The global pharmaceuticals excipients market is projected to post a phenomenal CAGR through 2022. The market is poised to rake in a healthy share of the revenue pie with robust growth of the pharmaceutical industry worldwide. Soaring uptake of oral and parenteral products owing to increasing occurrence of lifestyle and chronic disorders can escalate the growth of the market over the forecast period (2017 to 2022).
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Emergence of novel therapeutics, especially in the form of oral dispersible tablets, is one of the key factors driving the market. Surging use of functional excipients is likely to provide an upthrust to the market. A raft of pharmaceutical companies is focusing on innovations in these excipient categories, which is expected to further bolster their use. Improving R&D infrastructure in emerging countries is also estimated to positively influence the market. Cost-effective labor is encouraging players to expand their manufacturing capacities in these economies, which in turn may augur well for the overall market.
Besides this, rapid advancements in biotechnology and nanotechnology are playing a vital role in the development of the market. Nanotechnology allows implementation of innovative and improved functions in excipients, thereby ensuring reduced drug toxicity. Incorporating the technology into drug formulation is leading to the development of nano-coated tablets, vaccines, and nano-derived liposomes, which can help the pharmaceutical excipients market to register tremendous growth.
On the other hand, manufacturers have to follow several process-related and regulatory procedures before commercializing their products. This, in turn, increases the final cost of the product, thereby inhibiting the upward climb of the market. Moreover, declining investments in research and development activities by excipient producers are anticipated to hamper growth prospects.
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The global pharmaceutical excipients market has been segmented on the basis of product, application, and geography. Based on product, the market has been divided into advanced delivery systems, parenteral formulations, oral formulations, and topical formulations. In terms of application, the market has been bifurcated into chemistry and produce.
From a geographical standpoint, the market has been classified into Europe, North America, Southeast Asia, China, India, and Japan. North America will continue to be a key revenue contributor in the market throughout the forecast horizon. With the flourishing pharmaceuticals sector, the demand for excipients for the manufacturing of capsules and tablets is likely to remain high.
Rising healthcare expenditure and growing population of geriatrics are also contributing to the growth of the region. Presence of an advanced R&D infrastructure can supplement the growth of the regional market. Europe is also expected to command a sizeable share in the market, owing to rapid technological advancements in the field of nanotechnology.
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Countries such as China and India are projected to record a noteworthy CAGR during the same period. Availability of skilled and cheap labor along with abundance of raw materials are prompting excipient manufacturers to strengthen their foothold in these economies. Rising per capita income is also working in favor of the market in these regions.
Some of the prominent companies operating in the pharmaceutical excipients market are Archer Daniels Midland, Dow Chemicals, BASF, Croda International, and Ashland.
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