COVID-19 Impact on Global Tablet Coatings Market
COVID-19 has given momentum to the pharmaceutical and nutraceutical market. Currently, there is a high demand for pharmaceutical products to treat COVID-19. This is expected to boost the demand for products such as tablet coating excipients. The clinical trial pipeline for COVID-19 includes a list of 155 molecules in various stages of development. As the maximum number of molecules are repurposed drugs that are already approved for other infections and inflammatory diseases, higher stages of development (namely phase 2 trials) hold the largest share of the drug development pipeline.
Moreover, compassionate use allows for the use of an unlicensed drug (licenses can take years or decades) when no other options are available for treating high-risk patients. On April 6, 2020, RedHill Biopharma announced that it had received authorization from the Italian National Institute for Infectious Diseases and the Central Italian Ethics Committee (EC) for an expanded access program (EAP), allowing the immediate and compassionate use of its investigational drug, opaganib (Yeliva), in Italy for patients with confirmed COVID-19 infections with life-threatening clinical manifestations. Considering such developments, it is expected that the production and use of unlicensed drugs are expected to increase in the coming years. This in turn is expected to drive the demand for tablet coatings.
Major Growth Driver: Rising adoption of orphan drugs
An orphan drug is a pharmaceutical agent developed to treat rarely occurring medical conditions referred to as orphan diseases. Owing to the surge in the number of treatments for rare diseases, the pharmaceutical industry is expected to witness a rising demand for pharmaceutical ingredients, including APIs and excipients. According to the US NIH, there are as many as 7,000 conditions classified as rare by US standards (affecting less than 200,000 Americans). Since the introduction of the Orphan Drug Act, only about 600 drugs have been approved, leaving most rare diseases without any licensed treatment.
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Opportunity: Growth in the biosimilars market
Biosimilars are cost-effective because they are not required to comply with the stringent requirements imposed by regulatory authorities, as they are generic versions of patented biologic drugs. Over the last decade, over 200 biologics have been approved by the US FDA. As patents and exclusivity periods for these biologics begin to expire, an opportunity for the development of follow-on biologics or biosimilars by a different sponsor is created.
ccording to the World Preview 2018 report, sales of up to USD 251 billion are at risk between 2018 and 2024, which points towards the fact that the pharmaceutical industry has just entered a second patent cliff era where top biologic blockbusters will be challenged by biosimilars. The expiration of patents and other intellectual property rights for originator biologicals is expected to open up opportunities for biosimilars to enter the market. Biologics are expected to contribute to around half of the revenue generated by the top 100 pharmaceutical products.
Challenge: Changing trade policies between countries
With the current changes in government policies all over the world, upcoming trade policies could prove to be a challenge for the pharmaceutical industry, and in turn, the excipients industry. Trade between the developing countries who are considered to be pharmerging countries such as China, India, and Brazil and developed countries like the US and European countries, who are top markets in the industry, could be severely affected. BREXIT is another pressing issue in this market. Although the effects of BREXIT on the pharmaceutical industry are still unclear, companies like Novartis, Astra Zeneca, and Roche have already shifted manufacturing sites in order to reduce any further risks.
Recent Developments:
# In 2020, Colorcon launched the Acryl-EZE II film coating line which extends the pH range covered by its enteric coatings.
# In 2020, Evonik launched the EUDRATEC Fasteric releases, an advanced oral drug delivery technology that provides enteric protection followed by rapid, homogeneous release for effective targeting of the upper small intestine.
# In 2019, Ashland announced the launch of Aquarius Nutra TF, which provides titanium oxide-based coating to tablets in the European market.
# In 2019, Kerry Group opened its new USD 22 million (EUR 20 million) state-of-the-art facility in Bangalore, India to serve the Taste & Nutrition business division’s global and regional customers in the South West Asia region.
# In 2017, BASF Group opened the Innovation Campus Asia Pacific in India, marking the largest R&D investment in South Asia. The company invested USD 61.6 million (EUR 50 million) in this center to increase its global and regional research activities.
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The pharmaceutical industry end-user segment is expected to account for the largest share of the tablet coatings market
The tablet coatings market, by end-user, is segmented into pharmaceutical and nutraceutical industry. The pharmaceutical industry segment accounted for the largest market share in 2019. The demand for tablet coatings in the pharmaceutical industry is largely driven by the increasing number of drugs launched as tablet formulations and growing prevalence of diseases for which tablet-based formulations form the primary treatment. The rising demand for innovative drug delivery formulations is also supporting the growth of the tablet coatings market for the pharmaceutical industry.
Asia Pacific is expected to account for the highest CAGR for players operating in the tablet coatings market
The Asia Pacific tablet coatings market is expected to grow at the highest CAGR from 2020 to 2025. Increase in outsourcing of drug manufacturing to specialized contract manufacturing organizations (CMOs), rising number of companies setting up manufacturing units in these countries, favorable government regulations, low labor and manufacturing costs, and the large base for the generation of generics & biologics are factors expected to drive the growth of the market during the forecast period.
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