by Pharmaceutical Excipients play an important role in drug formulations by imparting functionality such as binding agents, lubricating agents, diluents, coating agents and others. They help ensure efficacy, stability and safety of drugs. Rising prevalence of chronic diseases and increasing drug approval has propelled the demand for newer drug formulations. This has spurred the use of excipients in industries using taste masking technologies to mask bitter tastes of drugs.
The Global Pharmaceutical Excipients Market Size is estimated to be valued at US$ 12.33 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for taste masking technologies is expected to drive the pharmaceutical excipients market during the forecast period. Taste masking plays an important role in pharmaceutical product development as most active pharmaceutical ingredients have extremely bitter tastes which patients may find unpleasant. Pharmaceutical excipients such as polymers are widely used to impart taste masking functionalities. They coat the surface of active drug particles and prevent the drug from interacting with taste buds, thereby effectively masking bitterness. The polymer coats the bitter drug selectively allowing taste receptors to sense only the diluent or excipient and not the drug. This has increased preference for polymer based excipients in oral solid dosage forms.
SWOT Analysis
Strength: The pharmaceutical excipients market is driven by factors such as the growing pharmaceutical industry and rising demand for pharmaceutical drugs. Growing prevalence of chronic diseases is also fueling demand.
Weakness: Stringent regulations associated with pharmaceutical excipients may restrict growth. Manufacturers need to adhere to various global guidelines and quality standards.
Opportunity: Rapid urbanization and growing aging population in developing regions offer lucrative opportunities. Technological advancements in drug delivery systems also present new opportunities.
Threats: High R&D costs associated with new product development is a major challenge. Presence of alternatives also poses a threat to market growth.
Key Takeaways
The global pharmaceutical excipients market is expected to witness high growth over the forecast period from 2024 to 2031. The global Pharmaceutical Excipients Market is estimated to be valued at US$ 12.33 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Regional analysis: North America currently dominates the global market and is expected to maintain its lead over the forecast period. This can be attributed to high healthcare spending and presence of major market players in the region. Asia Pacific is anticipated to register the highest growth rate owing to increasing generics production, rising focus on innovation, and growing healthcare expenditure in developing countries of the region.
Key players: Key players operating in the pharmaceutical excipients market are Waters Corporation, Agilent Technologies Inc., Bruker Corporation, SCIEX, Shimadzu Corporation, Danaher, Thermo Fisher Scientific Inc., Shimadzu, PerkinElmer Inc. The major players are focusing on new product launches and partnerships with drug manufacturers to strengthen their market position.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
