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.
The growing production activities of generic drugs in North America are one of the major factors propelling the growth of the pharmaceutical excipients market in North America. Generic drugs have the same active ingredient as brand-name drugs but may differ in excipients. Pharmaceutical excipients are inert substances that support working the active ingredients in a drug. Examples include sugar used to prepare a drug. These excipients are commonly used in tablets and capsules. Nearly 90% of prescribed drugs in the United States are generic, contributing to market expansion.
The growing presence of pharmaceutical companies and rising demand for novel medications to address various diseases across the North American region further fuel the growth rate of the North American market. The prevalence of chronic diseases and infections among the population of the North American region necessitates drug production. Healthcare specialists and researchers focus on developing drugs with numerous pharmaceutical and excipient ingredients to combat diseases such as cancer, cardiovascular diseases, diabetes, HIV and arthritis. Extensive research and clinical trials determine the active ingredients in drugs, while excipients play a crucial role in drug formulation.
The rising emphasis on creating safe excipients that cause no side effects to patients contributes to the growth of the North American market. Efforts are also directed toward developing excipients that quickly dissolve drug ingredients. Factors such as increased investment in research and development, the presence of key players, and the approval of novel excipients further support regional market growth.
The high costs associated with the drug development process is a major factor restraining market growth in the North American region. Lack of communication between excipients and pharmaceutical companies, risk aversion, dosage level effects, shortage of skilled professionals, and strict regulations further impede the North American market growth.
This research report on the North American Pharmaceutical Excipients market has been segmented and sub-segmented into the following categories:
By Formulation Type:
North America is estimated to account for the largest share of the global market during the forecast period owing to the increased production of oral drugs and a growing patient population. The U.S. market is estimated to account for the major share of the North American region during the forecast period. Factors such as the measures of the U.S. government to ensure excipient ingredients do not affect drug formulation are one of the major factors propelling the U.S. market growth. Numerous research laboratories and clinical trial centers further fuel the U.S. market growth. Canada is anticipated to account for a considerable share of the North American market during the forecast period owing to their manufacturing facilities. In recent years, nanoparticles have played a vital role in drug delivery for oncology treatments, with excipients combining with nanoparticles to enhance drug functionality.
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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