The pharmaceutical excipients market consists of sales of pharmaceutical excipients and related services. The excipient is a substance, not an active pharmaceutical ingredient (API) that has been evaluated for safety, and intentionally added in a drug delivery system. Excipient`s major roles are to protect, support, enhance stability, bioavailability, patient acceptability, and assist in the effectiveness. The market consists of revenue generated by the companies manufacturing the pharmaceutical excipients by the sales of these excipients.
The global pharmaceutical excipients market is expected to decline from $6.41 billion in 2019 to $6.12 billion in 2020 at a compound annual growth rate (CAGR) of -4.62%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $7.67 billion in 2023 at a CAGR of 7.84%.