by The global Pharmaceutical Excipients Market is estimated to be valued at US$7835.63 Million in 2021 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pharmaceutical excipients are non-active substances that are used in the formulation of pharmaceutical products. These excipients play a crucial role in enhancing the stability, solubility, and bioavailability of drugs. They also aid in improving the overall efficiency of drug delivery systems. The need for pharmaceutical excipients is associated with the formulation of solid dosage forms, such as tablets, capsules, and powders, as well as liquid dosage forms, such as syrups and suspensions. The market for pharmaceutical excipients is driven by the growing demand for new and innovative drug formulations and the increasing focus on patient-centric healthcare solutions.
Market Key Trends:
The key trend in the Pharmaceutical Excipients Market is the growing adoption of novel excipients with enhanced functionalities. Excipients that offer improved drug delivery, controlled release, and targeted delivery are witnessing high demand from pharmaceutical manufacturers. These advanced excipients help in addressing formulation challenges and enable the development of more effective and patient-friendly drugs. Additionally, there is a rising trend of using natural and eco-friendly excipients in the formulation process, driven by the increasing consumer preference for organic and sustainable products. The market is witnessing significant investments in research and development activities to develop new excipients that can meet the evolving needs of the pharmaceutical industry.
Pharmaceutical Excipients Market – Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the pharmaceutical excipients market is low. This is due to the high entry barriers such as stringent regulations, extensive research and development requirements, and the need for significant capital investment. Additionally, established players in the market have strong brand recognition and customer loyalty, making it difficult for new entrants to gain market share.
Bargaining Power of Buyers: The bargaining power of buyers in the pharmaceutical excipients market is moderate. Buyers, such as pharmaceutical companies, have a relatively high volume of purchases, giving them some negotiation power. However, the availability of a wide range of excipients and the importance of quality and safety in pharmaceutical formulations limit the extent of bargaining power for buyers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the pharmaceutical excipients market is moderate. Excipient suppliers have the advantage of providing essential ingredients for pharmaceutical formulations. However, the presence of multiple suppliers and the availability of alternative excipients give pharmaceutical companies some leverage in negotiations.
Threat of New Substitutes: The threat of new substitutes in the pharmaceutical excipients market is low. Excipients play a critical role in drug formulation, enhancing stability, bioavailability, and overall effectiveness. Finding suitable substitutes that can meet the stringent regulatory requirements and maintain the desired properties is challenging.
Competitive Rivalry: The competitive rivalry in the pharmaceutical excipients market is high. There are several well-established players in the market, including BASF SE, DOW Chemical Company, FMC Corporation, Evonik Industries AG, and Croda International PLC, among others. These companies compete based on product quality, innovation, and customer service. The high level of competition drives continuous advancements in excipient technologies.
Pharmaceutical Excipients Market – Key Takeaways
The global pharmaceutical excipients market is projected to witness high growth, exhibiting a CAGR of 5.3% from 2023 to 2030. This growth can be attributed to the increasing demand for pharmaceutical formulations, the growing pharmaceutical industry, and the rising prevalence of chronic diseases worldwide.
The Asia Pacific region is expected to be the fastest-growing and dominating region in the pharmaceutical excipients market. This can be attributed to the presence of a large patient population, increasing healthcare expenditure, rising investments in the pharmaceutical sector, and the expanding generic drug market in countries like China and India.
Key players operating in the pharmaceutical excipients market include BASF SE, DOW Chemical Company, FMC Corporation, Evonik Industries AG, Croda International PLC, Ashland Inc., Roquette Group, Lubrizol Corporation, Innophos Holdings Inc., MEGGLE Excipients & Technology, and others. These players focus on strategic collaborations, product launches, and acquisitions to strengthen their market position and cater to the increasing demand for excipients.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
