Global Pharmaceutical Excipient Market to Grow with a CAGR of 5.85% over the Forecast Years

In pharmaceutical industries, pharmaceutical excipients play a major role in formulation development apart from active ingredients. In many oral products, excipients structure the majority of the entire dosage form. The use of generic drugs has increased significantly in recent years across all the countries over the globe with the rapid progress of the pharmaceutical manufacturing sector, the demand for drug’s active ingredient and excipients such as diluents, fillers, binders, disintegrants, lubricants, coloring agents, and preservatives which are critical and essential components of a modern drug product is expected to increase over the coming years. Furthermore, with increasing demand for more accessible medication, the production of generic drugs is anticipated to grow considerably in developing countries, which is also expected to drive the demand for inactive excipients, that play a major role in formulation development. Infinium Global Research’s recent report on the “Pharmaceutical Excipients Market (Type - Organic, and Inorganic; Functionality - Binders & Fillers, Coating Agents, Disintegrants, Flavoring Agents and Colorants, Lubricants and Glidants, Sweeteners, Preservatives & Antioxidants, and others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market.

The impact of the COVID 19 pandemic on the Global Pharmaceutical Excipients Market is expected to slightly lower the consumption of pharmaceutical excipients for the year 2020. Currently, as the entire health care system is primarily focused on containing and preventing this virus, an exponential demand of generic drugs such as choloroquine and hydrochloroquine is witnessed in the global market, however, the production of several other drugs has been lowered which will result in decreased usage of pharmaceutical excipients. In addition, severe supply disruptions in the market due to lockdown in major countries and cross border sealings has also created an impact on the market. Furthermore, owing to the broken supply chain management and lesser possibility of receiving excipients from China, this can be an opportunity to locally manufacture pharmaceutical excipients for several pharmaceutical manufacturers for medicines and for easier export with less dependency. However, over the post pandemic period, the market is expected to witness greater demand owing to rising demand for generic drugs in the market. Infinium Global Research’s recent report on the Pharmaceutical Excipient market (Type – Organic & Inorganic; Functionality - Binders & Fillers, Coating Agents, Disintegrants, Flavoring Agents and Colorants, Lubricants and Glidants, Sweeteners, Preservatives & Antioxidants, and Others) Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market.

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Surge in the Production of Generic Drugs in Developing Countries to Increase the Demand for Pharmaceutical Excipients in the Forecast Period

The use of generic drugs has increased significantly in recent years across all the countries over the globe. Moreover, in pharmaceutical industries, inactive excipients play a major role in formulation development apart from active ingredients. They are substances other than the pharmacologically active drug or prodrug which are included within the manufacturing process or are contained during a finished pharmaceutical product dosage form. In many products, excipients structure the majority of the entire dosage form. Furthermore, with increasing demand for more accessible medication, the production of generic drugs is anticipated to grow considerably in developing countries. India ranks 4th in terms of generic production. As the largest provider of generics in the world, the sector contributes to 40% of the United States’ generic demand with Indian companies receiving 304 Abbreviated New Drug Application approvals from the United States Food and Drug Administration (USFDA) in 2017. Similarly, generic drugs are the mainstay of China's pharmaceutical industry and are likely to remain so for a long time. While the government encourages and relies upon innovation to meet industry targets, China will probably continue to rely upon the widespread prescription of generics in the public insurance plan to hold down the overall healthcare expenditures. In recent years, there is an upsurge in pharmaceutical production through public, private and mixed partnerships, or regional initiatives for licensing of production for generics to improve access to affordable medicines even in sub-Saharan Africa. Thus, driving the demand for pharmaceutical excipients in the developing world markets.

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Asia Pacific to be the Fastest Growing Region in the Pharmaceutical Excipient Market

Geographically, North America generated the largest revenue in the medical robotic systems market in 2019 and is expected to continue its dominance over the forecast years. Increasing incidences of chronic diseases owing to a sedentary lifestyle, hefty investments by the pharmaceutical companies in the development of medicines, implementing new novelties like nanotechnology are the major driving forces of the market. On the other hand, the Asia Pacific region is anticipated to grow with the fastest CAGR in the pharmaceutical excipient market. Major countries in the region such as Japan, India, and China are likely to drive the pharmaceutical excipients market. China is known as a major excipient exporter in the world, moreover, growing support from government and non-government organizations to expand pharmaceutical industry is escalating the growth of the market.

Endorsing the Necessity for Excipients, Extreme Competition Among the Manufacturers and Suppliers is Observed in the Global Pharmaceutical Excipients Market

Some of the significant vendors in the global pharmaceutical excipients market are The Dow Chemical Company, BASF, Ashland Global Specialty Chemicals Inc., Roquette, Evonik Industries, Archer Daniels Midland, and many others. Though the increasing demand for functional excipients will provide immense growth opportunities, the loss of patents and patent expiry will challenge the growth of the pharmaceutical excipients market participants. To make the most of the opportunities, market players should focus more on the growth prospects in the fast-growing segments, whereas sustaining their positions in the slow-growing segments.