The pharmaceutical excipients industry involves the manufacturing and use of various inactive substances that act as carriers or bulking agents in pharmaceutical formulations. Some common types of excipients used include fillers, disintegrates, binders, lubricants, flavoring agents, preservatives and viscosity modifiers. Excipients play an important role in determining the effectiveness, texture, consistency, stability and absorption of active pharmaceutical ingredients present in medicines.

The global market size for pharmaceutical excipients is estimated to be valued at US$ 10.11 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period between 2024 to 2031.

Key Takeaways

Key players operating in the pharmaceutical excipients market include Waters Corporation, Agilent Technologies Inc., Bruker Corporation, SCIEX, Shimadzu Corporation, Danaher, Thermo Fisher Scientific Inc., Shimadzu, PerkinElmer Inc. Key players are focusing on expanding their product portfolio and global presence through mergers & acquisitions and partnerships with regional medical device companies. The growing generic drugs market and rising complexities in drug formulations are expected to offer lucrative growth opportunities for excipients manufacturers. Several leading players are investing in expanding their production facilities across Asia Pacific and South America to cater to the rising demand from emerging economies.

Market Drivers

Pharmaceutical Excipients Market share is projected to grow at a steady pace, mainly driven by the expanding pharmaceutical industry and growing consumption of generic drugs across the world. The increasing prevalence of chronic diseases and rising geriatric population are driving the demand for excipients from drug formulation companies.Further, the growing need for complex formulations to improve the bioavailability of Active Pharmaceutical Ingredients (APIs) is boosting the adoption of advanced excipients. Stringent regulations surrounding drug quality and safety are also prompting pharmaceutical manufacturers to adhere to prescribed quality standards which involves the use of excipients.

PEST Analysis

Political: The pharmaceutical excipients market is regulated by various government agencies like FDA, EMA, and others. Any changes in regulations can impact the demand. Economic: Factors like GDP growth, income levels, healthcare spending influence the demand for pharmaceuticals and thereby excipients demand. The rising healthcare spending globally is driving the market.

Social: Increasing prevalence of lifestyle and chronic diseases is increasing the dependence on medicines. Also, rise in healthcare awareness and access is fueling the demand for drugs and excipients.

Technological: Technological advancements are helping improve product quality and develop new drug delivery methods. Manufacturers are investing in R&D to develop innovative excipients with specialized features. Additionally, industry 4.0 is also assisting in optimizing production processes.

North America is the largest geographical region in terms of value in the Pharmaceutical Excipients Market Regions Analysis presence of major players, a rise in chronic diseases, awareness, and high healthcare spending are driving the market in the region, with the U.S. accounting for the major share.

The Asia Pacific region is projected to be the fastest growing market for pharmaceutical excipients during the forecast period. Factors such as improving access to healthcare, rise in income levels, increasing investment in healthcare infrastructure, and growing generic and pharmaceutical industry are fueling the growth of the market in the region. Countries like China, India provide huge opportunities due to their large population base and increased domestic demand.

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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)