Global Pharmaceutical Excipients Market is expected to reach USD 9.04 Billion by 2024 from USD 5.71 Billion in 2016 at CAGR of 5.92% (Detailed analysis of the market CAGR is provided in the report).
Global Pharmacetical Excipients Market
Pharmaceutical Excipients is basically a natural or synthetically formulated substance used as bulking or stabilizing substance, as an agent to enhance the solubility of a drug, or as an ingredient that enhances the therapeutic effect of a drug in medicines and drugs.
Global Pharmaceutical Excipients Market is segmented by product, functionality, type of formulation, and geography. Product segment is sub-segmented as organic chemicals, inorganic chemicals, and other chemicals. Functionality segment is divided as fillers & diluents, suspending & viscosity agents, coating agents, and others. Fillers & diluents segment is expected to register the highest growth rate during the forecast period. This growth is attributed to increased use of fillers and diluents in the development and production of solid oral drugs. Type of Formulation segment is further sub segmented as oral formulations, topical formulations, parenteral formulations, and others. The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Increasing generics market propelled by the patent cliffs and the continuously growing biopharmaceuticals sector are trending the overall Global Pharmaceutical Excipients Market. However, cost and time-intensive drug development process will restrain the market growth. APAC is expected to register the highest growth rate in Pharmaceutical Excipients Market during the forecast period followed by North America and Europe. Less labor and manufacturing costs in countries like China & India and cost-effective outsource manufacturing processes in this region will fuel the Pharmaceutical Excipients Market in the APAC region.
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