Pharmaceutical Excipients Market Analysis

Pharmaceutical Excipients Market Analysis

Based on the product, the market is classified into organic chemicals, inorganic chemicals, and other chemicals. Organic chemicals are further classified into oleochemicals, carbohydrates, petrochemicals, proteins, and other organic chemicals. Inorganic chemicals are further segmented into calcium phosphate, metal oxides, halites, calcium carbonate, calcium sulphate, and other inorganic chemicals. The organic segment dominated the pharmaceutical excipients market with revenue of USD 4.4 billion in 2023.
 

• The demand for organic pharmaceutical excipients derived from natural sources such as plant-based polymers, sugars, and proteins is growing majorly owing to increasing consumer preference for natural and organic products.
   
• Additionally, pharmaceutical companies are increasingly seeking excipients that are biodegradable and environmentally sustainable. Organic chemicals that meet these criteria, such as cellulose derivatives and polysaccharides, are gaining popularity as excipients for novel drug delivery systems and formulations, thereby augmenting the market growth.
   

Based on functionality, the pharmaceutical excipients market is classified into binder, suspension and viscosity agents, glidants, preservatives, filler & diluent, lubricant, emulsifier, disintegrant, and other functionalities. The binder segment held the highest market share of 18.7% in 2023.
 

• Binder excipients are utilized to serve as an adhesive that binds together granules, powders, and other dry ingredients, thus imparting mechanical strength to the final dosage form. They play a crucial role in providing the desired shape to capsules or tablets and preventing the separation of active pharmaceutical ingredients from other excipients like lubricants, fillers, and disintegrants. Few of the commonly used binders include starch, gelatin, polyvinylpyrrolidone (PVP), and hydroxypropyl methylcellulose (HPMC).
   
• Furthermore, the segment is expected to witness significant growth in the forecast period owing to escalating demand for biopharmaceutical and pharmaceutical drugs, advancements in drug delivery technologies such as multi-particulate systems and controlled-release dosage forms, and active participation of key market players in introducing high-quality binder. Such aforementioned factor is set to spur the market growth.
   

Based on formulation, the pharmaceutical excipients market is classified into oral, liquid, parenteral, topical, and other formulations. The oral formulation segment is poised to exhibit 8.5% CAGR from 2024 to 2032.
 

• Oral forms such as tablets and capsules are convenient for patients to take and ensure accurate dosing. Excipients play a crucial role in formulating solid dosage forms that are easy to swallow and provide controlled release of the active pharmaceutical ingredient (API), thereby improving patient compliance.
   
• Also, oral forms offer better stability and longer shelf life compared to liquid or semi-solid formulations. This is crucial for pharmaceutical manufacturers in terms of storage, distribution, and ensuring the efficacy of the drug over an extended period. Therefore, owing to several advantages, demand for solid dosage form is anticipated to grow in analysis timeframe.
   

The North America secured a substantial revenue share of 42.7% in the pharmaceutical excipients market and is expected to dominate throughout the forecast period.
 

• The factors such as the rapidly expanding pharmaceutical sector, rising demand for functional excipients, the presence of prominent competitors in the region, and technological improvements will contribute significantly to the market's growth over the projection period.
   
• Moreover, technologically enhanced, or superior excipients also drives market expansion. For instance, in May 2022, Lubrizol Life Science (LLS) Health introduced Apisolex in the U.S. market. It is a new solubility-enhancing excipient for parenteral medication formulations. This approach overcomes solubility barriers that cannot be addressed by conventional excipients or production methods.