The top three participants in the Latin America excipients market, Ashland Inc., BASF SE, and FMC Corporation, hold a collective share of 26.2% in the market in 2014. Ashland Inc. will focus on restructuring its global programs and integrating centralized supply chains for retaining its competitive edge in the overall market, TMR expects. On the other hand, BASF SE and FMC Corporation are investing in result-driven research and development to introduce effective products to their existing product portfolio.
In the coming years, in addition to catering to the pharmaceutical industry, the players in the Latin America excipients market will expand the applications of their excipients to improve revenues, expects TMR.
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Pharmaceutical Industry Backs Progress of Excipients Market
The Latin America excipients market is mainly being driven by the booming pharmaceuticals industry that uses excipients as flavoring agents, binders, disintegrants agents for making tablets, capsules, and other forms of drugs. The research states that the pharmaceutical industry in Latin America will progress at a CAGR of 8.1% in terms of revenue between 2015 and 2023. The increasing population of geriatrics is acting as a fulcrum for the pharmaceutical industry in Latin America by giving it ample opportunities for develop solutions and tap the unmet medical needs.
A TMR analyst says, “Concurrent with this trend, the oral solid dosage drugs segment is also experiencing a remarkable boost. Its wide usage across a range of medical problems is also making it a popular medium of drug delivery amongst both patients and physicians.” The study states that oral solid drugs require excessive excipients during the manufacturing process. Thus, the increasing the aforementioned factors will be collectively responsible for the rise of the excipients market in Latin America.
Expensive Raw Materials Throw Spanner it the Works
The Latin America excipients market is currently grappling with the issue of expensive prices of raw materials used for manufacturing organic excipients. This is the biggest restraint hampering the growth of the organic excipients market in the region. Organic excipients are made from maize, corn, and starch. However, these raw materials are also being demanded by the energy sector for generation of cleaner energy solutions. Owing to the growing applications of these raw materials and their poor yield, the rise in prices is creating an impediment for the excipients market in Latin America.
Besides overcoming these restraints, the Latin America excipients market has various opportunities that it needs to work towards. For instance, the resistance of potential consumers towards the introduction of new excipients must be won with accurate information. If these efforts are realized, the technological developments to make new excipients will help players win bigger revenues.
TMR states the opportunity in the global excipients market will be worth US$626.9 mn by 2023. The market was valued at US$359.0 mn in 2014 and is anticipated to rise at a steady CAGR of 6.4% between 2015 and 2023. The fastest-growing product segment, sugar and other excipients, is anticipated to acquire a share of 19.33% on the basis of volume by 2023.
The analysis of the global excipients market is based on the findings of the report by Transparency Market Research. The research report, titled “Excipients Market - Latin America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023,” explains every aspect of the market in absolute detail.
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