The Excipients Market, which is a crucial component in therapeutic formulations, was worth USD 7.72 billion in 2022 and is projected to rise to USD 13.04 billion by 2032, with a compound annual growth rate (CAGR) of 6% during the forecast period. Factors driving this growth include the increased prevalence of chronic diseases, the increased demand for generic medications, and rising research and development (RD) efforts.
Excipients play a critical role in enhancing medication stability, absorption, bioavailability, and offer necessary physical properties such as viscosity, lubrication, and binding capabilities.
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The ongoing trend of Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs) taking on drug development and manufacturing tasks is a significant driver of revenue growth, with outsourcing gaining popularity in the pharmaceutical sector due to its affordability, adaptability, and specific knowledge.
Key players in the Excipients Market:
- Avantor
- DFE Pharma
- Ingredion
- BASF SE
- DuPont de Nemours, Inc.
- Associated British Foods plc
- Ashland Global Holdings Inc.
- Evonik Industries AG
- Roquette Frères
- Kerry Group
Furthermore, the growing use of innovative drug delivery technologies such as liposomes, nanoparticles, and micelles is driving revenue growth. These technologies require specific excipients to improve treatment efficacy and ensure targeted drug delivery to the afflicted site. The need for functional excipients, such as co-processed and modified excipients, is also driving market growth.
Co-processed excipients, which are mixtures of two or more excipients, are used to provide specific functional features such as enhanced compressibility, flowability, and disintegration. Rising demand for excipients in the food and beverage sector is also driving revenue growth, with emulsifiers, stabilizers, and thickeners frequently used to enhance the quality, texture, and shelf life of products.
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However, the market faces several challenges that could hinder revenue growth, such as strict regulatory requirements, high development costs, and potential medication interactions and toxicity with some excipients. The stringent regulations set by regulatory organizations such as the US Food and Drug Administration (FDA) and the European Pharmacopoeia are a barrier for excipient producers, and the need for rigorous testing and clinical trials, as well as the high cost of excipient development, could hamper revenue growth.
According to the report, the North American market is expected to lead the global excipient market, followed by Asia Pacific and Europe, due to the presence of major pharmaceutical companies in these regions. Synthetic polymers such as cellulose derivatives, starch derivatives, and polyvinylpyrrolidone (PVP) are expected to be the most widely used excipients in pharmaceutical applications.
The increasing demand for Oral Solid Dosage (OSD) formulations and the growing focus on process efficiency are expected to drive market growth. Government regulations by organizations such as the US FDA, the European Medicines Agency (EMA), the Japan Pharmaceutical Excipients Council (JPEC), Health Canada, and the World Health Organization (WHO) are driving the demand for high-quality excipients.
The global excipients market is segmented into fillers diluents, binders, disintegrants, coatings, flavoring agents, and others based on functionality. The fillers and diluents segment accounted for the largest revenue share in 2022. The binders segment is expected to register the fastest revenue CAGR during the forecast period.
The components of a tablet or capsule are held together by binders, which are excipients. In order for the medication to stay intact for the duration of its shelf life, they are in charge of giving it the cohesion and adhesive strength it needs. The demand for affordable and effective drug manufacturing procedures is on the rise, and availability of generic medications in the market is also contributing to revenue growth of this segment.
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