Seattle, Nov 8, 2019 (Issuewire.com) - Global Pharmaceutical Excipients Market, by Chemistry (Plants, Animals, Minerals, and Synthetic Source), by Functionality (Binders, Diluents, Glidents, and Disintegrants), by Application (Oral, Parenteral, and Topical), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 6,557.6 million in 2018, and is expected to exhibit a CAGR of 6.9% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.
Affordable healthcare is the primary objective of health regulators globally, which is propagated through various initiatives such as Obama Care Act in the U.S. and the actions of the Drug Price Control Order (DPCO) in India. For instance, according to the National Pharmaceutical Pricing Authority report published (NPPA) India on October 2018, National Pharmaceutical Pricing Authority (NPPA) India, fixed and revised the ceiling prices of 92 drug formulations. This order was made in accordance with the Drug Price Control Order (DPCO 2013), which aims to benefit retail consumers and targeted drug formulations that are used in multiple treatments such as cancer, hepatitis-C, migraine, and diabetes.
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Moreover, the development of new pharmaceutical products requires a significant amount of time and effort with high manufacturing cost. However, pharmaceutical formulation development is economical, compared to drug or API development. Quality by Design is a scientific method that involves the risk-based approach at the pharmaceutical formulation development stage. For instance, in 2002, the U.S. Food and Drug Administration (FDA) started an initiative for pharmaceutical companies called the Current Good Manufacturing Practices (CGMP), which is a risk-based approach for pharmaceutical organizations to adopt management techniques for enhancing quality in accordance with modern standards.
Furthermore, in the pharmaceutical excipients market, pharmaceutical companies can encounter issues related to the solubility of active pharmaceutical ingredient. Thus, to overcome these problems, in December 2016, Merck and Co., Inc.., launched Parteck MXP, a polyvinyl alcohol-based excipient that enhances the solubility of a wide range of active pharmaceutical ingredients (APIs).
Browse 36 Market Data Tables and 30 Figures spread through 237 Pages and in-depth TOC on 'Pharmaceutical Excipients Market' Global Forecast to 2027, by Chemistry (Plants, Animals, Minerals, and Synthetic Source), by Functionality (Binders, Diluents, Glidents, and Disintegrants), by Application (Oral, Parenteral, and Topical), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Some market players are focusing on product launches and new product development for strengthening their presence in the global pharmaceutical excipient market. For instance, in October 2017, DFE Pharma launched a specialty grade SuperTab 40LL pharmaceutical excipient. This product has high compressibility index and flows property, due to such unique characteristics it helps to formulate high dose formulations such as mini-tablets through direct compression technique of tablet manufacturing.
Key Takeaways of the Global Pharmaceutical Excipients Market:
The global pharmaceutical excipients market is expected to exhibit a CAGR of 6.9% over the forecast period, owing to rising demand for parenteral formulation and increasing utilization of the parenteral route for delivering biologics and biosimilars drugs.
Among functionality, the diluents segment held the largest market share in 2018, owing to advantages such as improvement in the taste of the formulation, ease of administration, stability, ease of preparation, packaging, shipping, and dispensing of pharmaceutical drugs.
Among region, Europe accounted for the largest market share in 2018, owing to the presence of a number of pharmaceutical giants with large production capacities include Actavis, Novo Nordisk, Teva Pharmaceutical Industries and others leading to high consumption of excipients.
Companies operating in the global pharmaceutical excipients market include BASF SE, The 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
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