Pharmaceutical excipients are the inert substance which is used as an additive other than active pharmaceutical ingredient (API) in formulations to prevent or conceal bitterness, improve bioavailability, solubility, dissolution, stability, and shelf life of APIs. Some key advantages of excipients include improving ease of dosing, increase patient adherence, and modify the body distribution and drug release patterns in the body for better efficacy and safety. With increasing demand for development of new drug delivery methods which can offer improved drug efficacy, fewer dosage intakes, and minimization of side effects associated with drugs, the need for excipients has grown manifold in the pharmaceutical industry. The global Pharmaceutical Excipients Market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
New Drug Delivery Methods
One of the key opportunities for growth in the pharmaceutical excipients market is the increasing demand for development of new drug delivery methods by pharmaceutical companies. Various new drug delivery methods such as polymeric nanoparticles, liposomes, solid lipid nanoparticles, dendrimers etc offer unique advantages over conventional dosage forms. For example, these allows development of formulations with controlled and sustained release of active ingredients, ability to deliver drugs to targeted sites and cellular levels, and masking of bitter tastes. With consistent R&D, pharmaceutical excipients are playing a crucial role in enabling formulation of new classes of drugs using these novel drug delivery systems which can ultimately offer better efficiency and patient compliance. This growing demand from pharmaceutical companies for new drug delivery methods is expected to significantly drive the growth of pharmaceutical excipients market over the forecast period.
Porter's Analysis
Threat of new entrants: The pharmaceutical excipients market requires huge capital investments for R&D and manufacturing facilities. Existing players hold extensive production capacities and distribution networks creating entry barriers.
Bargaining power of buyers: Buyers in the pharmaceutical excipients market such as pharmaceutical companies have significant bargaining power as they source from multiple suppliers globally.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power given specialized raw materials required and longstanding supplier relationships in the market.
Threat of new substitutes: Limited threat as excipients are primarily used as per regulatory protocols and product formulations for drug delivery.
Competitive rivalry: Intense competition exists among global players to develop innovative excipients, gain regulatory approvals and expand geographical reach.
SWOT Analysis
Strengths: Growing generics market, increasing outsourcing of drug formulation by pharma companies, stringent quality standards.
Weaknesses: High R&D and manufacturing costs, regulatory approvals for new excipients, dependency on few key suppliers.
Opportunities: Utilization of natural polymers, expansion in emerging markets, personalized medicine and drug delivery advancement.
Threats: Price controls and drug cost containment policies, raw material price volatility, entry of local players.
Key Takeaways
The global Pharmaceutical Excipients Market Growth is expected to witness high growth supported by increasing generics uptake and outsourcing trends. The market size for 2023 is estimated at US$ 10.7 billion poised to rise at a CAGR of 21% during the forecast period of 2023-2030.
Regional analysis indicates North America historically dominates with a large pharmaceutical industry and generics market. However, Asia Pacific is emerging as the fastest growing regional market led by China, India, Japan and South Korea with increasing manufacturing capacities and domestic demand.
Key players operating in the pharmaceutical excipients market are Safari Club International, Cabela's, Bass Pro Shops, Remington Outdoor Company, Beretta, Hunters Hill Safaris, Weatherby, Leica, Winchester Ammunition, Orvis, Hornady, Blaser Group, Zeiss, Sako, Norma. They focus on developing innovative delivery solutions through extensive R&D activities and expansion in emerging markets.
For more insights, read- https://www.newsanalyticspro.com/pharmaceutical-excipients-market-trends-size-and-share-analysis/
