The market is estimated to grow at a CAGR of 5. 5% from 2020 to 2027. Surge in generics market and growth of the pharmaceutical market backed by multi-functional excipients are expected to boost the market growth over the years.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmaceutical Excipients Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product ; Functionality ; Type of Formulation and Geography" - https://www.reportlinker.com/p06027559/?utm_source=GNW
However, cost and time intensive drug development process are likely to pose a negative impact on the market growth.
Excipients are an integral component of pharmaceutical products that primarily determine the structure of dosage type and its role in delivering drugs.Excipients significantly affect the process ability, aesthetics, efficiency, and patient compliance with the dosage form.
Thus, the use of excipients in a formulation requires an assurance and a clear understanding of their quality, safety, and performance attributes.The principal role of excipients is to support patient acceptability, enhance stability, bioavailability, and assist in the effectiveness.
The generics industry has witnessed a remarkable run over the last decade, with companies achieving above-average shareholder returns.Generic drugs are the alternatives to branded drugs with the same dosage form, safety, strength, administration route, and quality.
As per stats provided by the India Brand Equity Foundation (IBEF), India is among the largest supplier of generic medicines and the country’s generic medicines account for ~20% of the global exports of generic medicines. In 2017, Indian pharmaceutical companies received 300 generic drug approvals in the US. Thus, the worldwide rise in the sale of generic drugs has increased the demand for prescription excipients. The market consists of revenues made by companies manufacturing pharmaceutical excipients through the sales of these excipients. In addition, many blockbuster drugs are on the brink of losing their patents. The patent cliff has resulted in billions dollars’ worth of brand drug sales losing patent protection. Generic drug companies are free to produce their own replicas when patents expire, which can cost up to 80% less than the originals, eventually resulting in a sharp and sudden loss of profits for the companies that developed them. Use of functionality excipients, allows pharmaceutical firms to extend patents. The need to cut prices, generic competition, and lack of innovation are weighing the pharmaceutical industry down. Excipients have become an integral element in the manufacturing of tablets as these provide improved functionality in pharmaceuticals and aid in drug development and innovation, which, in turn help improve patent life at a lower cost. Excipients play a significant role in helping pharmaceutical manufacturers by increasing treatment effectiveness and compliance.
Based on product, the pharmaceutical excipients market is segmented into organic chemicals, inorganic chemicals, and other products.In 2019, the organic chemicals segment held the largest market share.
This segment is also expected to dominate the market in 2027 owing to the rise in the use of organic chemicals in various formulations in the pharmaceutical industry. Moreover, the same segment is anticipated to grow at the fastest rate during the forecast period.
Based on functionality, the pharmaceutical excipients market is segmented into fillers and diluents, suspending and viscosity agents, coating agents, binders, preservatives, emulsifying agents, and other functionalities.In 2019, the fillers and diluents segment held the largest market share in the pharmaceutical excipients market.
This segment is also expected to dominate the market by 2027 as it offers the advantages in the development and production of drugs. Moreover, diluents offer more reliable tablet properties like the improved cohesion promotes proper flow.
Type of Formulation Insights
In terms of type of formulation, the pharmaceutical excipients market is segmented into oral formulations, topical formulations, parenteral formulations, and other formulations.In 2019, the oral formulations segment held the largest market share.
This segment is also expected to dominate the market during the forecast period as oral formulations as it is the most commonly used formulation in pharmaceuticals to treat various disease conditions. Moreover, it is a cost-effective method for the administration of medicine and easy to manufacture compared to other dosage forms.
DuPont de Nemours, Inc.; Roquette Frères; Ashland Global Holdings, Inc.; BASF SE; Evonik Industries AG; Associated British Foods Plc; Archer Daniels Midland Company; Lubrizol Corporation; Croda International Plc; and DFE Pharma are among the major primary and secondary sources for pharmaceutical excipients included in the report.
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