Excipients are inactive components in finished pharmaceutical products. They may include flowing agents, fillers, glues, binders, etc. Excipients are added during the formulation of drugs. A recent study by Grand View Research, Inc. predicts that the worldwide excipients market will grow steadily at a CAGR of 5.8% from 2014 to 2020.
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By 2020, the market is likely to fetch revenues worth USD 5,200 million. This growth will be brought about by rising demand for pharmaceuticals across the globe. Burgeoning geriatric population coupled with rising diseases is driving the pharmaceutical industry. This is also likely to positively impact the excipients market.
Strict regulations related to the safety of pharmaceutical components are another favorable factor for the market. Product innovations are lending a distinctive edge to branded drugs over cheaper, generic ones. The commercial adoption of these innovations is fuelling the growth of the excipients market. Additionally, a large untapped consumer base and low-cost manufacturing in China, India and Brazil are adding sales to the market.
Grand View Research segregates excipients into five products. These are minerals, alcohol, polymers, gelatin, and sugars & others. Polymers, with a revenue share of 38%, were the leading product sector in 2013. This was chiefly due to their widespread use in drug and cosmetic sciences. Alcohol, with estimated market volumes of more than 130,000 tons, bagged the second place in 2013.
It is widely used as a solvent and preservative in drugs. Europe was observed to be the leader in 2013. A huge elderly populace coupled with sophisticated healthcare infrastructure, especially in Western Europe, was a key reason for its leadership. A strong pharmaceutical base has had a positive effect on the North American excipients market. This region was the second-largest contributor in the global market in 2013.
Asia Pacific is anticipated to witness robust growth in the future. It would happen at a CAGR of around 6 percent. Rising chronic illnesses in Asia Pacific would create greater demand for excipients in the years ahead. Many excipient companies prefer outsourcing their operations to Asia Pacific to benefit from low manufacturing costs. JM. Huber Corporation, Evonik Industries, FMC Corporation, Ashland Inc., Eastman Chemical Company and Avantor Performance Materials Inc. are the leading players in the global excipients market. Danisco A/S, BASF SE, Lubrizol Corporation, Colorcon Inc., and Roquette Pharma are the other vital participants.
Information Source: Grand View Research