The demand within the global excipients market has been rising on account of advancements in the pharmaceutical industry, finds, Transparency Market Research (TMR). The presence of a seamless industry for pharmaceutical manufacturing has paved way for the entry of new vendors in the global excipients market. The growth of the market vendors in the global excipients market largely hinges onto the stipulation of improved manufacturing standards within the pharmaceutical sector. The prominent vendors in the global excipients market have focused on tying up with pharmaceutical companies. This strategy can help these market players in increasing the total volume of excipients sold by them annually. It is worthwhile to mention that the global excipients market displays a fragmented landscape due to the presence of multiple vendors.
It is expected that the global excipients market would witness the entry of new and inexperienced players in the coming years. These new vendors are expected to begin their journey with the manufacture of basic excipients that are used in the pharma sector. Furthermore, strategic alliances are also expected to become a salient feature of the global excipients market in the years to follow. Some of the leading vendors in the global excipients market are Eastman Chemical Compan, Avantor Performance Materials Inc., BASF SE, Innophos Holdings Inc., and FMC Coporation.
Transparency Market Research (TMR) predicts that the global excipients market would expand at a healthy CAGR of 5.8% over the period between 2015 and 2023. Furthermore, the total value of the global excipients market shall reach new heights in the forthcoming years. On the basis of geography, the growth of the excipients market in North America has traced an upward trajectory in recent times. Based on application, the use of excipients as activating agents in tablets has gathered popularity in recent times.
Need for Increasing the Shelf Life of Pharmaceuticals
Excipients can serve several purposes in the pharmaceutical industry, and this factor has played a key role in the growth of the global market. The most utilitarian quality of excipients is their ability to act as preservatives for various products. Hence, excipients are used to increase the shelf life of pharmaceutical products, and to ensure that the tablets remain unaffected by bacterial attacks. Furthermore, excipients can also act as activating agents for the core drug in a pharmaceutical product. This factor has also played an integral role in the growth of the global excipients market. There is a high possibility of fresh revenues flowing in from the food industry to the excipients market. The use of excipients for adding colour to various forms of tablets and liquid medications has also played a key role in driving demand within the global market.
North America to Lead Market Growth
The global excipients market has accumulated voluminous revenues across several regions including Europe, North America, the Middle East and Africa, Asia Pacific, and Latin America. The excipients market in North America has expanded at a stellar pace, majorly due to advancements in the field of pharmaceutical manufacturing. The US and Canada have been at the forefront of drug development and discovery, and this factor has played a vital role in the growth of the excipients market in North America. The excipients market in Asia Pacific is also expected to expand due to outsourcing of pharmaceutical manufacturing to India and China by the US.
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