Excipients Market to Flourish with an Impressive CAGR 8.1% by 2024

Global Excipients Market: Snapshot

Booming pharmaceutical industry across the world is helping the global excipients market to grow exponentially. Rising number of medicine manufacturers in emerging region particularly in Latin America is contributing a significant share in the overall growth of the market. Excipients finds its application in pharmaceutical industry for coating, binding, solvent, colorants, and as fillers and diluents, in order to make tablets, capsules, and type of drugs.

The incessant rise in geriatric population all across the world is helping the pharmaceutical industry to grow stupendously, as they are have less immunity making them more vulnerable to various types of diseases. Old people are connected to more complication which requires Medicare. Rapid advancement in technology along with extensive research and development in science, has improved the healthcare industry, making it more expensive. Apart from these, rising disposable income in the region has abode well with the rising rates of treatment, allowing customers to buy medicines in the region has helped the global excipient market to rise exponentially. It is anticipated that by analysts from Transparency Market Research that pharmaceutical industry in the region is expected to grow at stupendous rate of 8.1% CAGR which is likely to push the market in a positive direction in the region.

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It is clearly understood that the pharmaceutical industry has a direct influence on the growth of global excipients market. Transparency Market Research, recently published a report, and according to their analysts, the global excipients market in Latin America is prophesized to expand at a whooping CAGR of 6.4% during the forecast period, 2015 – 2023. The market which was worth at US$359.0 mn in 2014 is prognosticated to to touch US$626.9 mn by the end of the assessed period.

Erratic Raw Material Price to Deter the Market Growth

The global excipients market in the region is split into Brazil, Mexico, Central America, Argentina, Caribbean, Colombia, Chile, and Rest of South America. Amongst these, Brazil holds a lion’s share owing to increase in consumption of sugar and other excipients throughout the assessed period. Brazil is likely to grow at robust CAGR of 5.7% during the assessed period. However, on the flip side, Mexico is expected to become the fastest growing market as the country is witnessing a surge in consumption of corsspovidone and poviodone.

However, it has been noticed that the market in the region is strongly been faced by the rising price of the raw materials, which is used for manufacturing organic excipients. This is considered as the major restraint faced by the organic excipients manufacturer in the region, hampering the market. Corn, starch, and maize are the major raw materials that are used for the manufacturing organic excipients market. Apart from excipients market, these raw materials have found its application in energy sector, as they are used for producing cleaner energy. Poor yield, along with increasing application of raw materials have aggressively increased the price of these raw material thus making the market to suffer. However, on the brighter side, the market is filled with lucrative growth opportunity, for example, introduction of new excipients in the market with a proper awareness regarding it among the consumer is likely to break the customers’ resistance. This is anticipated to help the market to grow.

Players to Invest Hefty For Expanding Product Lists

Players in the market are spending bulk in the research and development to produce more efficient product. This step is likely to help the players to increase their product lists and create product differentiation. Players are likely to take constructive steps in increasing customer awareness by educating and advertising about the market. Some of the major players in the market are Avantor Performance Materials Inc., Eastman Chemical Compan, BASF SE, FMC Coporation, and Innophos Holdings Inc.

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