Pharmaceutical excipients are inactive substances contributing to lubricity, fluidity, disintegration, taste and can impart some form of antimicrobial function. They are used to simplify manufacturing of pharmaceutical products and also helps in promoting physiological absorption of drug.
Growing prevalence of disease and huge requirement for medicinal drugs has given positive impact on target market growth. Presence of major companies, new product launch and strategic partnerships to expand business and maintain position in market is expected to provide lucrative opportunities in Pharmaceutical Excipients market growth over the forecast period.
Excipients in pharmaceutical products are added to dosage forms for support, protection, stability, or enhancement of bioavailability. Excipients are key components of pharmaceuticals that aid in the solubility of drugs, drug delivery, the conversion of pharmaceutical ingredients into usable dosages, and improve the taste. Because patients don’t want to feel pain and it is easy to use, oral drugs have been popular in recent years. Patients-oriented industries have replaced hard-to-take, solid tablets with innovative drugs like ODG, chewable tablets, and lozenges.
𝗧𝗼𝗽 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗜𝗻𝗰𝗹𝘂𝗱𝗲:
BASF SE, DOW Chemical Company, FMC Corporation, Evonik Industries AG, Croda International PLC, Ashland Inc., Roquette Group, Lubrizol Corporation, Innophos Holdings Inc., MEGGLE Excipients & Technology, and others.
Factors affecting the growth of the Pharmaceutical Excipients industry?
Several factors can have an impact on the growth of the Pharmaceutical Excipients industry. Some of these factors include:
Novel Drugs: The demand for novel substances to support nanoparticle drug delivery is increasing. This will allow for better stability and greater adoption of drugs.
New Discoveries: Several companies are currently working to optimize excipients for drug delivery and formulations. These factors will have a significant impact on the future marketing and development of these products.
Multi-Functional Excipients: An increase in the investments towards the development of multi-function excipients is also a factor contributing to the rapid growth of the target market.
Increased Use of Generic Drugs: In recent years, generic drugs have seen a significant increase in popularity. It is likely that the rise of generic drugs will be attributed to the availability of cheaper alternatives to branded drugs.
Generic drugs can have the same effects as branded drugs. Customers may also trust generic drugs because they offer the same safety guarantee as branded drugs. The lower costs of generics are driving the market growth in pharmaceutical excipients. Generic drugs have saved the US healthcare system up to US$ 1.7 trillion over the past ten years. Generic medicines are increasingly being promoted by several countries due to such advantages.
CBRA estimates that the process of manufacturing new drugs takes between 10 and 12 years to complete. Toxicology studies for a specific drug only by an industry expert take 5-6 years. Only 10 drugs will be accepted for pre-clinical testing. Only 2 of these drugs will be approved for human testing. Biologic production has seen rapid development in the past, which is why there are high initial investments for the forecast period.
Many companies that offer pharmaceutical excipients solutions are limiting their operations to developed markets. This leaves the vast potential of emerging markets untapped. There are many countries such as China and India, Australia, the Middle East, and Africa that have a large population at high risk for certain diseases. This presents a huge opportunity to expand the market for Pharmaceutical Excipients.
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