The global biopharmaceutical excipients market size was USD 2.3 billion in 2022 and is expected to register a revenue CAGR of 6.5% during the forecast period.
Need for biologics and biosimilars, advances in nanotechnology, and rising Research and Development (R&D) expenditures by major market participants are major factors driving market revenue growth.
Materials called biopharmaceutical excipients are added to medications and vaccines during manufacturing to increase their effectiveness, safety, and stability. Revenue growth of the market is driven by rising demand for biologics and biosimilars, which are complex compounds that call for specialized excipients. Rising prevalence of chronic diseases such as cancer, diabetes, and autoimmune disorders is rising, which is fueling demand for biologics and expanding the market.
Nanotechnology developments are also helping the business expand. Excipients based on nanotechnology are being created to enhance drug bioavailability and the drug delivery mechanism. Moreover, the creation of multifunctional excipients, which may serve several purposes such as improving solubility, stabilizing, and adjusting drug release, is driving revenue growth of the market.
The market for biopharmaceutical excipients is projected to experience innovation due to prominent industry participants' increasing R&D expenditures. Excipients that are safer, more effective, and environment friendly are currently being developed. For instance, need for cellulose-based excipients, which are biodegradable, non-toxic, and sustainable, is rising as more natural and renewable excipients are being used.
Regulations and government initiatives are also driving revenue growth of the market. For the use of excipients in the production of pharmaceuticals and vaccines, the U.S. Food and Drug Administration (US FDA) and the European Medicines Agency have published recommendations and regulations. This is encouraging the creation of secure and efficient excipients and creating high demand for excipients of superior quality and regulatory compliance.
Revenue growth of the market is driven by rising demand for oral solid dosage forms. Orally Disintegrating Tablets (ODTs) and other solid dosage forms with a nice flavor are becoming more and more popular. The creation of excipients that can enhance ODTs and other solid dosage forms' flavor, texture, and stability is expected to drive revenue growth of the market.
However, high cost of excipients and the strict regulatory restrictions for their use are major factors, which could restrain revenue growth of the market. Moreover, rising demand for biosimilars and generic medicines, both of which call for less expensive excipients, is expected to restrain revenue growth of the market.
Major Companies and Competitive Landscape:
The biopharmaceutical excipients market is highly competitive, with several large and medium-sized players accounting for a majority of the market revenue. Some of the major companies operating in the global biopharmaceutical excipients market are:
Biopharmaceutical Excipients Market Segmentations:
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Contract Research Organizations (CROs)
University and Research Institutes
Middle East & Africa