CHICAGO, Dec. 1, 2023 /PRNewswire/ -- Pharmaceutical Excipients Market in terms of revenue was estimated to be worth $10.7 billion in 2023 and is poised to reach $14.9 billion by 2028, growing at a CAGR of 6.8% from 2023 to 2028 according to a new report by MarketsandMarkets. The pharmaceutical excipients market is projected to grow at a CAGR of 6.8% during the forecast period of 2023 to 2028. The major factors attributing to the growth of the market are increasing demand for generic drugs and pharmaceutical products, increased R&D Investments for the development of novel excipients and growing emphasis on patient-centric formulations. Collaborations and partnerships with pharmaceutical companies for customized excipient solutions are likely to boost the growth of the market in the near future.
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Pharmaceutical Excipients Market Scope:
Market Revenue in 2023
Estimated Value by 2028
Poised to grow at a CAGR of 6.8%
Market Size Available for
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Product, By Functionality, By Formulation, By Functionality application
North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa
Updated financial information / product portfolio of players
Key Market Opportunities
Increasing growth of functional/Multifunctional Pharmaceutical Excipients
Key Market Drivers
Increasing demand for generic drugs and pharmaceutical products is propelling the demand for pharma excipients
The organic chemicals segment dominated the market share in 2022 for the product segment.
Based on product, the global pharmaceutical excipients market is categorised into organic chemicals, inorganic chemicals and other chemicals. Organic chemicals are mainly chemicals with carbon atoms covalently linked to atoms of other elements. The non-toxic nature of organic chemicals is expected to drive the organic chemicals segments which in turn will uplift the pharmaceutical excipient market from 2023 to 2028.
Fillers and Diluents segment achieved top market share for the functionality segment in 2022
The fillers and diluents segment accounted for a majority of the market share in 2022. Fillers and diluents give form, bulk, or consistency to the product. The fillers and diluents market is expected to grow due to the rising use of fillers and diluents in developing and producing solid oral drugs. Tablets are the most popular dosage forms due to their advantages to manufacturers and patients and hence can drive the fillers and diluents market. The lubricants and glidants market is expected to grow at the fastest rate because they can improve the flow properties of a formulation by reducing the friction and cohesion between particles.
The Asia Pacific region predicted to showcase the most rapid growth during the forecast period.
The Asia Pacific region is poised to lead the market's expansion with the fastest market growth, driven by the low labor and manufacturing costs in China and India. These cost advantages have attracted significant investments from pharmaceutical giants to these countries. Additionally, the growing prevalence of lifestyle-related and age-related diseases, the rising disposable income, and government initiatives to improve healthcare infrastructure further contribute to the region's robust market growth.
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Pharmaceutical Excipients Market Dynamics:
Key Market Players of Pharmaceutical Excipients Industry:
The global pharmaceutical excipients market comprises of many key market players competing for markets shares like International Flavors & Fragrances Inc. (US), Ashland Inc. (US), Evonik Industries AG (Germany), BASF SE (Germany), Kerry Group Plc (Ireland), Roquette Frères (France), Merck KgaA (Germany), Associated British Foods Plc (UK), ADM (US), Wacker Chemie AG (Germany).
The primary interviews conducted for this report can be categorized as follows:
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Pharmaceutical Excipients Market Recent Developments:
Pharmaceutical Excipients Market - Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall pharmaceutical excipients market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.
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