The size of the Pharmaceutical Excipients Market in North America was worth USD 2.11 billion in 2023 and is estimated to be growing at a CAGR of 5.42% to reach USD 2.75 billion by 2028.
An excipient is a natural or synthetic constituent formulated alongside the active ingredient of a medication, included to induce and catalyze a wide range of physical and chemical properties.
Increasing incidences of chronic diseases owing to a sedentary lifestyle, hefty investments by the pharmaceutical companies in the development of medicines, implementing new novelties like nanotechnology are the major driving forces of the market. However, decreasing the side effects of drugs and developing environmentally friendly manufacturing processes are the significant challenges faced by the pharmaceutical industry.
However, proper expansion strategies and launching a new product pipeline would be lucrative for the companies operating in these industries. Still, the market's growth is hindered to a certain level by the fact that investments in R&D by major companies are not up to the required standard, and increasing regulatory requirements are making it increasingly hard to get new manufacturing facilities approved, which are definite threats to overcome.
This research report on the North American Pharmaceutical Excipients market has been segmented and sub-segmented into the following categories:
By Formulation Type:
Regionally, North America occupies the majority of the share in the global market, accounting for almost 1/3 of the revenue. The USA dominates the North American market, but the growth is stunted here compared to international counterparts due to the saturation of the market and stringent regulatory policies. 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.
The U.S. Pharmaceutical Excipients Market is expected to account for the majority share in the North American market and had the most significant share in 2022. Increasing demand for pharmaceutical and biopharmaceutical industries in the global market is driving the growth of the U.S. pharmaceutical excipients market. Also, strictly current good manufacturing practices (cGMP) are regulated by USFDA, which creates demand for excipients. In addition, the high prevalence of chronic diseases, OTC drugs, and a prominent player in the region are factors fuelling the growth of the U.S. pharmaceutical excipients market. Recently, IPEC-America researcher has clarified gluten products in the pharmaceutical product; it contains starches. According to US Pharmacopeia, more than 250 excipients have been approved by the US food and drug administration.
The Canadian pharmaceutical excipients market is expected to grow at a robust CAGR during the forecast period. The rising prevalence of cancer and diabetes disease in Canada creates demand for pharmaceutical products in the market. Recently, IPEC-America has acquired all global excipients events to expand its excipients business and develop novel products in the market. Currently, Meggle excipients &technology has an agreement with Quadra chemical to introduce its lactose excipients for the development in Nutraceutical and pharmaceutical industries. Due to the developed healthcare sector and government funding for the new drug clinical trials in Canada, which fueled the growth of the pharmaceutical excipients market.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North America 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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