Pharmaceutical Excipients Market - Forecast(2021 - 2026)
Pharmaceutical excipients market is classified as organic and inorganic based on the type of pharmaceutical excipient products commercially available. Rise in healthcare expenditures, demand for new drug delivery systems along with need for enhanced medications are generating impetuous on pharmaceutical excipients market. Various pharmaceutical excipients are used for different drugs depending up on the complexity of the diseases. Another trend that drives the growth of this market is extensive research on the excipients that has given a better understanding of their functional benefits, thus their inclusion in the drug formulation has increased.
The pharmaceutical excipient production has been boosted with the advent in industries particularly pharmaceutical industry. Excipient quality plays a vital role in assuring safety, quality and efficacy of dosage forms. Standardization of excipients usually assures the customers of uniform quality across pharmaceutical products, while manufactures are assured of standardized prices of these excipients. The increased spending on healthcare by developing countries is set to increase the utilization of pharmaceutical excipients.
Binders segment is poised to dominate this market during 2017-2023.The pharmaceutical excipients market had total revenue estimated to $4256.3 million in 2017 which is expected to grow at rate of 6% till forecasted year 2023. The enormous potential for pharmaceutical excipients is also indicated by growing healthcare expenditures, rising income levels and improving health awareness amongst peoples.
What are Pharmaceutical Excipients?
An excipient can be defined as pharmacologically inactive substance in the drug delivery system which is formulated with the active pharmaceutical ingredient of a medication to prepare the product in a consumable form. Pharmaceutical excipients are inert substances, other than the pharmacologically active drug, which are included in the manufacturing process or are present in the pharmaceutical product dosage form. They enhance the properties such as bulkiness of the pharmaceutical formulation so that it can be consumed in proper manner. It also promotes the drug absorption quality of the pharmaceutical product. They do not react unwillingly with the drug and help to achieve desired drug functionality. Novel and increasingly complex excipients have been developed as the novel drug formulation delivery systems have emerged and evolved.
What are the major applications for Pharmaceutical Excipients?
Excipients are vital in formulating a dosage form of the drug or any pharmaceutical product, for adding bulk to solids (formulas) and also to facilitate proper absorption. These ingredients make up the dosage forms along with active pharmaceutical ingredients. They act as protective agents, bulking agents, flavoring and coloring agents and can also be used to improve bioavailability of drugs in some instances.
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