According to the new market research report, "Pharmaceutical Excipients Market by Product (Organic Chemicals (Carbohydrates [Sugar (Dextrose)], Inorganic Chemicals), Functionality (Fillers, Diluents, Coating, Disintegrants), Formulation (Tablet, Capsule, Topical, Parenteral) - Global Forecast to 2026" The pharmaceutical excipients market is projected to reach USD 10.6 billion by 2026 from USD 7.9 billion in 2021, at a CAGR of 5.8% during the forecast period.

Browse and in-depth TOC on "Pharmaceutical Excipients Market"
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Growth Boosting Factors:

The overall growth of the pharmaceutical excipients market is largely driven by the growing pharmaceuticals market, advancements in functional excipients, and the growing generics market. The rapidly growing biopharmaceuticals sector will also influence market growth for pharmaceutical excipients. However, the increasing regulatory stringency regarding the approval of drugs and excipients along with the cost and time-intensive drug development process are expected to restrain the growth of this market during the forecast period.

Market Size Estimation:

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by polymer type, functionality, type, end user, and region).

Data Triangulation:

After arriving at the market size, the total pharmaceutical excipients market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.

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COVID-19 Impact on Global Pharmaceutical Excipients Market

The COVID-19 pandemic had a significant impact on the pharma industry. Lockdowns imposed in the wake of the outbreak disrupted the supply of raw materials from manufacturing hubs such as India and China. This slowed drug development and manufacturing, with severe impacts on companies that relied heavily on outsourcing. The entire pharmaceutical ecosystem was disrupted initially. Moreover, regulatory authorities also had to reframe and construct new laws to ensure maximum patient safety after drug consumption. The end of the lockdowns saw the pharma industry gaining momentum, especially given the demand for drugs such as hydroxychloroquine and Remdesivir, which showed positive results against COVID-19. The increasing demand for these drugs drove revenue growth for some companies. The above mentioned factors suggest that the Covid-19 impact on the pharmaceutical excipients market is negligible as it is the starting material in manufacturing of pharmaceutical drugs.

Driver: Increasing uptake of biopharmaceuticals

Biopharmaceuticals are gradually becoming popular in the healthcare industry due to their similarity to natural biological compounds found in the human body; thus, they offer high efficacy and fewer side-effects. They form one of the fastest-growing segments of the pharmaceutical industry. Novel concepts like cell therapy (for cancer treatment) and gene therapy (offering regenerative medicine) are steadily being refined. This presents an attractive opportunity for further growth in this sector.

Restraint: Cost and time-intensive drug development process

According to the California Biomedical Research Association (CBRA), it takes an average of 12 years for a drug to travel from the research lab to the patient, including 1–6 years for toxicology studies alone. Also, only 5 in 5,000 drugs that begin preclinical testing ever make it to human testing. Of these, only one is approved for human usage. Moreover, late-stage failures in the drug development process increase R&D costs and impact the profit margins of pharmaceutical companies. The intensifying regulations on the quality and safety of the excipients and drugs result in the need to upgrade current manufacturing and quality assurance practices, which adds to the overall manufacturing cost. Thus, although excipient and drug production have seen significant advances in recent years, the requirement of high capital investments is expected to hamper market growth during the forecast period.

Opportunity: Shifting focus of pharmaceutical manufacturing to emerging countries

The traditionally lucrative pharmaceuticals market is becoming challenging from a growth perspective due to the diminishing drug pipeline, government-induced pressures on healthcare cost, and the increasing regulations on innovative products. This is encouraging pharmaceutical manufacturers to move their manufacturing bases closer to high-growth emerging markets. Through this, manufacturers can take advantage of low-cost manufacturing and financial benefits in terms of attractive tax rates and lenient regulatory guidelines for manufacturing. Many major excipient manufacturers are either planning capacity expansions of their existing plants in emerging countries or setting up new manufacturing plants in emerging markets such as China and India.

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