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Pharmaceutical Excipients Market worth 8.53 Billion USD by 2023

 



(Medical-NewsWire.com, March 15, 2019 ) Factors such as the growing pharmaceutical market with the rapidly aging population and increasing incidence of chronic disease, advancements in functional excipients, growing generics market propelled by the patent cliffs, and the rapidly growing biopharmaceuticals sector are driving the growth of the pharmaceutical excipients market.



Furthermore, the emergence of multifunctional & co-processed excipients, shifting focus of pharmaceutical manufacturing to emerging markets, and the growing biosimilars industry present significant opportunities for the growth of excipients. However, the increasing regulatory stringency, cost and time-intensive drug development process, and the quality concerns of excipient manufacturers represent a significant challenge to the market growth.



The report analyzes the market by product, functionality, type of formulation, and region. Based on product, the organic chemical excipients segment accounted for the largest share of the market in 2017. This can be attributed to the use of these excipients in majorly all of the pharmaceutical formulations as they offer advantages such as increased efficacy in oral delivery of poorly soluble molecules along with increased compressibility and flowability properties.



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Based on functionality, the pharmaceutical excipients market is segmented into fillers & diluents, binders, suspending & viscosity agents, flavoring agents & sweeteners, coating agents, colorants, disintegrants, lubricants & glidants, preservatives, emulsifying agents, and other functionalities. The large share of the fillers and diluents segment can be attributed to the increased use of fillers and diluents in the development and production of solid oral drugs. They improve the taste of the formulation and provide ease of administration (of the drug), along with offering stability, ease in preparation, packaging, shipping, and dispensing of drugs.



On the basis of type of formulation, the oral formulations segment dominated the market in 2017. The oral route of administration is the most common and traditional route for drug delivery. With the development of excipients to improve the functionality of active pharmaceutical ingredients (APIs) in tablets and capsules, the demand for these formulations is high. This in turn will also propel the market growth in the coming years.



Europe dominated the market in 2017



Europe accounted for the largest share of the pharmaceutical excipients market in 2017, followed by North America. This regional segment shows significant market growth opportunities owing to the presence of well-established pharmaceutical companies such as Novartis and Roche, whose large production capacities lead to high quantity excipient consumption. Furthermore, many European countries are diverting their attention towards the generics and biologics market which will propel the demand for pharmaceutical excipients.



The prominent players in the pharmaceutical excipients market are Ashland (US), BASF (Germany), DowDuPont (US), Roquette (France), Evonik (Germany), Associated British Foods (UK), Archer Daniels Midland Company (US), Lubrizol (US), Croda (UK), Kerry Group (Ireland), Innophous Holdings (US), WACKER CHEMIE (Germany), and Signet (India).



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Source: EmailWire.Com

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