The pharmaceutical excipients market is expanding globally and is expected to continue growing in the years to come. Market research indicates that the industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 6% over the course of the forecast period, from current US$ 7.9 billion valuation in 2021 to an estimated US$ 10.9 billion by 2026. This growth demonstrates the crucial function excipients play in the production of pharmaceuticals and their growing significance in guaranteeing the safety and efficacy of drugs.
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Factors Driving the Market Growth:
- Increasing Pharmaceutical Production: With the pharmaceutical industry continuously expanding to meet the demands of a growing global population and increasing health concerns, the demand for excipients is on the rise. Excipients are essential in drug formulation and delivery, thus underpinning the industry’s growth.
- Rising Focus on Drug Quality and Safety: In today’s pharmaceutical landscape, there’s a growing emphasis on the quality and safety of drugs. Excipients contribute to these aspects by improving the stability and efficacy of pharmaceutical products, thus becoming a crucial component in drug development and formulation.
- Technological Advancements: Ongoing technological advancements are enhancing the properties and functionalities of excipients. Novel excipients are being developed to cater to specific drug formulations, which further stimulates the market’s expansion.
- Patient-Centric Approaches: Patient-friendly drug formulations are gaining popularity, and excipients play a pivotal role in achieving these objectives. Excipients are used to improve the taste, texture, and overall patient experience of medications, making them more appealing and easier to administer.
- Regulatory Compliance: Stringent regulations surrounding pharmaceuticals are driving manufacturers to adopt high-quality excipients to ensure compliance with global standards. This requirement is boosting the market for premium and innovative excipients.
Key companies:
Ashland Global Holdings
Croda International
BASF SE
Lubrizol Corporation
Evonik Industries AG
Associated British Foods
Roquette Feres
Archer Daniels
Midland Company
DuPont
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Key Segments
By Functionality:
- Diluents
- Binders
- Disintegrants
- Glidants
- Lubricants
- Tablet Coating
- Films and Coloring Agents
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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