The Pharmaceutical Excipients Market Is Estimated To Witness High Growth Owing To Increasing Generic And Biosimilar Drug Approvals
Pharmaceutical excipients are pharmaceutically inactive substances that act as carriers for the active pharmaceutical ingredient (API) or aid in product formulation, processing, identification, stability, and bioavailability. Some common excipients include preservatives, emulsifiers, dispersing agents, fillers, binders, and flavors. They offer several advantages such as facilitating drug absorption, increasing shelf-life and stability, masking unpleasant tastes or odors, promoting better handling or processing, and enhancing product quality standards. The pharmaceutical excipients find widespread applications in oral pharmaceutical formulations such as tablets, capsules, syrups, and intravenous injectables used for treatment of diseases including diabetes, cancer, and cardiovascular conditions.
The global pharmaceutical excipients market is estimated to be valued at US$ 10.7 Bn or Mn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The "Pharmaceutical Excipients Market is Estimated to Witness High Growth Owing to Increasing Generic and Biosimilar Drug Approvals"
One of the key drivers for the growth of the pharmaceutical excipients market is the increasing approvals for generic and biosimilar drugs globally. Due to patent expirations of major blockbuster drugs and rising healthcare costs, there is greater impetus on the development of low-cost generics and biosimilars across regions. Pharmaceutical excipients have a crucial role to play in the formulation of these drugs to mimic the efficacy of original branded drugs. Additionally, the development of novel drug delivery systems and controlled release formulations require specialized excipients and technologies to achieve desired pharmacokinetic profiles. This has significantly boosted R&D activities of major excipient manufacturers.
SWOT Analysis
Strength: Pharmaceutical excipients play a crucial role in drug manufacturing and are used in over-the-counter and prescription drugs. The large demand for generic as well as innovative drugs will boost excipient usage. However, stringent regulations maintain quality and safety standards.
Weakness: Raw material price fluctuations and availability issues can hamper production planning. Supply chain complexities and risks may affect cost and timely deliveries.
Opportunity: Emerging markets in Asia Pacific and Latin America offer scope due to their large populations and improving healthcare infrastructure. New drug delivery technologies widen excipient applications.
Threats: Patent expiries encourage generic competition which may squeeze prices. Stringent regulatory compliance involves huge investment and prolonged approval cycles.
Key Takeaways
The global Pharmaceutical Excipients Market Growth is expected to witness high growth driven by the fast increasing demand for medicines across major regions. The market size for 2023 is projected to reach US$ 10.7 Bn registering a CAGR of around 21.% during the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates due to its advanced healthcare system and presence of major pharmacetical companies. However, Asia Pacific is emerging as the fastest growing market on the back of China and India's large population base and increasing healthcare spending respectively.
Key players: Key players operating in the Pharmaceutical Excipients market are Safari Club International, Cabela's, Bass Pro Shops, Remington Outdoor Company, Beretta, Hunters Hill Safaris, Weatherby, Leica, Winchester Ammunition, Orvis, Hornady, Blaser Group, Zeiss, Sako, Norma.These players are focusing on capacity expansions and new product development to gain a competitive edge.
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