The global sugar-based excipients market size was valued at USD 1377.30 million in 2022. It is projected to reach USD 2407.16 million by 2031, growing at a CAGR of 6.4% during the forecast period (2023-2031).
Pharmaceutical excipients play vital part in the drug delivery process. The main purpose of using excipients is to facilitate absorption of the drugs by a patient, provide substance to the formulation, and prevention from denaturation. In the drug manufacturing process, selecting an appropriate excipient is an important step to support the design of pharmaceutical formulation.
A wide variety of excipients are used in the pharmaceutical industry. As per the NPS organization, the market value of excipients accounts for around USD 4 billion, which is 0.5% of the total pharmaceutical market. Excipients are mostly used in sorbitol, saccharin sodium, glycerol, and sucrose, among others. Sugar based excipients are used in oral medication, mainly in antibiotics drugs and cough syrup for the children.
Increasing enhancements of the Orally Disintegrating Tablets (ODT), improving quality generic drugs, and increasing usage of the co-processed excipient are driving 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 retail sale segment is expected to generate the highest revenue in the forecast period due to easy availability of the product.
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, owing to its high demand in the production of syrups from the pharmaceutical industry.
On the basis of formulations, the market is segmented into oral formulations, parenteral formulations, topical formulations, and other formulations. Oral formulations segment is expected to generate the highest revenue due to increasing production of oral tablets during the forecast period.
Geographically, the global sugar-based excipients market is segmented into four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA).
The Americas is leading the global market and is projected to continue the same in the coming years due to the presence of large pharmaceutical manufacturing industry. The pharmaceutical has consistently been one of the most R&D intensive industries in the U.S. In 2016, the U.S. generic drug sales reached around USD 70 billion, International Trade Association. Rise in the investment capabilities and development of new drugs are driving the sugar-based excipients market. North America is the largest market for pharma-based exports. India has gained an important place in the U.S. generic drug market owing to its low-cost and high-quality products.
Europe is the second largest market globally. This can be attributed to rising investments in developing innovative drugs and increasing demand for generic drugs. Growth in the pharmaceutical industry is playing a crucial role in shaping Europe’s economy. In 2017, Europe invested around USD 39,440 million in R&D, according to the European Federation of Pharmaceutical Industries and Associations. Europe has always been an important player for drug companies. With its growing population and favorable national health policies, it offers a positive prospect to pharma companies.
Asia Pacific is expected to witness significant growth during the forecast period on account of growing pharmaceutical industry and availability of cost-effective manufacturing. Emerging economies such as China and India are witnessing rapid growth in the pharmaceutical industry. For instance, in 2017, Indian firms received around 40% of the new U.S. approvals for generics, FDA. In addition, increasing healthcare reforms in the ASEAN market is shaping the landscape for big pharmaceutical companies, for instance, Indonesia’s initiative to encourage investment in the private health care space, including private hospital groups. Moreover, medical tourism is also attracting investments, which is projected to boost the production of domestic drugs.
MEA is expected to witness steady growth during the assessment period, 2023–2031. Rapidly growing population in the region require better healthcare facilities, however, the region has low domestic pharmaceutical production. Thereon, the region depends on the import of drugs and few generic companies involved in the drug development process for providing potential sugar-based excipients.
Some of the key players in the global sugar-based excipients market are
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