Pharmaceutical Excipients Market to Witness Robust Expansion Throughout the Forecast Period 2018 - 2026
Pharmaceutical excipients are critical components of a pharmaceutical dosage form, ensuring drug safety and efficacy. Therefore, compatibility with API, adjacent excipients and dosage form are essential factors that need to be considered while selecting an excipient. Various types of excipients are used in a pharmaceutical formulations. This includes binders, diluents, glidents, disintegrants, emulsifiers, compressing agents, taste masking agents, lubricants, coating agents, sweeteners, and vehicles (base). Use of excipients is high in oral and topical dosage forms compared to parenteral. These excipients are extracted from different sources such as plant, animals, and minerals or are synthetically developed. The International Pharmaceutical Excipients Council (IPEC), formed in 1991, focuses on harmonizing manufacturing standards for pharmaceutical excipients globally.
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Market Dynamics
Demand for high-quality excipients is more in developed economies, while affordability is the key criteria considered for price sensitive emerging economies. China has emerged as the largest supplier of low-cost pharmaceutical API and excipients. India is the other fast emerging market to which production of excipients is outsourced owing to lower labor and production costs. North America and Europe lead the market for excipients as the number of excipient manufacturers are high in these regions. Moreover, high cost of manufactured excipients generates higher revenue for these regions compared to cost of material produced by manufacturers in Asia Pacific. However, growing pharmaceutical drug price pressure across the globe is expected to drive growth of the markets in China and India characterized by high supply of low cost excipients.
Oral And Topical Segment Is Driving The Pharmaceutical Excipients Market Growth
Excipients are largely used in the production of oral dosage forms such as tablets, capsules, and liquids when compared to parenteral dosage forms. The growth of excipients usage in oral dosage forms is expected to be 7.2% over the forecast period. Local players entering the pharmaceutical industry mark their entry with oral dosage forms, as manufacturing of these are easier when compared to other dosage forms. Economies such as India, Brazil, China, and U.S. are few major pharmaceutical excipients markets, as they have large presence of regional pharmaceutical players. Therefore, demand for excipients is expected to be high in such economies. Moreover, growing topical solutions (cream, gel, eye drops, skin patch) in dermatology and pain management categories is also expected to increase the demand for excipients, thereby driving growth of the market.
Patent Expiries To Provide Opportunities For Pharmaceutical Excipient Manufacturers
Symbicort (Budesonide/Formoterol Fumarate Dihydrate), Cialis (Tadalafi), Velcade (Bortezomib), Alimta (Pemetrexed), Vytorin (Ezetimibe and Simvastatin), Cubicin (Daptomycin), Reyataz (Atazanavir) and Sandostatin LAR (Octreotide Acetate) are some of the major blockbuster brands going off-patent in 2017. This will pave way for generic brands boosting the demand for respective pharmaceutical excipients. According to the McKinsey’s Global Generics report, nearly US$ 97 billion of drugs will go off-patent during 2017 – 2019.
In addition, advent of biosimilars would further propel growth of the pharmaceutical excipients market. Companies are investing in development of biosimilars to capitalize on this billion dollar market opportunity. However, strict regulatory hold over approval of biosimilars is slowing the approval of biosimilars being developed, in turn hampering growth of the pharmaceutical excipients market.
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Growing demand for low cost medicines
Affordable healthcare is the primary objective of health regulators globally, something that is propagated by various such initiatives in place such as Obama Care Act and the actions of Drug Price Control Order (DPCO) in India. The DPCO has capped the prices of over 467 drugs to cater to unmet need of population with low income levels. According to the IMS Health 2015 data, average price of branded products has increased from US$ 71.91 in 2010 to US$ 91.92 in 2015. On the other hand, average price of generic products has declined from US$ 26.23 in 2010 to US$ 20.92 in 2015. Pricing pressure and high competition are major attributable factors to this decline. This has further contributed to wards the growth of pharmaceutical excipients market.
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