Report : Middle East and Africa Pharmaceutical Excipients Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Organic Chemicals, Inorganic Chemicals, and Other Products); Functionality (Fillers and Diluents, Suspending and Viscosity Agents, Coating Agents, Binders, Preservatives, Emulsifying Agents, and Other Functionalities); Type of Formulation (Oral Formulations, Topical Formulations, Parenteral Formulations, and Other Formulations)
Fillers and Diluents Segment has the Largest Share of Product in the Middle East and Africa Pharmaceutical Excipients Market during 2020–2027
According to a new market research study on “Middle East and Africa Pharmaceutical Excipients Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product, Functionality, and Type of Formulation,” is expected to reach US$ 571.7 million by 2027 from US$ 402.2 million in 2019. The market is estimated to grow at a CAGR of 4.6% from 2020 to 2027. The report provides trends prevailing in the Middle East and Africa Pharmaceutical excipients market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the surge in generics market and growth of the pharmaceutical market backed by multi-functional excipients are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the cost and time intensive drug development process.
The growing fear of COVID-19 infection transmission has mandated the development of new guidelines and recommendations by health authorities. South Africa is one of 10 countries involved in an urgent global trial announced by the World Health Organization to identify the most effective treatment for COVID-19. The Regulator, the South African Health Products Regulatory Authority (SAHPRA), has adopted various scientific reviews of new medicines and vaccines through a priority review process. It has also sought to implement a Special Access Program for practitioners treating COVID-19 patients and ensure that a speedy review of clinical trials for new vaccines or repurposed antivirals will be implemented. Furthermore, the National Treasury has issued an instruction note to government departments, municipalities and entities to help speed up the procurement of goods and commodities required to reduce and control the spread of the virus, which would naturally include medical-related products.
The market for pharmaceutical excipients market is segmented into product, functionality, and type of formulation. Based on product, the pharmaceutical excipients market is segmented into organic chemicals, inorganic chemicals and other products. In 2019, the organic chemicals segment accounted for the largest share, moreover the same segment is expected to grow at a fastest CAGR during the forecast period. Organic chemicals are chemical compounds that contain carbon-hydrogen bonds and these can be found in natural or synthetic form. Most organic chemicals are carbon based, hence produced by plants or animals, whereas synthetic organic chemicals are produced through chemical reactions. Organically derived pharmaceuticals excipients include oleochemicals, carbohydrates, petrochemicals, proteins, povidones, acrylic polymers, mineral hydrocarbons, starch, cellulose, and others. The most commonly used oleo chemical-based pharmaceutical excipients are fatty alcohols, mineral stearates, glycerin, and lipids. The organic segment is expected to lead the market owing to the rise in the use of organic chemicals in various formulations in the pharmaceutical industry.
DuPont de Nemours, Inc., Ashland Global Holdings, Inc., BASF SE, Evonik Industries AG, Associated British Foods Plc, Archer Daniels Midland Company, Lubrizol Corporation, DFE Pharma, and Croda International Plc are among the leading companies in the Middle East and Africa pharmaceutical excipients market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in October 2019, Ashland announces the launch of three new pharmaceutical solutions, Plasdone S630 Ultra, Benecel XR and XRF, and Viatel bioresorbable polymers. Ashland is expanding its portfolio to meet formulators growing needs and will introduce them at the upcoming tradeshows AAPS and CPhI.
The report segments the Middle East and Africa Pharmaceutical Excipients market as follows:
- Organic Chemicals
- Inorganic Chemicals
- Other Products
- Fillers & Diluents
- Suspending & Viscosity Agents
- Coating Agents
- Emulsifying Agents
- Other Functionalities
By Type of Formulation
- Oral Formulations
- Topical Formulations
- Parenteral Formulations
- Other Formulations
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
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