According to a new report by market Research Future (MRFR), the global market for pharmaceutical excipients is projected to showcase a significant growth rate over the forecast period (2016-2027). Pharmaceuticals are important components of a formulation that offers effective drug absorption. Excipients must comply with the regulatory requirements and must suit the intended dosage form. The compatibility is crucial in dosage forms that incorporate coating, controlled and sustained release, oil base (emulsifiers), and taste masking.
Excipients used in the manufacturing of drug serve as binders, disintegrants, glidants, or diluents. Therefore, multifunctional excipients can reduce the manufacturing cost and drug development of the product.
Global Pharmaceutical Excipients Market, by Function (Binder, Lubricant, Filler, Coating), By Application (Oral, Parenteral, Topical), By Product (Organic Chemicals, Inorganic Chemicals) – Global Forecast 2027
Drivers and Restraints
Owing to the patent expiries, the market has witnessed a robust growth rate in the recent times. Moreover, with the large patient population base and growing demand for pharmaceutical products will propel the growth of the market globally. Factors like increasing chronic diseases, growing generics market owing to patent cliffs, advancement in the development of functional excipient, rapid growth of biopharmaceuticals, growing biosimilar industry, and emergence of co-processed and multifunctional excipients are the major factors fuelling the market growth.
Meanwhile, strict mandates like inspection of manufacturing sites by regulatory authorities such as MHRA, FDA, and TGA has affected the supply of global pharmaceutical excipients. Lack of separate guidelines for approval and manufacturing of excipients is impending R&D initiatives related to excipients. If a new drug approval fails, the excipient also fails even if it is not related to the excipient. The clinical data from that particular excipient cannot be used. Moreover, the timeframe and cost required to develop excipients are uneconomical for the manufacturers, thus limiting the scope for getting an excipient approved.
Global Pharmaceuticals Excipients Market Regional Analysis
North America has been anticipated to hold the largest market share and is expected to grow over the forecast period. The major factor for growth in this region is due to the presence of European Medicines Agency’s scientific guidelines on excipients.
North America is followed by Europe due to the presence of large companies such as FMC Corporation and Avantor Performance Materials Inc. who are direct manufacturers. This region is expected to showcase a significant growth owing to the ongoing case studies based on drug-excipient interactions to increase delivery efficacy and efficiency.
Due to the high volume of unmet medical requirement and expanding generic market, Asia Pacific along with Middle East and Africa are anticipated to grow at a faster pace. Moreover, these regions are a good source of raw materials and enable low-cost manufacturing process for excipients.
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