Future Market Insights (FMI) has released an updated analysis of the pharmaceutical excipient market, projecting steady growth over the next decade. The market is expected to be valued at US$ 972.9 million in 2024 and is forecasted to expand at a compound annual growth rate (CAGR) of 5.1%, reaching a valuation of US$ 1.6 billion by 2034. The rising demand for innovative drug formulations, enhanced bioavailability, and advanced delivery systems are key factors driving this market expansion.
Pharmaceutical excipients play a critical role in drug development, acting as stabilizers, binders, and carriers that improve the efficacy, safety, and shelf life of medications. The increased emphasis on patient-centric drug delivery methods, such as controlled-release and targeted delivery systems, is fueling the demand for next-generation excipients. This trend is being further accelerated by the growing production of biologics, complex generics, and personalized medicines.
As the pharmaceutical industry shifts toward more sophisticated drug formulations, manufacturers are increasingly focusing on the development of multifunctional excipients that can meet regulatory standards while enhancing drug performance. The rising prevalence of chronic diseases and an aging population are also driving the need for improved drug delivery mechanisms, further supporting the growth of the excipient market.
The pharmaceutical excipient market is expected to witness continued growth opportunities as industry stakeholders, including pharmaceutical companies and research organizations, prioritize innovations in drug formulation. With regulatory agencies encouraging the adoption of quality-by-design (QbD) approaches, the demand for high-performance excipients is projected to rise significantly over the next decade.
Key Takeaways:
- The pharmaceutical excipient market is expected to grow from US$ 972.9 million in 2024 to US$ 1.6 billion by 2034, at a CAGR of 5.1%.
- Growth is driven by the increasing adoption of advanced drug delivery systems, biologics, and patient-centric drug formulations.
- Excipients play a crucial role in enhancing the stability, bioavailability, and effectiveness of drug formulations.
- Regulatory support for quality-by-design (QbD) approaches and the rise in personalized medicines are creating new growth opportunities for pharmaceutical excipient manufacturers.
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Key Market Drivers
- Increasing Demand for Generic and Biologic Drugs: The rising production and consumption of generic medications and biologics are driving the demand for pharmaceutical excipients, which play a crucial role in drug formulation.
- Growth of the Pharmaceutical Industry: An expanding pharmaceutical sector, particularly in emerging markets, is contributing to the increased need for excipients that enhance drug delivery and stability.
- Rising Geriatric Population: An aging population with a higher prevalence of chronic diseases requires more medications, thereby increasing the demand for effective excipient solutions.
- Technological Advancements: Innovations in excipient formulations, including multifunctional excipients that can serve multiple purposes in drug delivery systems, are fostering market growth.
- Regulatory Support for Drug Development: Favorable regulatory environments and initiatives aimed at accelerating drug approvals are encouraging investments in excipient research and development.
Challenges
- Stringent Regulatory Frameworks: The complex regulatory landscape can pose challenges for manufacturers seeking to introduce new excipients or formulations into the market.
- High Development Costs: The costs associated with developing new excipients can be significant, potentially limiting opportunities for smaller companies.
Competitive Landscape in the Pharmaceutical Excipient Market
The pharmaceutical excipient industry is highly competitive, with newer entrants looking to distinguish themselves with novel products. On the other hand, established players are looking to expand production facilities to meet production targets.
One of the prominent companies in the market, Ashland Global Holdings, is looking to expand its portfolio with the help of biologics. As the company’s drug delivery focus enhances, even greater attention is being paid to excipients. Croda International, meanwhile, is looking to increase its functional excipients portfolio.
Recent Developments
- In October 2023, India-based Clariant Chemicals announced plans to launch three new excipients as part of its VitiPure range.
- In September 2023, United States-based Colorocon introduced its titanium dioxide (TiO2)-free Opadry film coating system for tablets to stop moisture from affecting them.
- In November 2021, French-based Gattefossé launched three new pharmaceutical 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)
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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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