Pharmaceutical Excipients Market Size, Share, Growth Analysis, By Product(Organic Chemicals, Inorganic Chemicals, Other Chemicals), By Functionality(Fillers & Diluents, Suspending & Viscosity Agents, Coating Agents, Binders), By Formulation(Oral Formulations, Topical Formulations, Parenteral Formulations, Other Formulations), By Functionality Application(Stabilizers, Taste Masking, Modified Release, Solubility & Bioavailability Enhancement), By Region - Industry Forecast 2024-2031

Global Pharmaceutical Excipients Market size was valued at USD 9.48 billion in 2022 and is poised to grow from USD 10.12 billion in 2023 to USD 17.13 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

Pharmaceutical excipients companies should invest heavily in R&D to develop and market new products that help them stand out from the competition. Partnerships, mergers, and acquisitions are also expected to be preferred strategies for pharmaceutical excipients providers in the future. Providing affordable yet effective pharmaceutical excipients could also help pharmaceutical excipients providers maximize their business scope in underdeveloped and developing countries with limited healthcare expenditure.  'BASF SE (Germany) ', 'Ashland Inc. (US) ', 'Evonik Industries AG (Germany) ', 'Kerry Group PLC (Ireland) ', 'Roquette Frères (France) ', 'Merck KGaA (Germany) ', 'Associated British Foods PLC (UK) ', 'ADM (US) ', 'Wacker Chemie AG (Germany) ', 'Air Liquide (France) ', 'Dow (US) ', 'Lubrizol Corporation (Berkshire Hathaway) (US) ', 'Colorcon (US) ', 'DFE Pharma (Germany) ', 'Innophos (US) ', 'J. Rettenmaier & Söhne GmbH + Co KG (Germany) ', 'Actylis (US) ', 'Meggle GmbH & Co. KG (Germany) ', 'Fuji Chemical Industries Co., Ltd. (Japan) ', 'Corel Pharma Chem (India) ', 'Biogrund GmbH (Germany) ', 'Nitika Pharmaceutical Specialties Pvt. Ltd. (India) ', 'R.T. Vanderbilt Holding Company, Inc. (US) ', 'Beneo (Germany)'

Costs of drugs and pharmaceuticals are reaching all-time highs around the world and this has led to the high popularity of generic medicine. Growing emphasis on increasing healthcare accessibility and reducing healthcare costs is projected to bolster the demand for generic medicine thereby also favoring pharmaceutical excipients market development.   

Natural Pharmaceutical excipients: Pharmaceutical excipients companies should focus on incorporating natural and biodegradable ingredients in their offerings to cater the evolving consumer preferences. Growing number of people abstaining from chemical-based medications will push the demand for drugs with natural pharmaceutical excipients and provide new opportunities for market players in the long run.    

North America is estimated to lead the global pharmaceutical excipients demand outlook. Presence of key pharmaceutical excipients manufacturers, high demand for pharmaceuticals, and robust spending on medical research are key factors helping the dominance of this region. Rising popularity of biologics and generic drugs to reduce healthcare costs in this region is also expected to create new opportunities for pharmaceutical excipients companies in the future. Canada and the United States remain the top markets for pharmaceutical excipients companies in the North American region. Growing incidence of chronic illnesses in this region will also favor the demand for pharmaceutical excipients going forward.