PUBLISHER: Grand View Research | PRODUCT CODE: 1363034
PUBLISHER: Grand View Research | PRODUCT CODE: 1363034
The global biopharmaceutical excipients market size is expected to reach USD 3.76 billion by 2030, according to a new report by Grand View Research, Inc.. The market is expected to expand at a CAGR of 5.50% from 2023 to 2030. The increasing focus of pharmaceutical players on the generic market, rising adoption of multifunctional excipients, and patent expiry of biological actives are the key factors propelling market growth. Furthermore, the cost-efficiency & competency of manufacturers and the chemical and physical instability of biopharmaceuticals are boosting the development of excipients, thus propelling the market.
The demand for biosimilars has increased in recent years, which has in turn led to a rise in the demand for biopharmaceutical excipients. Supporting factors such as patent expirations, increasing government funding, patient demographics, and rising affordability have propelled the adoption of biosimilars across the globe. In addition, the rapidly evolving healthcare infrastructure in developing economies has increased their use in the production of biogenerics. Furthermore, the introduction of well-framed legislation to ensure proper regulatory and testing standards for biosimilars globally is set to ease market entry for manufacturers.
Moreover, the growing acceptance of multi-functional biopharmaceutical excipients in industries is also driving market growth. They are efficient and effective in enhancing the manufacturing process for biopharmaceuticals. Associated advantages include better product quality, improved productivity, and reduced operating costs. The success of COVID-19 vaccines majorly relies on their efficiency, which has been enhanced by using efficient drug delivery systems; this offers immense lucrative opportunities for market entities.
Key operating players in the market are focusing on the development and launch of novel biopharmaceutical excipients. For instance, in April 2021, DFE Pharma introduced a new excipient product line 'BioHale' to address global supply challenges for biopharmaceutical companies. Furthermore, the geographical expansion of manufacturing facilities is increasing, owing to the rising demand for biopharmaceutical excipients. For instance, in May 2022, DFE Pharma opened a new facility in India to offer fast-track formulation services, including excipients, for pharmaceutical players to achieve the right formulations.
However, issues pertaining to the supply chain in the biopharmaceutical industry and challenges in the development of excipients for biologics are expected to hamper the market during the forecast period. Selecting the right excipient for biopharmaceuticals is a challenging and complicated task, as an excipient effective in one formulation may cause degradation or aggregation of the protein in another. A limited number of known & approved products for the stabilization of protein further increases challenges for biopharma manufacturers. Hence, to deal with these challenges, researchers are developing new and innovative approaches. For instance, to maintain the stability of lipid-based excipients (HMC excipients), researchers have applied polyglycerol esters of fatty acids (PGFAs). Currently, these products are witnessing an increasing demand for the development of COVID-19 vaccines.