The size of the Asia Pacific Pharmaceutical Excipients Market was worth USD 2.10 billion in 2023. This value is further estimated to be growing at a CAGR of 7.21% and worth USD 2.97 billion by 2028.
The increasing prevalence of chronic diseases is a crucial factor in the growth of the Asia-Pacific market. The rapid increase in the geriatric population is also a cause of market growth. The growing demand for generics is also an attribute that accelerates demand in this market in Asia-Pacific. Increasing support from government and non-government bodies is escalating the growth rate of the market. Besides, a growing number of pharmaceutical companies and a rise in demand for quality drugs are leveraging the market's growth rate. The growth factors for the Pharmaceutical Excipients market lie in the development of research and development institutes throughout Asia-Pacific.
However, the lack of qualified personnel to manage the production of medicines and vaccines is discreetly hindering the market's growth. The manufacture of drugs without suitable excipients with active ingredients also limits market demand in Asia-Pacific. In addition, strict government rules and regulations are considered a problematic factor for market growth.
This research report on the APAC Pharmaceutical Excipients market has been segmented and sub-segmented into the following categories:
By Formulation Type:
Regionally, While Europe and North America occupy the majority of the share in the global market, accounting for almost 2/3 of the revenue. However, Asia-Pacific remains the dominant region in terms of growth because of the low cost of raw materials, availability of a cost-effective workforce, and untapped resources it offers in manufacturing facilities.
Emerging players in this market give stiff competition to the top 10 players who occupy almost 70% of the total market. It can be attributed to the rapid growth of the market and its opportunities in developing countries.
KEY MARKET PLAYERS:
Companies playing a significant role in the APAC pharmaceutical excipients market profiled in this report are Ashland Inc., AkzoNobel, Archer Daniels Midland Company, Associated British Foods PLC, BASF SE, Colorcon, Inc., Croda International PLC, Evonik Industries AG, FMC Corporation, Innophos Holdings Inc., J.M. Huber Corporation, Merck Millipore, Roquette Group, The DOW Chemical Company and Lubrizol Corporation.
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