The pharmaceutical excipients market is projected to reach $11.5B by 2027 from $8.6B in 2022, at a CAGR of 5.9% during the forecast period, according to a report by Research & Markets.
The growth can be attributed to the expanding pharmaceutical industry, which has fueled the drug production, thereby increasing consumption rate for excipients. Additionally, factors like functional excipients development and upsurge in the generics market is also likely to propel market growth.
The fillers and diluents market is expected to grow due to the rising use of fillers and diluents in developing and producing solid oral drugs. From the manufacturer's perspective, fillers and diluents offer stability and ease in preparation, packaging, shipping, and dispensing; for patients, they improve the taste of the formulation and provide ease of administration and handling (of the drug).
The rapidly growing biopharmaceutical industry and increased generics production are the key growth drivers for this segment growth. Furthermore, the oral route of administration is the most common and traditional route for drug delivery. This has also boosted the segment market growth.
The Asia Pacific market is expected to register the highest CAGR during the forecast period. Some of the major factors contributing to the growth of the Asia Pacific market are low-cost manufacturing advantage, increasing per capita income, and low regulatory stringency that support the growth of the pharmaceutical excipients market in the region.