The 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 evaluated at US$ 6,557.6 million in 2018, and is expected to record a significant CAGR of 6.9% over the forecast period (2019-2027).
Affordable healthcare is one of the primary objectives of healthcare regulators across the world, and this is propagated through various initiatives taken by these authorities, such as Obama Care Act in the U.S. and the actions of Drug Price Control Order (DPCO) in India. According to the National Pharmaceutical Pricing Authority (NPPA) report published in October 2018, the NPPA India fixed and revised the ceiling prices of 92 drug formulations. Reportedly, this order was put forward in accordance with the Drug Price Control Order (DPCO 2013), which aims to benefit retail consumers and targeted drug formulations used in multiple treatments, such as cancer, hepatitis-C, migraine, and diabetes.
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Moreover, development of new pharmaceutical products requires a significant amount of time and effort, along with high manufacturing costs. However, pharmaceutical formulation development is more economical than API development. ‘Quality by Design’ is a scientific method that involves a risk-based approach towards pharmaceutical formulation, right at the initial developmental stage. For instance, in 2002, the U.S. Food and Drug Administration (FDA) commenced 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 improving the quality of life, in alignment with the modern regulatory standards.
However, several pharmaceutical companies in the global pharmaceutical excipients market often face issues related to solubility of active pharmaceutical ingredients. Therefore, in order to overcome such challenges, Merck and Co., Inc.., launched Parteck MXP, a polyvinyl alcohol-based excipient known for enhancing the solubility of a wide range of active pharmaceutical ingredients (APIs), in December 2016.
Key Takeaways:
- Surging demand for parenteral formulation, coupled with the growing utilization of the parenteral route for delivering biologics and biosimilars drugs, significantly fuels the global pharmaceutical excipients market expansion.
- Based on functionality, the diluents segment accrued the largest market share in 2018, owing to various advantages offered by these substances, such as improved taste of the formulations, convenient administration, stability, ease of preparation, efficient packaging, shipping, and dispensing of pharmaceutical drugs.
- Among regions, Europe accounted for the largest market share in the global pharmaceutical excipients market in 2018, owing to the presence of several pharmaceutical giants, with large production capacities, in the region, for example, Actavis, Novo Nordisk, Teva Pharmaceutical Industries and others.
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Global Pharmaceutical Excipients Market – Key Competitors
The leading 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 numerous others.
These market contenders are actively involved in new product launches, with the main objective to bolster their presence in the global pharmaceutical excipients market. For instance, in October 2017, DFE Pharma launched a specialty grade SuperTab 40LL pharmaceutical excipient. This product features a high compressibility index and flow property, which aid in high dose formulations, such as mini-tablets, through the direct compression technique of tablet manufacturing.
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