Excipients are pharmacologically inactive substances used as carriers for the active ingredients of drugs. Excipients help stabilize the active ingredients of drugs for longer periods and are used as a bulking-up agent in drug formulations. They are classified based on their product type, functionality, and application. The Global Excipients market is highly fragmented with the presence of many vendors.
The global Excipients Market size was estimated to be at USD 6,396.6 million in 2020, and is expected to grow at a CAGR of 6.9% during forecast period to reach USD 9,962.7 million in 2027.
The Global Excipients market is driven by several factors. One of the main drivers in this market is the increase in the global demand for excipients. Excipients play a very important role in the Pharmaceutical industry and impart added functionalities such as flowability, malleability, and porosity to drug formulations. The emergence of new excipients in the Pharmaceutical industry is another driver in the market.
Novel excipients are defined as a blend of excipients that contain a new chemical entity or entities. Excipients in approved products are currently inadequate in terms of formulating challenging molecules. This has led to companies developing new excipients. Novel excipients are expected to add value to existing excipients by enhancing their functional properties. The chemical modifications include changing or introducing new functional groups to existing excipients, for example, cyclodextrins. These modifications improve drug efficacy, safety, stability, and storage.
The market has been segmented based on product type, functionality, application, and region.
• By Product Type
o Organic Excipients
o Inorganic Excipients
o USP Water
• By Functionality
o Organoleptic Agents
• By Application
o OSDF Excipients
• By Region
o North America (U.S., Canada)
o Europe (U.K., France, Germany, Italy, Spain, and rest of Europe)
o Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
o South America (Brazil, Mexico, and Rest of South America)
o Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa)
Global Excipients Market, By Region, 2019
Source: Precise Market Intelligence, 2020
The prominent companies in the market are; BASF, Dow Chemical, Colorcon, FMC Corporation, Fuji Chemicals, Americhem Pharmaceutical, Archer Daniels Midland, Ashland, Associated British Foods, Avantor Performance Materials, Ferro, Huntsman Corporation, Roquette, Valeant and others.