In the course of taking medication, active substances may not be easily absorbed by the human body. These active ingredients are mixed or dissolved with excipients, which acts as a carrier. In addition, excipients perform various functions such as prevention of denaturation and maintenance of purity level of the active ingredient. Moreover, addition of excipients to active ingredients also ensures administration of accurate levels of the latter. Excipients find application in sectors such as food, agriculture, pharmaceuticals and medical.
Rising aging population in Europe and North America are expected to drive the growth of the pharmaceutical and medical industry. This in turn is expected to drive the growth of the excipients market in this region. In addition, rising health awareness in developing countries such as China and India is boosting the pharmaceutical market in this region, consequently fuelling the demand for excipients. Moreover, the development and introduction of new excipients for the growing pharmaceutical industry is expected to contribute to the market demand. However, the overall market is inhibited by the high cost of manufacturing excipients owing to rising prices of raw materials, labor costs and technological costs. Furthermore, factors such as supply chain issues, low profit margins, declining R&D investments and shortage of approved manufacturing sites by the Food and Drug Administration (FDA) are expected to have a negative effect on the growth of the excipients market. New product development is expected to open new opportunities for the growth of this market.
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The overall global excipients market has been growing at a modest rate in line with the growth of the global pharmaceuticals market. The excipients market is also slated to grow with the growth of personal care products and food industries where excipients are used as diluents, fillers and colorants. Improving lifestyle and higher disposable income in emerging nations such as China, Brazil and India has led to an increased demand for oral forms of excipients. The OSDF excipients market is expected to witness a higher growth rate as compared to the Overall market over the forecast period on account of the increased health awareness. In addition, consumers are inclined to opt for products which are easier to consume irrespective of their cost factor.
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The excipients market is divided into Overall excipients and oral solid-dosage-form (OSDF) excipients. Demand for polymers in the Overall excipients market was highest accounting for approximately 40% of the total volume in 2011. However, sugar and other product types of excipients are expected to show the fastest growth over the forecast period due to preference for sweeteners by consumers. Within the OSDF excipients market, polymers accounted for 47% of the demand in 2011. Sugar and other product types of OSDF excipients are expected to show the highest growth over the next six years.
Europe accounted for over 30% of the overall excipients market in 2011. Increasing aging population in countries such as China and Japan is expected to drive the demand for excipients in Asia Pacific over the next years. Similarly, Europe was the largest market for OSDF excipients accounting for around 30% of the total market. In addition to aging population, the growing medical and food industry in Asia Pacific is expected to boost the demand for OSDF excipients in the near future.
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