Though it is somewhat specialized, the excipients market is projected to grow in the coming years. Excipients refer to passive or non operational substances which act as mere carriers of constituents of medicines and hold no curative value for patients. They are essentially neutral in nature which means that they do not alter the basic properties of the drug that they are mixed with. Mainly the pharmaceutical and the cosmetics industries create the necessary demand in the excipients market. Excipients can be in the form of preservatives, coloring agents and additives.
The Global Trends in the Excipients Market
The worth of the global excipients market is targeted to reach USD 5,226.1 million by the year 2020. This industry includes two basic categories which are Oral Solid Dosage Form (OSDF) and Overall excipients. There has been a surge in the pharmaceutical excipients market mainly due to progress in the drug deliverance mechanism.
Excipients are also known as diluents, fillers and bulking agents and sometimes they are also used as flavoring agents. The main purpose of alcohol excipients is to maintain the pH balance of a preparation in order to bring about anti-microbial potency and chemical stability. Manninol, propylene glycol, glycerin and sorbitol are some of the well known alcohol excipients. Glycerin, an excipient, is gaining demand because it has scope in applied medicine. Alcohol excipients are used in Oral Solid Dosage Form (OSDF) and the demand for alcohol excipients is gaining momentum.
Excipients which come under the category of sugars and other products are also facing rising demand mainly because of increased consumption of artificial sweeteners by people worldwide.
In the year 2011, out of the total demand in the OSDF excipients market, the demand for polymers was 47%.
Demand factors for Excipients in the Excipients Market
Excipients primarily include alcohol, minerals, sugars and polymers. The demand for sugars and related products is likely to exhibit rapid growth in the next six years. The significant players in the global market are Europe, North America and Asia Pacific, with Europe having the greatest share in the excipients market.
Increasing health awareness in developing countries and an increasing geriatric population in developed countries are factors that are increasing the demand for excipients in the pharmaceutical industry. Due to surging demand for pharmaceutical products, the Oral Solid Dosage Form (OSDF) excipients experience higher demand as against overall excipients. Moreover, due to higher disposable income levels in countries like China, India and Brazil, the excipients market is facing a rising demand for oral excipients.
The demand for excipients in the global market is adversely affected by supply side bottlenecks, high production costs and decreasing R&D activities. Interestingly, there is excess supply of glycerin in the industry and this will bring down its price in the near future.
The excipients market is expected to grow simultaneously with the personal care and cosmetics industry. In the year 2013, this industry was dominated by Europe and it accounted for about 30% of the global revenue. Between the years 2014 and 2020, the market for excipients in Asia Pacific will grow at a CAGR of 6.7%.
The Prevailing Scenario in the Excipients Market
It has been observed that there is high consumption of pharmaceutical products in countries like China, Indonesia and India and this in turn boosts the demand for alcohol excipients. Japan is also a major player in this industry mainly due to its rising geriatric population. By the year 2020, the market worth of Asia Pacific is targeted to reach USD 1500 million. The market demand for excipients in Brazil, India and China is also expected to surge mainly because of potential medical needs and low cost of production.
Some of the prominent players in the excipients market include Dow Chemical Company, Novozymes, Solvay, Evonik Industy, BASF SE, Purdue Pharma, Cargill, AkzoNobel, Eastman Chemical Company.