Excipient Market Analysis By Top Industry Players, Share And Forecast Upto 2028
Excipients are used in the medical and pharmaceutical industry for medicine formation. An excipient is a chemically inactive substance used as a vehicle in drugs. It transports the active drug to the body site, where the specific drug is intended to work. Excipients are also used as filler, binder, and for disinterment, and is used as an additive to improve bulkiness, dissolution rate, and bioavailability of the drug.
Cost of excipients is relatively low and they are used majorly in pharmaceuticals. One of the key factors driving growth of the global excipient market is that the pharmaceutical industry globally is growing exponentially, and demand for excipients is also rising in parallel. Some other factors expected to drive growth of the global excipient market over the forecast period include technological advancements in the medical field – such as nanotechnology – to improve medicinal functionality, and properties such as chemically stable, free from bacteria, and easy availability of excipients for commercial purposes.
However, high dosage of excipients in medicines resulting in adverse effect on the human body is a major factor hampering growth of the global excipient market. Additionally, stringent government regulation related to drug approvals is another major factor expected to hamper growth of the global excipient market over the forecast period.
The global excipients market report has been segmented on the basis of types, function, and region. On the basis of region, the global excipient market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Excipient Market Segmentation, by Type:
- Organic Chemical
- Inorganic Chemical
Global Excipient Market Segmentation, by Function:
- Flavoring agents
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North America is dominant in the global excipient market, and accounts for larger revenue share as compared to that of markets in other regions. This is attributed to well-developed pharmaceutical industry, presence of leading drug and medicine manufacturers, and rising demand for oral drugs for treatment of various diseases in countries in North America. Europe accounts for second-largest revenue share contribution to the global excipient market, followed by markets in Latin America, Asia Pacific, and Middle East & Africa respectively. The market in Asia Pacific is projected to register fastest growth in terms of CAGR over the next 10 years, owing to increasing number of patients suffering from chronic diseases, and increasing initiatives by governments to improve healthcare facilities and infrastructure in countries in the region.
Prominent market players in the global excipient market include Ashland Global Holdings Inc., BASF SE, Akzo Nobel N.V., Evonik Industries AG, Merck & Co., Inc., J.M. Huber Corporation, Dow Chemical Company, Merck Millipore Limited, Croda International plc, and Archer-Daniels-Midland Company.