Numerous excipients are used in the pharmaceutical industry to act as a delivery system for drugs. Increasing advances in the pharmaceutical industry and rising developments of innovative drugs are creating new horizons for the sugar excipients market. Apart from this, increasing demand for generic drugs, integration of nanotechnology to improve API stability of drugs, and strengthening healthcare infrastructure are supporting the market growth.
Global sugar based excipients market is segmented by type, product, functionality, and formulation.
By product, the market is segmented into actual sugars, sugar alcohols, and artificial sweeteners. The actual sugar segment is expected to account for the largest market share due to its high usability in oral formulations.
Based on type, the market is segmented into powders/granules, direct compression sugars, crystals, and syrups. The powder & granules segment is expected to generate the highest revenue during the forecast period, owing to wide applications in various formulations.
By functionality, the market is segmented into fillers & diluents, flavoring agents, tonicity agents, and other functionalities. The flavoring agent segment is expected to grow at a healthy CAGR due to high demand in the production of syrups from the pharmaceutical industry.
Based on formulations, the market is segmented into oral, parenteral, topical, and others. Oral formulations segment is expected to lead the market due to increasing production of oral tablets and their rising consumption. Oral dosage normally requires more amount of excipients than other formulations.
Geographically, the global sugar based excipients market is segmented into four regions the Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA).
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The Americas is estimated to dominate the global sugar-based excipients market due to a huge consumer base and substantial presence of large pharmaceutical companies. Numerous pharmaceutical companies are investing a huge sum in developing innovative products. Evonik has upgraded its existing facility to meet the growing demand for lipid nanoparticle-based parenteral drugs. In addition, Croda International has developed a range of super-refined excipients.
Europe is the second largest market globally. This can be attributed to the increasing generic drug approvals in the region. Apart from this, higher prices of branded drugs have pushed the government to favor the generic drugs market, which, in turn, has increased the production of generic drugs.
Asia Pacific sugar based excipients market is expected to grow at a significant CAGR in the years to come as the regional healthcare market is booming rapidly. Developed markets like Australia, Japan, and South Korea are making strides in terms of innovation. In addition, India and China are emerging to become the largest contributors to the generic medicine sector. Apart from this, India is one of the major exporters of generic drugs globally, which further increase the demand for excipients.
MEA sugar based excipients market is expected to witness steady growth during the forecast period since it is an untapped market for pharmaceutical companies, but growing cases of chronic diseases in the region would favor the growth. The pharmaceutical sector is expanding owing to stable economic growth and favorable FDI model to invest in the region. For instance, Felix Pharmaceutical Industries have started constructing a plant in Oman.
Some of the key players in the sugar-based excipients market are Archer Daniels Midland Company, Meggle AG, Ashland Inc., The Lubrizol Corporation, Roquette Group, DFE Pharma, Cargill, Inc., Associated British Foods PLC, Colorcon Inc., and FMC Corporation.
Sugar-Based Excipients Market Segmentation