Unmet Medical Needs Support Excipients Market
The flourishing pharmaceutical industry in Latin America has been driving the excipients market in the region due its growing usage in manufacturing medicines. Excipients are increasingly being used by pharmaceutical companies for binding, coating, as fillers and diluents, solvents, and as colorants for making capsules, tablets, and other forms of drugs.
Therefore, the progress of the pharmaceutical industry is directly proportional to the success of the excipients market in Latin America. According to a research report published by Transparency Market Research the opportunity of the Latin America excipients market was worth US$359.0 mn in 2014 and is expected to reach US$626.9 mn by 2023, expanding at a CAGR of 6.4% between 2015 and 2023.
The exponentially rising number of geriatrics have led to the growth of the pharmaceutical industry, as these people are prone to a variety of medical complication that requires assistance. The increasing expenditure on healthcare and the improving disposable incomes that allow consumers to spend on medicines in Latin America is also responsible for the rise of excipients in the region. During the given forecast period, the pharmaceutical industry is anticipated to progress at a CAGR of 8.1% have a direct positive impact on the overall excipients market.
Sugar and Other Excipients Lead Market in Latin America
The research report states that the lactose sub-segment of the sugar and other excipients segment is anticipated to grow the fastest in the coming years. Between the forecast period of 2015 and 2023, this sub-segment expected to likely to expand at a 7.3% CAGR as the adoption of these products is witnessing a rise in the pharmaceutical industry. Meanwhile, the analysis of the functions of excipients suggests that the controlled release segment will show considerable progress given the fast pace of technological advancements.
Geographically, in terms of volume, Brazil held the largest share in the Latin America excipients market in 2014. The excipients market in this country is expected to rise at a CAGR of 5.7% between 2015 and 2023. This growth will be attributable to the increasing consumption of sugar and other excipients during the forecast period. On the other hand, the Mexico will grow at a rapid pace as the country is projected to witness a rise in the consumption of povidone (binders) and crosspovidone (disintegrants) in the near future.
Result-Oriented Attitude to Decide Future of Players
The top players operating in the Latin America excipients market are Innophos Holdings Inc., Ashland Inc., FMC Corporation, Roquette Pharma, The Dow Chemical Company, BASF SE, Merck KGaA, Evonik Industries AG, Croda International Plc, CP Kelco, JRS Pharma, Colorcon Inc., Avantor Performance Materials Inc., Cargill Inc., Eastman Chemical Company, The Lubrizol Corporation, Asahi-Kasei Corporation, Archer Daniels Midland (ADM) Company, and Cabot Corporation. Going forward, these companies will have to make wise investments in delivering result-oriented research and developments to add value to their existing list of products. Furthermore, informing and educating the consumers about the new excipients derived through these research and development activities will also open up numerous opportunities.
This report analyzes and forecasts the market for excipients at the global and regional level. The market has been forecast based on volume (tons) and revenue (US$ Thousand) from 2015 to 2023. The study includes drivers and restraints of the global excipients market. It also covers the impact of these drivers and restraints on demand for excipients during the forecast period. The report also highlights opportunities in the excipients market at the global and regional level.
The report includes a detailed value chain analysis, which provides a comprehensive view of the global excipients market. Porter’s Five Forces Model for the excipients market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on market size, growth rate, and general attractiveness.
The study provides a decisive view of the global excipients market by segmenting it in terms of applications. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for Latin America. The report also covers demand for application segments in all regions.
The study includes profiles of major companies operating in the global excipients market. Key players in the excipients market include Ashland Inc., BASF SE, FMC Corporation, The Dow Chemical Company, Merck KGaA, Evonik Industries AG, and Croda International Plc, CP Kelco, JRS Pharma, Roquette Pharma, Avantor Performance Materials Inc., Colorcon Inc., Innophos Holdings Inc., Cargill Inc., The Lubrizol Corporation, Eastman Chemical Company, Asahi-Kasei Corporation, Cabot Corporation, Archer Daniels Midland (ADM) Company. Market players are profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report provides the estimated market size of excipients for 2014 and forecast for the next eight years. The global market size of excipients is provided in terms of both volume and revenue. Market volume is defined in tons, while market revenue is in US$ thousand. Market numbers are estimated based on applications of Excipients . Market size and forecast for each major applications and products are provided in terms of global and regional markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva, and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. Primary interviews provide first-hand information on market size, market trends, growth trends, competitive landscape, outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The report segments the excipients market in Latin America as follows:
Excipients Market - Product Segment Analysis
- Ethyl cellulose
- Methyl cellulose
- Pregelatinized starch
- Sodium starch glycolate
- Polyethylene glycol
- Acrylic polymers
- Propylene glycol
- Calcium phosphate
- Calcium carbonate
- Silicon dioxide
- Titanium dioxide
- Sugar & Other
Excipients Market - Route of Administration Analysis
- Capsules (Hard & Soft)
- Liquids and Semisolids
Excipients Market - Function Analysis
- Fillers & Diluents
- Binders & Adhesives
- Lubricants & Glidants
- Flavors & Sweeteners
- Viscosity Agents
- Film Coating
- Controlled Release
Excipients Market - Country Analysis
- Latin America
- Central America
- Rest of South America