Innovative drug delivery technologies will impel market growth prospects, finds Frost & Sullivan
SANTA CLARA, California, Sept. 24, 2019 /PRNewswire/ -- Frost & Sullivan's latest analysis, Global Pharmaceutical Functional and Multifunctional Excipients Market, Forecast to 2023, reveals that the development of innovative drug delivery technologies, a growing generic and biosimilar drug market, and aging population are key factors increasing demand for functional and multifunctional excipients in the pharmaceutical industry. To succeed in a competitive global environment, excipient manufacturers should focus on developing innovative co-process and multifunctional excipients and replicate market leaders such as BASF, Ashland, Evonik, and Roquette by adopting strategies for partnerships and acquisitions to expand their customer base and global presence. Frost & Sullivan expects the market to increase at a steady compound annual growth rate (CAGR) of 5.5% and reach $10.5 billion by 2023.
"Demand for excipients is expected to increase due to different drug manufacturing types, continuous manufacturing processes, and new drug delivery technologies," said Prateeksha Kaul, Research Analyst, Chemicals, Materials & Nutrition, Frost & Sullivan. "As conventional excipients are not compatible with every process and technology, the need for modified and co-processed excipients is projected to increase."
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From a regional perspective, North America dominated the market with a share of 46.8% in 2018; Europe closely followed North America with a share of 23.2% in 2018. Asia-Pacific (APAC) is expected to witness a CAGR of 6.5% from 2018 to 2023.
"APAC has witnessed a significant economic boost in the last few years and will continue to produce the highest CAGR for the forecast period," observed Kaul. "With the increased production of generic drugs and biosimilars, and heightened awareness of improved treatment procedures, APAC's healthcare and pharmaceuticals industry outlook looks strong."
Excipient manufacturers can make the most of the prospects in the market by:
- Developing excipients that are well-suited to continuous process technology, which has gained prominence in solid drug manufacturing.
- Investing in co-processed excipients as they improve excipient quality and performance.
- Developing and expanding parenteral-grade manufacturing of excipients due to long-term positive impacts and high demand.
- Distributing generic drugs and related excipients in developing regions due to high demand, affordable price and patent expiry of branded drugs.
"Although there are significant opportunities in this sector, stringent regulatory processes, long development timelines, and high investment in R&D are some of the factors preventing manufacturers from developing novel excipients and could hinder market development," noted Kaul.
Frost & Sullivan's Analysis of the Global Pharmaceutical Functional and Multifunctional Excipients Market, Forecast to 2023 explores the factors and trends that have shaped the global excipients landscape, the challenges that lie ahead, and the opportunities that can be tapped. The market is segmented on the basis of chemical composition (organic and inorganic), functionality, routes of administration (oral, topical, parenteral and inhalation), and sources of origin (natural excipients and synthetic excipients).
Analysis of the Global Pharmaceutical Functional and Multifunctional Excipients Market, Forecast to 2023 is part of Frost & Sullivan's global Future of Chemicals in Personal Well-Being Growth Partnership Service program.
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Analysis of the Global Pharmaceutical Functional and Multifunctional Excipients Market, Forecast to 2023
SOURCE Frost & Sullivan