Latin America Sugar Based Excipients Market was worth USD 9.36 million in 2022 and estimated to be growing at a CAGR of 5.2%, to reach USD 12.05 million by 2028.
Any medicinal formulation contains both an active pharmaceutical ingredient and an excipient. It is mainly added with the purpose to enhance the pharmacokinetic properties like stability, dissolution among others. It also provides colour and taste to the formulation so as to make it look attractive for consumption by children and other patients. Some commonly used excipients are- gelatin, complex sugars and mannitol.
Growth in this market is primarily attributed to increasing use of co-processed excipients, rapid growth in the generics market due to the patent expiration of many blockbuster drugs, and increasing development of orally disintegrating tablets (ODTs). However, stringent regulatory requirements leading to shortage of FDA-approved manufacturing sites can hinder their market growth to a certain extent.
Latin America sugar excipients market is segmented based on type, product, functionality and formulation. Based on type the market is segmented into Powder and granules, Crystal, Syrup and others. Powders and granules accounted for the biggest share in the segment due to its wide use in various formulations. Based on product, the market is segmented into actual sugars, sugar alcohols, and artificial sweeteners. Actual sugar dominated the segment whereas sugar alcohols are to witness fast growth over the forecast period due to a rise in the use of mannitol. On the basis of functionality, the market is segmented into fillers, diluents, flavouring agent and tonicity agents. Fillers and diluents account for the major market share due to their widespread use in tablets and capsules. Based on formulation, the market is segmented into oral, topical and parenteral. Oral formulations dominate this segment due to an increased use of various oral formulations.
Geographically the Latin America Sugar Based Excipients Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. This region is expected to have a high CAGR value and shows steady growth.
Key Players in the Market:
Major Key Players in the Latin America Sugar Based Excipients Market are
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