Analysis of the Global Pharmaceutical Functional and Multifunctional Excipients Market, Forecast to 2023

Monday, September 23, 2019 General News
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NEW YORK, Sept. 23, 2019 /PRNewswire/ -- Excipients have been a part of the pharmaceutical industry, and their demand is expected to increase during the forecast period.This is owing to their ability to perform various functions such as improving the API stability, modifying drug release, and taste masking.

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patient base, coupled with the need to develop cost-effective drugs, has led to the growth of generics and biosimilar drugs.This simultaneously drives the need for excipients that can be successfully utilized for these drugs. In addition, excipients impart no medicinal properties to the drug; they do have well-defined roles ranging from protecting the API to easing the manufacturing process.However, there are certain factors that impact the market growth. The advent of new drug delivery techniques has also increased the need for new excipients that fits the process. However, stringent regulatory process is one of the roadblocks to the development of the novel excipients in the market. Long development timelines, high investment in R&D, and chances of failure have prevented the manufacturers from developing novel excipients. For instance, antioxidants such as ascorbic acid are used in combination with compounds that are prone to oxidation, hence improving the efficiency of the formulation. Areas of Growth: Continuous manufacturing technology has gained prominence in the solid drug manufacturing. Although the traditional processes are still incorporated in continuous process line, the requirement of ingredients has differed. Therefore, there is a need for excipients that are well suited for continuous process. Moreover, there is an increasing need for excipient suppliers to develop and expand parenteral grade manufacturing. Although manufacturing drugs of parenteral route requires highest quality standard because it evades the natural barrier routes of the body, the long-term positive impacts of the drugs have created the demand for these drugs. This, in turn, has resulted in increased demand for parenteral excipients. Regional Analysis: North America dominated the market and is expected to maintain its dominance during the forecast period. Strong economic growth increases the affordability quotient, which results in increased demand of better healthcare services in the region. However, the patent loss of the blockbuster drugs incurs a huge loss to the industry, which in turn impacts the excipients market as well. APAC is expected to witness the highest growth during the analysis period. Competitive structure: In terms of market participation, Tier I companies including BASF, Ashland, Evonik, and Roquette occupied a share of around 45% to 55%, thus dominating the market. Tier II companies occupied a share of 25% to 35%, followed by Tier III companies with a share of 10%. Moreover, Tier I and Tier II companies have adopted strategies such as partnerships and acquisition to expand their customer base and create a global presence of the companies.Read the full report: About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ Contact Clare: US: (339)-368-6001 Intl: +1 339-368-6001

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