature of organic chemicals is expected to drive this segment’s growth from 2023 to 2028.
Functionality Segments: The fillers and diluents segment held the majority of the market share in 2022. This segment contributes to the form, bulk, or consistency of pharmaceutical products, especially in the production of solid oral drugs. Tablets, being the most popular dosage forms, are driving the demand for fillers and diluents.
Geographic Regions: The Asia Pacific region is anticipated to exhibit the fastest growth during the forecast period. Factors such as low labor and manufacturing costs in countries like China and India, coupled with increased investments from pharmaceutical giants, contribute to the region’s robust market growth. The growing prevalence of lifestyle-related and age-related diseases, rising disposable income, and government initiatives to enhance healthcare infrastructure further fuel this expansion.

Challenges and Opportunities:

Challenges: Stringent regulatory requirements pose challenges to the pharmaceutical excipients market, along with high development costs associated with novel excipients.
Opportunities: The market presents opportunities in the form of the increasing growth of functional/multifunctional pharmaceutical excipients, advancements in nanotechnology, and emerging markets in Asia-Pacific and Latin America.

Key Market Players:

The pharmaceutical excipients market is competitive, with key players including International Flavors & Fragrances Inc. (US), Ashland Inc. (US), Evonik Industries AG (Germany), BASF SE (Germany), Kerry Group Plc (Ireland), Roquette Frères (France), Merck KgaA (Germany), Associated British Foods Plc (UK), ADM (US), and Wacker Chemie AG (Germany).

Recent Developments:

In June 2023, Ashland introduced Polyplasdone Plus, a co-processed multifunctional direct compression superdisintegrant comprising a glidant and lubricant.
In October 2023, Lubrizol Life Science Health was awarded the Finished Formulation Award for Apisolex Polymer solubilizing excipient at CPhI Barcelona.
In July 2022, DFE Pharma announced the broadening of its Dry Powder Inhalation (DPI) portfolio by launching Lactohale 400.

Market Insights and Customization:

The report offers valuable insights for market leaders and new entrants, providing revenue approximations for the overall pharmaceutical excipients market and its subsegments. Stakeholders can gain a better understanding of the competitive landscape, market drivers, restraints, opportunities, and challenges. The report facilitates informed decision-making and strategic positioning.

For more information and customization options, visit the report link.