Global Biologic Excipients Market, by Excipient Type (Polymers, Sugar Alcohols, Polysorbates, Inorganic Salts, Amino Acids, Surfactants, and Others), by End Users (Biopharmaceutical Manufacturers, Contract Research Organizations/Contract Manufacturing Organizations, and Research Organizations) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global biologic excipients market in 2020 is estimated for more than US$ 1,245.3 Mn and expected to reach at a value of US$ 1,630.6 Mn by 2028 with a significant CAGR of 3.4%
As per the report, the global biologic excipients market is driven by the upsurge in need for the urgent need of effective vaccines, penetration of expensive pharmaceutical industry, strict rate of approval of vaccines and drugs by the FDA, and the evolvement of 3D printing in the pharmaceutical industry globally. Besides, the development of a targeted drug is the basic within healthcare and medicine along with the innovation of novel drugs for the treatment of chronic diseases also plays a major role in aiding the market growth.
Also, the research associated with leukemia, and other cancerous diseases have driven the focus towards biologic excipients. Additionally, other factors like the focus of market key players on the need for targeted drugs, necessity to develop the pharmacological effect of drugs, and the growing demand for improved drugs within medicine is also expected to propel the market growth during the forecast years. On the contrary, the challenges faced during the invention of excipients for biologics coupled with the issues linked with the supply chain in the biopharmaceutical industry are the major restraining factor hampering the market growth.
Furthermore, Meridian Market Consultants (MMC) Study identifies that the GRAS and FDA approval for excipients that are extensively used in the specialization of 3D printing machines and the sophistication of the pharmaceutical industry is served to be the boon favoring the market growth.
Moreover, the improvements in on-going research and development activities for the production of novel and effective drugs and the chemical and physical instability of biopharmaceuticals also drive the development of excipients; thereby boosting the market growth. Besides, the approval of active ingredients and the multifunctional ability of excipients serves the major growth opportunity for the biologic excipient market.
MMC Study identifies some of the key participating players in biologic excipients market globally are Ashland Inc., BASF Corporation, Colorcon Inc., Evonik Industries, FMC Corporation, Roquette Frères, Signet Chemical Corporation Pvt. Ltd., The Archer Daniels Midland Company, The Dow Chemical Company, and Wacker Chemie AG.
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