The sustained release excipients market size is estimated at $139B in 2022 and is expected to witness a CAGR of 8.62% during the forecast period 2023-2033, according to a report by Research & Markets. Increase in patent expirations, rise in the need for dosage forms for the elderly and pediatric populations, growing knowledge of the additional advantages of controlled-release formulations, escalating incidence of acute and chronic diseases are some of the factors contributing to the market growth.
Additionally, mounting effects of drug abuse on population health is also fuelling the market growth. However, increasing cost of drugs and lack of awareness is expected to hinder the growth.
Escalating incidence of acute and chronic diseases is expected to drive the market growth. Around the world, both acute and chronic diseases are becoming more common. Doctors prescribe medications to treat these conditions. Excipients are frequently present in medicines in addition to the active medicinal components. A huge demand for medications is seen as a result of the rise in chronic disease prevalence. Due of the large volume in the Asia Pacific region, they are in high demand.
Mounting effects of drug abuse on population health is predicted to support the market growth. Abuse of drugs has a significant negative effect on people's and their families' health. Long-term drug and alcohol addiction can result in mental illness, chronic conditions including diabetes and heart disease, and cancer, all of which impose a heavy financial cost on society.
Governments are concentrating on prevention and early intervention measures are likely to increase demand for drugs of abuse. This will help to reduce the economic burden brought on by drug misuse.