DALLAS, TX — The global pharmaceutical market is projected to reach a value of $8.1 billion in 2021, growing at a 6.1 percent compound annual growth rate from 2016 to 2021, according to Pharmaceutical Excipients Market by Type (Organic Chemical (Sugar, Petrochemical, Glycerin), Inorganic Chemical), Functionality (Filler, Binder, Lubricant, Preservative), Formulation (Oral, Topical, Coating, Parenteral) — Global Forecast to 2021 by MarketsandMarkets, a market research company. The market growth is expected to stem from demand for new drug delivery systems, greater understanding of the functional benefits of excipients, pharmaceutical industry growth, and patent expirations for several major drugs.
Currently, excipients are being used to create controlled dosage forms of existing drugs and some companies are using functionality excipients in an attempt to extend drug patents, according to the report. Companies are also trying to reduce the size of drug crystals to improve solubility, which can help solve drug toxicity problems, particularly in oncology drugs. Drug companies are also using a nanocarrier for delivering active drugs. In contrast, market growth for excipients is expected to be hampered by the decline in research and development investments and the increasing stringency of regulatory requirements, which has led to a shortage of FDA-approved manufacturing sites. In the US and Europe, regulators have increased scrutiny on excipients, which is also restraining market growth. For more info and to purchase a copy of the report for $5,650, visit www.marketsandmarkets.com.