Pharmaceutical Excipients Market 2020 – What Industry Holds for the Future?
An inactive substance, acting as a carrier with no medicinal properties that play a role in aiding characteristics which help in the formation of a tablet is known as excipients. It basically involves all the substance (except active pharmaceutical ingredient) being added to manufacture a medicine. The need for production of drugs involving excipients is escalating over the forecast period, owing to increasing demand for pharmacological products across the globe. Active pharmaceutical ingredient along with the excipients forms essential components for an appropriate drug delivery within the body. The controlled and Sustained release of a drug is the new advancement in drug delivery system which can be achieved by the excipients. Excipients enable the specific targeting and hence enhance the effectiveness.
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Global Pharmaceutical Excipients Market: Growth Factors
Excipient imparts the property of taste, stability, safe administration and efficacy of the drug. Excipients can be of various types such as; sweetener that helps in making an unpleasant taste of the drug. Colorants are the substance that makes the drug easily identifiable and helps to produce an elegant end product. Addition of binders and disintegrants ensures easy consumption and its target effectivity. Thus, above mentioned properties is anticipated to strengthen the demand for excipients in the global pharmaceutical market. Additionally, factors such as minimum cost, least risk associated and the consistency in production are projected to fuel the demand of excipients by the manufacturers. Moreover, single excipient serves multiple purposes, therefore, affecting the entire excipients market. Development of new drug delivery system results in need of more modifications in the formulation and requires more excipients so as to obtain the desired form. Drug stability also requires a large number of excipients and protectants leading to create huge opportunities for the pharmaceutical excipients market.
Global Pharmaceutical Excipients Market: Segmentation
The global pharmaceutical excipients market is classified into various types based on its source i.e. animal, vegetable or mineral. Based on the type of formulation the global pharmaceutical excipients market is segmented as solid dosage form, liquid dosage form, and semi-solid dosage form. On the basis of product type, the global pharmaceutical excipients market is also classified into two categories including primary excipients and secondary excipients.
Global Pharmaceutical Excipients Market: Regional Analysis
The North America pharmaceutical market has a high demand for new drug formulations, which results in high demand for excipients in the region. Europe holds the second position in the overall pharmaceutical excipients market. Asia Pacific pharmaceutical excipients market is projected to expand at a substantial growth rate contributing the significant share in the global pharmaceutical excipients market, as India and China has become the largest supplier to the manufacturers outsourcing the pharmaceutical excipients due to its cheap labor and low cost of manufacturing. The Middle East and Africa contribute to the market of global pharmaceutical excipients infinitesimally, as it is still experiencing a growing phase. Recent studies show that major pharmaceutical companies are expanding their segment in developing regions which are anticipated to enhance the market growth in subsequent years.
Global Pharmaceutical Excipients Market: Competitive Players
Witnessing the need for excipients, an intense competition among the manufacturers and suppliers are observed. Some of the important players in the global pharmaceutical excipients market are Ashland Inc., The Dow Chemical Company, Avantor Performance Materials Inc., Croda International Plc., Evonik Industries AG, Lubrizol Corporation, Innophos Holdings Inc., FMC Corporation, BASF SE, and Archer Daniels Midland Company.
- CDN Newswire