The global pharmaceutical excipients market is poised for significant growth, with projections estimating a market value of USD 972.9 million by 2024, according to Future Market Insights (FMI). The sector is on track to experience a compound annual growth rate (CAGR) of 5.1% through 2034, potentially reaching an impressive USD 1,600.0 million by the end of the forecast period.
Historically viewed as inactive ingredients, excipients have undergone a remarkable transformation, evolving into critical components in modern drug formulations. These ingredients now serve a variety of essential roles, from enhancing the efficacy of active ingredients to influencing the color and appearance of medications. As a result, excipients have moved beyond their traditional roles and have become key players in optimizing drug performance and patient experience.
This growing recognition of excipients’ importance in pharmaceutical development has sparked increased interest among industry stakeholders and consumers alike. Their role in improving the stability, bioavailability, and delivery of drugs is accelerating their demand, contributing to the rapid expansion of the market.
However, the growth of the pharmaceutical excipient market is not without its challenges. The sector remains heavily regulated, and the introduction of new products often faces delays due to regulatory hurdles. Moreover, consumer resistance to certain excipients, particularly synthetic or artificial ingredients, continues to present a challenge for market penetration.
Despite these hurdles, the evolving role of excipients in drug formulation and their ability to enhance the therapeutic efficacy of medications underscores their increasing significance within the pharmaceutical industry. As the market continues to evolve, excipients are expected to play an even more pivotal role in advancing drug development and improving patient outcomes.
“Use of excipients to mask the taste of bitter medicines or to provide a different color to them is anticipated to help in the market’s progress. Despite the existence of some notable drawbacks, the multi-functionality of excipients is expected to help the market to progress along nicely,” says an analyst at FMI.
Key Takeaways from the Pharmaceutical Excipient Market:
- The pharmaceutical excipient market is expected to be USD 9 million in size in 2024.
- Artificial excipients rule the roost in the market. Artificial excipients are expected to account for 34.7% of the market share in 2024.
- Coating is the predominant technique. For 2024, coating is anticipated to account for 33.0% of the market share.
- China is expected to be a promising country in terms of progress for the market. The country is forecasted to have a CAGR of 5.6% from 2024 to 2034 in the market.
- The United States and Japan are poised to be lucrative countries for the market. For the forecast period, the CAGR for both the United States and Japan is predicted to be 5.3%.
- The market is expected to progress at a CAGR of 5.4% in Germany.
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Competition Analysis of the Pharmaceutical Excipient Market:
The pharmaceutical excipient market is fragmented, with small-scale companies looking at product differentiation. While bigger companies look to expand production capabilities. Some of the prominent companies in the market include Ashland Global Holdings, Croda International, BASF SE, and Lubrizol Corporation.
Recent Developments in the Pharmaceutical Excipient Market:
- In October 2023, Clariant Chemicals introduced three new excipients as part of its VitiPure range.
- In November 2021, Gattefossé unveiled excipients named Labrafac MC60, Gelucire 59/14, and Emulfree Duo.
Key Companies in the Pharmaceutical Excipient Market:
- Ashland Global Holdings
- Croda International
- BASF SE
- Lubrizol Corporation
- Evonik Industries AG
- Associated British Foods
- Roquette Feres
- Archer Daniels Midland Company
- DuPont
- Avantor Performance Materials, Inc.
- The Dow Chemical Company
- FMC Corporation
- Evonik Industries
- Lubrizol Corporation
- Roquette
- Colorcon, Inc.
Key Segments:
By Type:
- Organic Chemicals
- Oleochemicals
- Fatty Alcohols
- Mineral Stearates
- Glycerin
- Other Oleochemicals
- Carbohydrates
- Sugars
- Actual Sugars
- Sugar Alcohols
- Artificial Sweeteners
- Cellulose
- Microcrystalline cellulose
- Cellulose ethers
- Carboxymethyl cellulose (CMC) and croscarmellose sodium
- Cellulose esters
- Starch
- Modified Starch
- Dried Starch
- Converted Starch
- Sugars
- Petrochemicals
- Glycols
- Povidones
- Mineral Hydrocarbons
- Acrylic Polymers
- Other Petrochemical Excipients
- Proteins
- Other Organic Chemicals
- Artificial
- Calcium Phosphate
- Metal Oxides
- Halites
- Calcium Carbonate
- Calcium Sulphate
- Other Artificial Chemicals
- Other Chemicals
By Technique:
- Fillers & Diluents
- Suspending & Viscosity
- Coating
- Binders
- Flavoring & Sweeteners
- Disintegrants
- Colorants
- Lubricants & Glidants
- Preservatives
- Emulsifying
By Formulation:
- Oral Formulations
- Tablets
- Capsules
- Hard-gelatin Capsules
- Soft-gelatin Capsules
- Liquid Formulations
- Other Oral Formulations
- Topical Formulations
- Parenteral Formulations
- Other Formulations
By Application:
- Taste Masking
- Stabilizers
- Modified-Release
- Solubility & Bioavailability Enhancement
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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