The global Sustained Release Excipient Market had a value of USD 140 billion in 2022 and is anticipated to reach USD 304.07 billion by 2032, with a robust compound annual growth rate (CAGR) of 9% during the forecasted period. The growth in market revenue is primarily propelled by the escalating demand for controlled drug release formulations, the prevalence of chronic diseases, and the increasing need for sustained release medications.
Sustained release drugs are designed to gradually release medication over an extended duration, thereby enhancing patient adherence and reducing the frequency of drug administration. Consequently, there is a heightened demand for sustained release excipients, which are employed to regulate the release of drugs from dosage forms.
In addition, rising prevalence of chronic diseases such as Diabetes, cancer, and cardiovascular conditions, is another key factor driving revenue growth of the market.
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Competitive Landscape:
Some of the major companies in the sustained release excipient market are:
- DowDuPont Inc.
- BASF SE
- Colorcon Inc.
- Ashland Global Specialty Chemicals Inc.
- Evonik Industries AG
- Croda International Plc
- Roquette Freres
- Lubrizol Corporation
- Innophos Holdings Inc.
- Kerry Group Plc
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Driving Factors of the Sustained Release Excipient Market:
- Increasing Demand for Controlled Drug Release: The need for medications that provide controlled and extended drug release continues to rise, particularly for chronic diseases, driving the sustained release excipient market's growth.
- Prevalence of Chronic Diseases: The high prevalence of chronic health conditions, such as diabetes, cardiovascular diseases, and cancer, necessitates sustained release drug formulations, further boosting market demand.
- Enhanced Patient Adherence: Sustained release drugs promote patient compliance by reducing the frequency of medication administration, making them a preferred choice for healthcare providers and patients alike.
- Rising Demand for Sustained Release Medications: As patients and healthcare professionals recognize the benefits of sustained release medications, the market experiences increased demand for such pharmaceutical products.
Restraints of the Sustained Release Excipient Market:
- Regulatory Challenges: Stringent regulatory requirements for drug approval and excipient safety can impede market growth, as they often necessitate comprehensive testing and documentation.
- High Development Costs: The development and testing of sustained release formulations can be costly and time-consuming, which may deter smaller pharmaceutical companies from entering the market.
- Generic Competition: Once patents on existing sustained release drugs expire, the market can face increased competition from generic versions, leading to pricing pressure and reduced profit margins.
- Limited Solubility: Some drugs may have limited solubility in sustained release excipients, limiting their applicability and affecting market potential.
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