Global Study on Pharmaceutical Excipients Market, 2015-2021

<strong>Global</strong> <strong>Study</strong> on Pharmaceutical Excipients Market, 2015-2021
Persistence Market Research
<strong>Global</strong> Pharmaceutical Excipient Market to
Reach US$ 7,415.2 Mn by 2021: Persistence
Market Research
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<strong>Global</strong> <strong>Study</strong> on Pharmaceutical Excipients Market, 2015-2021
Persistence Market Research Released New Market Report According to a new market report
published by Persistence Market Research “<strong>Global</strong> Market <strong>Study</strong> on Pharmaceutical
Excipients: Increased Drug Demand in Emerging Asia Pacific Market to Fuel
Demand Multi-Functional Excipients”, revenue from the global pharmaceutical
excipients market is expected to expand at a CAGR of 6.7% during the forecast period 2015 -
2021.
In the report, the global pharmaceutical excipients market is analyzed on the basis of
chemistry type (i.e. source of origin), application type, functionality, and region. Based on
chemistry type, the overall market has been segmented into plant-based, animal-based,
mineral-based and synthetically derived excipients. Based on functionality, the market has
been segmented into binders (binders, coatings, and fillers), glidents, diluents, disintegrants,
and others (solvents, co-solvents, anti-microbial agents, lubricants, colorants, emulsifiers,
and humectants). By application type, the market has been segmented into oral, topical,
parenteral formulations, and others, which includes suppositories, intra-muscular, and
ophthalmic preparations. In the overall market, oral solid dosage formulations are expected
to witness increased uptake owing to the ease of consumption by patients globally.
Accordingly, oral application type segment is expected to witness value increase from US$
3,327.8 Mn in 2015 to US$ 5,094.2 Mn by the end of 2021.
The prime drivers of the market include rising demand for sustained-release and controlledrelease
formulations, especially in oral applications, and increased demand for generics.
Sustained and extended release formulations are gaining popularity as they help in
maintaining patient-safety through reduced number of medicine dosages, but having
increased drug efficacy. Apart from these factors, increase in the incidence of chronic
diseases across regions has been spurring demand for essential drugs, which is expected to
fuel demand for excipients over the forecast period.
Frequent physical audits of excipients manufacturing facilities by officials from regulatory
agencies lead to the imposition of substantial operating cost burdens on excipient
manufacturers, thus hampering revenue growth for excipients over the forecast period.
Other market deterrents include long gestation period before a novel excipient is formally
accepted in the industry. However, the situation is expected to improve over the next few
years, with individual economies formulating their own good manufacturing and good
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<strong>Global</strong> <strong>Study</strong> on Pharmaceutical Excipients Market, 2015-2021
distribution practice guidelines in collaboration with the International Pharmaceutical
Excipient Council.
Based on regions, the market has been divided into North America, Latin America, Europe,
Asia-Pacific, and the MEA. Developed pharmaceutical markets such as the U.S. and EU are
expected to emerge as the main sourcing markets, while economies such as India, China,
and Brazil are expected to emerge as the main supplying countries for raw materials such as
cellulose, starch, lactose, etc.
Formalization of good manufacturing practices for excipients is an urgent need in the global
excipients market, in order to cater to rising demand for higher purity excipients in
applications such as parenteral forms. According to various trade associations and
regulatory agencies, global acceptance of excipients by drug manufacturers is a relatively
lengthy process, which takes around seven to 10 years. This factor is expected to prolong
the revenue conversion period for excipients manufacturers.
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This report assesses trends by chemistry type, application type, functionalities and regions
to offer analytical insights about the potential demand emerging for particular
pharmaceutical excipients in specific regions. North America is estimated to dominate the
pharmaceutical excipients market accounting for a maximum revenue share of the overall
market by the end of 2015. By 2021 end, North America and Europe markets are expected
to account for over three-fifth share of the global pharmaceutical excipients market revenue.
In terms of market share by value, North America is estimated to retain its dominant
position, registering a CAGR of 6.9% over the forecast period.
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Some key companies covered in this report include BASF SE, Evonik Industries AG, Innophos
Holdings Inc., The Lubrizol Corporation, The Dow Chemical Company, Wacker Chemie AG,
and Ashland Inc. These companies are primarily focused on enhancing their product portfolio
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<strong>Global</strong> <strong>Study</strong> on Pharmaceutical Excipients Market, 2015-2021
through research and development and the introduction of innovative and cost-effective
advanced manufacturing procedures such as co-processing of existing excipients in order to
gain higher market share and to strengthen their respective positions in the global market.
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The global pharmaceutical excipients market is segmented as follows:
By Source of Origin
Plant-based excipients
Animal-based excipients
Mineral-based excipients
Synthetic excipients
By Application Type
Oral Formulation
Topical Formulation
Parenteral Formulation
Others
By Functionality
Binders
Glidents
Diluents
Disintegrants
Others
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<strong>Global</strong> <strong>Study</strong> on Pharmaceutical Excipients Market, 2015-2021
By Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
Market History:
Pharmaceutical excipients are substances other than pharmacologically active drug
components, which are included in the drug manufacturing process or contained in a
finished pharmaceutical product dosage form. They facilitate formulation design and perform
a range of functions such as increasing lubricity, enhancing flowability and improving
compressibility, among other characteristics. The global market for pharmaceutical
excipients has been segmented based on the source of origin or chemistry type as per U.S.
pharmacopeia, i.e. plant-based, animal-based, mineral-based and synthetically derived
excipients. The market has also been segmented by application type and functionality of
various excipients, and by regions.
The global pharmaceutical excipients market is estimated to be valued at US$ 7,415.2 Mn by
2021 end, with various markets registering significant CAGRs during the forecast period.
The growth of the global pharmaceutical excipients market is mainly driven by increasing
demand for drugs that can be consumed orally. Ease of consumption and associated patient
comfort has been pushing big drug makers to develop sustained-release dosage
formulations. This also contributes to extended shelf life of oral drugs, which adds to higher
revenue prospects. However, non-availability of harmonized quality standards for gradation
of excipients and their safety evaluation standards are some factors expected to restrain the
growth of the market over the forecast period.
International regulatory benchmarking for uniform good manufacturing and distribution
practices for excipients, spanning regions, is set to define the market landscape of the
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<strong>Global</strong> <strong>Study</strong> on Pharmaceutical Excipients Market, 2015-2021
excipient industry over the forecast period. This is expected to be accompanied by
standardized documentation, and approval and pharmacovigilance activities related to these
inactive ingredients.
Based on chemistry type, the market has been segmented into plant-based, animal-based,
mineral-based, and synthetically derived. <strong>Global</strong>ly, naturally derived excipients are
witnessing increased demand due to lesser side effects, such as flatulence, skin rashes, etc.
and improved composition quality. In terms of value, the plant-based excipient is estimated
to account for close to one-third of the global market share by 2021 end. The segment is
expected to gain market attractiveness throughout the forecast period. The principle plantbased
excipients expected to witness increased demand are microcrystalline cellulose
(MCC), starch, and starch-derivatives. They would find primary application in oral
formulations.
Based on application, the market has been segmented into oral, topical, parenteral
formulations, and others. Others segment includes less frequently used drug delivery
methods such as suppositories, intra-muscular, transdermal, ophthalmic, etc. Lack of highly
developed controlled manufacturing facilities and fear of anti-microbial contamination is
expected to deter the development of excipients such as solvents and co-solvents in certain
regions over the forecast period.
Based on functionality, the global excipient market has been segmented into binders,
diluents, glidents, disintegrants, and others (solvents, co-solvents, anti-microbial agents,
humectants, colorants, sweeteners, etc.). The binders functionality segment, consisting of
binders, fillers, and coating agents are primarily used in oral solid dosage formulations and is
expected to account for close to 50% of the total excipient market by value over the forecast
period. The segment is expected to be valued at US$ 3,523.8 Mn by 2021 end, registering a
significant CAGR over the forecast period.
The global pharmaceutical excipients market has been segmented into five major regions
namely North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. In
terms of value, North America is estimated to be dominant, accounting for over one-third of
the total excipients market value by 2015 end. Asia Pacific is estimated to emerge as the
fastest growing market among all the emerging regions while revenue from the market in
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<strong>Global</strong> <strong>Study</strong> on Pharmaceutical Excipients Market, 2015-2021
Europe is expected to expand at a healthy CAGR of 6.1% over the forecast period despite
the ongoing economic downturn in the region.
Some of the key players covered in the global pharmaceutical excipients drug market report
are BASF SE, Evonik Industries AG, Innophos Holdings Inc., The Lubrizol Corporation, The
Dow Chemical Company, Wacker Chemie AG, and Ashland Inc. The report is enriched
through identification of company-specific strategies related to excipient raw material
sourcing, research and development, market consolidation initiatives, and analyzes of the
various market player’s specific strengths, weaknesses, opportunities, and threats.
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<strong>Global</strong> <strong>Study</strong> on Pharmaceutical Excipients Market, 2015-2021
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