Pharmaceutical Excipients Global Market Report 2020-30: COVID-19 Growth And Change
The Business Research Company’s Global Pharmaceutical Excipients Market Overview 2020-30: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, October 5, 2020 /EINPresswire.com/ — The global pharmaceutical excipients market size is expected to decline from $6.41 billion in 2019 to $6.12 billion in 2020 at a compound annual growth rate (CAGR) of -4.62%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The global pharmaceutical excipients market size is then expected to recover and reach $7.67 billion in 2023 at a CAGR of 7.84%.
The global surge in the sale of generic drugs contributed to the growth of the pharmaceutical excipients market. Generic drugs are alternatives to the marketed brand name drug in the same dosage form, safety, strength, and route of administration and quality. According to India Brand Equity Foundation (IBEF), India is the largest provider of generic medicines; the country’s generic drugs account for 20% of the global generic drug exports. Indian pharmaceutical companies received 300 generic drug approvals in the USA during 2017. The surge in the demand for generic drugs drives the pharmaceutical excipients market.
The pharmaceutical excipients market consists of sales of pharmaceutical excipients and related services. The excipient is a substance, not an active pharmaceutical ingredient (API) that has been evaluated for safety, and intentionally added in a drug delivery system. Excipient’s major roles are to protect, support, enhance stability, bioavailability, patient acceptability, and assist in the effectiveness. The market consists of revenue generated by companies manufacturing the pharmaceutical excipients by the sales of these excipients.
The pharmaceutical excipients market is segmented by functionality into fillers and diluents, suspending and viscosity agents, coating agents, binders, flavouring agents and sweeteners, disintegrants, colorants, lubricants and glidants, and others. By type of formulation, the market is segmented into oral formulation, topical formulation, and parental formulation.
According to the pharmaceutical excipients market outlook, the increase in research and development in the pharmaceutical formulation to enhance the production process and product quality by using multi-functional excipients is a trend shaping the market. Excipients play a significant role in helping pharmaceutical manufacturers better support patients by increasing compliance and treatment effectiveness. For instance, Evonik’s newly launched EUDRAGIT FS 100 is a solid version of the existing EUDRAGIT FS 30 D. This new multi-functional version allows pharmaceutical companies to use the polymer in many new applications, such as hot-melt extrusion, solvent spray-drying, and solvent coating, which was impossible to achieve in past decades where only the aqueous version was available.
Here Is A List Of Similar Reports By The Business Research Company:
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(https://www.thebusinessresearchcompany.com/report/pharmaceutical-api-manufacturing-global-market-report)
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