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Pharmaceutical excipients are primarily used as bulking agents, binders, diluents, coatings, and fillers in the manufacturing of drug formulations. They help improve drug absorbability, protect drugs from environmental factors like moisture, and aid in manufacturing of solid and semi-solid dosage forms. Increased demand for cost-effective generic drugs has boosted the utilization of excipients. The global Pharmaceutical Excipients Market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rapid uptake of generic drugs has been a key driving factor for the growth of the pharmaceutical excipients market. According to the World Health Organization, more than half of all medicines are consumed in generic form, mostly in developing and middle-income countries. The process of genericization allows drug manufacturers to produce bioequivalent medications upon patent expiry of innovative drugs at much lower costs. This has accelerated the overall volume of drug production and indirectly increased the consumption of excipients. Further, growing investments by major players for developing innovative excipient delivery technologies to enhance drug bioavailability are expected to present lucrative opportunities over the forecast period.
Segment Analysis
The global pharmaceutical excipients market is dominated by the tablet subsegment. Tablets are the most common dosage form as they are easy to carry, easy to consume, and accurate in dosage. Excipients are used extensively in developing tablets to provide bulk and weight, regulate drug release, and maintain structural integrity of the tablets.

Key Takeaways

The global Pharmaceutical Excipients Market Growth is expected to witness high growth. North America currently dominates the market due to rising pharmaceutical production in United States. Asia Pacific region is poised to be the fastest growing market due to expanding pharmaceutical industry and increasing generic drug production in India and China.

Regional analysis

The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This is attributed to rising healthcare expenditures, increasing generic drug production from India and China, and growing contract research and manufacturing organizations across the region.

Key players

Key players operating in the pharmaceutical excipients market are Safari Club International, Cabela's, Bass Pro Shops, Remington Outdoor Company, Beretta, Hunters Hill Safaris, Weatherby, Leica, Winchester Ammunition, Orvis, Hornady, Blaser Group, Zeiss, Sako, Norma. These players are focused on new product launches, agreements, collaborations, and expansions to gain a competitive edge in the market.

For more insights, read- https://www.ukwebwire.com/pharmaceutical-excipients-market-trends-size-and-share-analysis/