The marine pharmaceutical excipients market is projected to grow at a steady rate during the forecast period.
Derived from marine organisms, particularly marine algae, inactive ingredients have emerged as pivotal components in the formulation and delivery of medications. In the contemporary landscape, there is a growing awareness and emphasis on environmental sustainability among consumers and regulatory bodies. This has led to an increased demand for natural alternatives to synthetic excipients, further highlighting the relevance of marine excipients. Moreover, the specific targeting abilities of marine excipients hold promise in catering to individual patient needs, aligning with the evolving landscape of personalized medicine.
Market Drivers
The surge in demand for both generic drugs and pharmaceutical products is evident and carries significant implications for consumers and the healthcare system. Generic drug competition plays a crucial role in generating substantial savings, amounting to billions of dollars annually when compared to higher-priced brand-name drugs. A recent study by the FDA highlights the considerable impact of generic drugs approved in 2018, 2019, and 2020, resulting in approximately $53.3 billion in savings during the first year after approval. As drug consumption increases, coupled with a rise in chronic diseases, there is a corresponding uptick in the demand for marine-based pharmaceutical excipients. This trend is reflective of the pharmaceutical industry's efforts to meet the growing demand for effective and diverse drug formulations. The utilization of marine-based excipients aligns with both the demand for pharmaceutical innovation and the overarching goal of addressing the healthcare needs of an expanding patient population.
Advancements in the pharmaceutical field unlocked the potential of diverse marine organisms, resulting in the discovery of novel excipients boasting superior functionalities. Extensive research paved the way for an expanded range of marine excipients, each tailored to specific drug delivery needs. Reflecting a commitment to innovation, the announcement was made, for instance, in October 2019, Hispanagar launched QSol® High Solubility Agar which is a natural hydrocolloid extracted from red seaweed, possessed a unique characteristic – it dissolved at lower temperatures with less time compared to traditional agar. This introduction marked a significant step forward in providing pharmaceutical solutions that align with both efficacy and environmental considerations.
Market Challenges
The entry of new excipients into the market faces challenges due to stringent regulations, demanding substantial investments and time for the approval process. This is particularly relevant in the context of Marine Pharmaceutical Excipients, where navigating regulatory requirements can be intricate and resource-intensive. The need for compliance with regulatory standards adds a layer of complexity, influencing the time and investment required for these marine-derived excipients to gain approval and access the market.
The marine pharmaceutical excipients market is segmented by formulation into capsules, liquid, and others.
The Marine Pharmaceutical Excipients Market is segmented by formulation into capsules, liquid formulations, and other specialized forms. Capsules, being a popular and precise dosage form, benefit from marine-derived excipients that contribute to controlled release and overall drug performance. Liquid formulations, known for their versatility in drug delivery, leverage marine excipients to enhance solubility, stability, and bioavailability. Beyond these, specialized forms, including films, gels, and targeted drug release systems, are influenced by marine-derived excipients, offering distinct advantages in pharmaceutical applications.
Market Developments
Company Products
Market Segmentation