CHICAGO, June 14, 2022 /PRNewswire/ -- According to the new market research report "Pharmaceutical Excipients Market by Product (Organic Chemicals (Carbohydrates), Inorganic Chemicals (Calcium Phosphate)), Functionality (Fillers, Binders, Lubricants, Preservatives), Formulation (Tablets, Capsules, Parenteral) - Global Forecast to 2027", published by MarketsandMarkets, the Pharmaceutical Excipients Market is projected to reach USD 11.5 billion by 2027 from USD 8.6 billion in 2022, at a CAGR of 5.9% during the forecast period of 2022 to 2027.
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The pharmaceutical excipient market is expected to grow at a CAGR of 5.9% during the forecast period. Growth in the market can be attributed to factors such as the pharmaceutical sector expansion and increasing uptake of biopharmaceuticals. Furthermore, the growing adoption of orphan drugs is also expected to fuel the market growth.
The inorganic chemicals segment accounted for the second largest share of the product segment in the pharmaceutical excipients market in 2021.
Inorganic chemicals generally comprise elements of mineral origin. These chemicals are broadly segmented into calcium compounds, such as calcium phosphate, calcium carbonate, and calcium sulfate; metal oxides; halites; and other inorganic chemicals. The performance properties of these chemicals is expected to drive inorganic chemicals segment demand thus fueling the pharmaceutical excipients during the forecast period
The suspending & viscosity agents segment accounted for the second largest share of the functionality segment in the pharmaceutical excipients market in 2021.
The second largest share of Suspending & Viscosity Agents segment can be attributed to the advantages of these agents. Suspensions prevent the caking of APIs at the bottom of a container by keeping them suspended; moderate shaking can restore suspension. Viscosity agents or viscosity modifiers change the thickness or texture of pharmaceutical ingredients. Such benefits of these agents such as stability for drugs along with appropriate viscosity is fueling its demand in the pharmaceutical industry.
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The Asia Pacific region is the fastest-growing region of the pharmaceutical excipients market in 2021.
The Asia Pacific is estimated to be the fastest-growing segment of the market. The growth of the pharmaceutical excipients markets of China and India is mostly driven by their low labor and manufacturing costs, which has drawn huge investments by pharma giants to these countries. The increasing disposable income, growing prevalence of lifestyle and age-related diseases, and government efforts to reform healthcare also contribute to the high growth of the regional market.
Key players in the pharmaceutical excipients market include Ashland Global Holdings, Inc (US), International Flavors & Fragrances, Inc. (US), BASF SE (Germany), Evonik Industries AG (Germany), Roquette Frères (France), Associated British Foods plc (UK), Archer Daniels Midland Company (US), Lubrizol Corporation (US), Innophos Holdings (US), Kerry Group plc (Ireland), Wacker Chemie AG (Germany), Air Liquide (France), Dow Chemicals (US), Colorcon (US), DMV-Fonterra Excipients (Germany), JRS Pharma GmbH (Germany), Meggle GmbH & Co Kg (Germany), Finar Limited (India), Fuji Chemical Industries Co., Ltd (Japan), Merck KGaA (Germany), Captisol (US), Ideal Cures Pvt. Ltd (India), Corel Pharma Chem (India), Biogrund GmbH (Germany), Nitika Pharmaceutical Specialties Pvt. Ltd (India).
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