Global Pharmaceutical Excipients Market To Reach Value Of About $7.7 Billion In 2023
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%. The global surge in the sale of generic drugs contributed to the growth of the pharmaceutical excipients market. However, concerns related to safety and quality are expected to limit the growth of the pharmaceutical excipients market.
An excipient is a substance that is not an active pharmaceutical ingredient (API) that has been evaluated for safety and intentionally added in a drug delivery system. Excipients’ major roles are to protect, support, enhance stability, bioavailability, patient acceptability, and assist in effectiveness. The market consists of revenue generated by the companies manufacturing the pharmaceutical excipients by the sales of these excipients.
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The global pharmaceutical excipients market is further segmented based on type and geography.
By Functionality: Fillers and Diluents, Suspending and Viscosity Agents, Coating Agents, Binders, Flavoring Agents and sweeteners, Disintegrants, Colorants, Lubricants and Glidants, Others
By Type of Formulation: Oral Formulation, Topical Formulation, Parental Formulation.
By Geography: The global pharmaceutical excipients market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Pharmaceutical Excipients Market
The increase in research and development in the pharmaceutical formulation to enhance the production process and product quality by using multi-functional excipients is a trend shaping the market.
Pharmaceutical Excipients Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides pharmaceutical excipients market overviews, analyzes and forecasts pharmaceutical excipients market size and growth for the global pharmaceutical excipients market, pharmaceutical excipients market share, pharmaceutical excipients market players, pharmaceutical excipients market size, pharmaceutical excipients market segments and geographies, pharmaceutical excipients market trends, pharmaceutical excipients market drivers and pharmaceutical excipients market restraints, pharmaceutical excipients market’s leading competitors’ revenues, profiles and market shares. The pharmaceutical excipients market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.