Pharmaceutical Excipients Market Worth USD 8.53bn by 2023
26 March 2018 - - Northbrook, Illinois-based business to business (B2B) research provider MarketsandMarkets has published a market research report entitled "Pharmaceutical Excipients Market by Type (Organic chemical (Carbohydrate, Petrochemical), Inorganic chemical), Functionality (Filler, Coating, Disintegrant, Binder), Formulation (Tablet, Capsule, Topical, Parenteral) -- Global Forecast to 2023," the company said.
According to the report, the market is expected to reach USD 8.53bn by 2023 from an estimated USD 6.40bn in 2018, at a CAGR of 5.9% during the forecast period.
Factors such as the growing pharmaceutical market with the rapidly aging population and increasing incidence of chronic disease, advancements in functional excipients, growing generics market propelled by the patent cliffs, and the rapidly growing biopharmaceuticals sector are driving the growth of the pharmaceutical excipients market.
The emergence of multifunctional and co-processed excipients, shifting focus of pharmaceutical manufacturing to emerging markets, and the growing biosimilars industry also present significant opportunities for the growth of excipients.
However, the increasing regulatory stringency, cost and time-intensive drug development process, and the quality concerns of excipient manufacturers represent a significant challenge to the market growth.
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