The future of excipients for drug formulations
Excipients are inactive ingredients of a drug product, and their demand is expected to increase during the forecast period, owing to their ability to ensure and enhance the effectiveness, stability, and delivery of the API in the formulation. With the advancements in the pharmaceutical industry, the demand for excipients that are suitable for all kinds of processes has surged. This has led to the development of excipients with advanced functionalities such as co-processed, novel and modified excipients.
The global pharmaceutical functional and multifunctional excipients market was valued at $8,076.4 million in 2018 and is expected to reach $10,533.4 million by 2023. In 2018, North America dominated the market with a share of 46.8% and is expected to maintain its dominance during the forecast period. Strong economic growth increases the affordability quotient, which results in increased demand for better healthcare services in the region.
With a share of 23.2% in 2018, Europe trails the North American pharmaceutical functional and multifunctional excipients market. Asia-Pacific has witnessed significant economic growth in the past few years. Although Rest of the World held the lowest share of 11.1% in 2018, various organizations at the global level are making efforts to boost the excipients market in the region. For instance, IPEC-Americas regularly meets its partners (pharma industry leaders, excipient companies, and regulators) in Latin America to educate/update them about IPEC activities and trends related to excipients.
WHO ARE THE KEY MARKET PARTICIPANTS?
In terms of market participation, Tier I companies, includi ...