Pharmaceutical Grade HPMC Market size is forecast to reach $2.25 billion by 2026, after growing at a CAGR of 4.4% during 2021-2026. Hydroxypropyl Methylcellulose (HPMC) acts as a hydrophilic gel matrix material and bio-adhesion materials that are widely used in pharmaceutical applications like film-coatings, biological adhesives, and thickening agents. The rise in demand for halal & kosher certified capsules, especially in the Middle East is driving the market's demand, as these capsules coating and gelatin are based on fiber cellulose and not animal-based such as pork. The increasing trend towards using bio-based products to keep the environment green or eco-friendly is further expected to drive the growth of the market. Moreover, the rise in consumer awareness towards the negative effects of synthetic materials is pushing the demand for bioadhesives for medical use, which in turn fueling the Pharmaceutical Grade HPMC share globally.
COVID-19 Impact
The unprecedented crisis brought by COVID-19 during 2020 continues to have a clear and significant impact on the worldwide workforce, industry, country, and global economy, and the Pharma Grade HPMC market is no exception. The supply chain got disrupted due to a decrease in the workforce, strict monitoring on import or export of materials, and operation shutdown, which led to a shortage of key components required in manufacturing the Medical grade HPMC. Moreover, the decline in production of HPMC-based Medical products, due to partial lockdown also has a negative impact on the growth of the market.
Pharmaceutical Grade HPMC Market Segment Analysis - By Viscosity Type
Low Viscosity segment held the largest share of more than 35% in the Pharmaceutical Grade HPMC Market in 2020. HPMC with low viscosity is used as tablet binders in the wet granulation of tablets, as they are highly stable binders, which do not interact with the drug. General tablet coating requires a low viscosity level of HPMC grade, by using it, the solid content in the coating formulation can be increased with lesser use of water, which increases coating speed and efficiency. Moreover, Low viscosity grades of HPMC provide adequate erosion and are recommended for drugs with very high-water solubility. Furthermore, low viscosity grades are also used in many creams, ointment, and suspension formulations including ophthalmic preparations.
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Pharmaceutical Grade HPMC Market Segment Analysis - By Form
Powder segment held the largest share of more than 40% in the Pharmaceutical Grade HPMC Market in 2020. HPMC powder is a non-ionic water-soluble cellulosic polymer and comes in off-white to a yellowish smooth powder. These are considered safe for consumption and are used as an ophthalmic lubricant as well as a controlled delivery component in oral medication. Moreover, HPMC powder is used as a raw material for producing film coating solutions for tablets, which improves the dissolution rate of drugs. HPMC powder swells and turns into a bit turbid colloidal solution when mixed in cold water. HPMC powder is highly soluble in water unlike the granular form, and the solubility changes with viscosity and is also used as a stabilizer, as an emulsifier, and as a thickening agent. Therefore, due to the above uses and advantages of pharmaceutical grade HPMC powder they are widely used.
Pharmaceutical Grade HPMC Market Segment Analysis - By Application
Film-coating & Film-forming Material held the largest share of more than 25% in the Pharmaceutical Grade HPMC Market in 2020. HPMC is widely used as film coating materials which makes the tablets disintegrate and expose the core tablet to the desired location in the gastrointestinal tract. As tablets are the most prescribed dosage form in the pharmaceutical industry, this helps in driving the demand for film coating. HPMC coated tablets are cheaper and have a thin layer of safe ingredient, unlike sugar-coated tablets which are costlier, and has a thick layer, which increases the size of the tablets, and are difficult to swallow. Moreover, the film coating makes tablets compact, attractive, and smooth in shape, so they can easily be swallowed by children and the elderly. HPMC is non-toxic and tasteless and significantly enhances the dissolution rate, bioavailability, and the drug's effective time. Therefore, these properties provided by film coating & forming material are driving the demand for the market.
Pharmaceutical Grade HPMC Market Segment Analysis - By Geography
North America held the largest share of more than 40% in the Pharmaceutical Grade HPMC market in 2020. The increasing vegan population, surging adoption of better health care facilities coupled with increasing innovations in technologically advanced products, extensive per capita health expenditures, and huge investments in R&D for effective treatment alternatives drives the demand for Pharmaceutical Grade HPMC in North America. Moreover, the increasing elderly population and growing investment in medication for the treatment of diseases are also contributing to the growth of this market in the region.
Pharmaceutical Grade HPMC Market Drivers
Growing Use of HPMC for Oral Drug Delivery is Driving the Market Growth
HPMC is a popular pharmaceutical excipient, which is widely used in oral sustained drug release matrix systems. HPMC enables the release of a drug in a controlled manner, which increases the duration of the release of the drug to lengthen its therapeutic effect. Oral drug delivery provides an effective alternative for treating various diseases, because of its several benefits such as ease of handling, patient compliance, and cost-effectiveness, it is regarded as the most commonly accepted route for drug administration. There is a high demand for oral drugs, due to the spread of chronic diseases around the globe such as diabetes, heart disease, Alzheimer's, and cancer. According to the Centre for Disease Control and Prevention (CDC), 6 out of 10 adults in the United States are suffering from chronic diseases. Moreover, the COVID 19 pandemic is also helping in driving the demand for oral drugs such as Baricitinib, which is FDA approved drug in combination with Remdesivir for treatment of COVID 19 patients. Furthermore, rising health expenditure and a growing geriatric population is further driving the market growth for Pharmaceutical Grade HPMC Market.
Surging Demand of Vegetarian Capsule is Driving the Market Growth
Vegetarian capsules are observing an increase in adoption as these types enhance formulation design in both pharmaceuticals as well as nutraceutical industries. The rise in demand for vegetarian capsules can be attributed to the rising trend of vegan life, among the population, in which an individual avoids all animal-based products. The traditional capsules are made of animal-based gelatine, whereas these vegetarian capsules or vegan capsules are made from hypromellose or HPMC, which is derived from softwood trees, such as pine, and spruce trees. Manufacturers are using HPMC in many commercial products and are a popular alternative to animal-based gelatine. Furthermore, in addition to its use in vegan-based capsules, HPMC is also used as a binder or coating in tablets. Thus, owing to the growing vegan trend, capsule manufacturers are focusing more to produce vegetarian-based capsules, with effective physiological properties such as low moisture content that is best suited for hygroscopic drug and nutrient supplements. Therefore, the above factors are driving the demand for HPMC is the pharmaceutical industry.
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Pharmaceutical Grade HPMC Market Challenges
Availability of Gelatine Capsules
The availability of gelatine-based capsules that are derived from beef or pork is hindering the growth of the market. As gelatine capsules are easily digested, have increased bioavailability, and are much easier to consume due to smooth texture. Furthermore, gelatine capsules have robust and approved technology, which reduces its manufacturing cost. On the other hand, the investment cost of HPMC technology is high due to the complexity involved that further increases the manufacturing cost, which in turn acts as a challenging factor to the market growth.
Pharmaceutical Grade HPMC Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Pharmaceutical Grade HPMC Market report. Major players in the Pharmaceutical Grade HPMC Market is The Dow Chemical Co., Celotech Chemical Co., Ltd., ACG Group, Ashland Global Holdings Inc., Gemhold (SJZ) Trading Co., Ltd., Landoil Chemical Group Co., Ltd., Sidley Chemical Co., Ltd., DuPont de Nemours, Inc., Shin-Etsu Chemical Co., Ltd., JRS PHARMA GmbH + Co. KG, and among others.
Acquisitions/Technology Launches
In January 2020, ACG Group, the only supplier in the world offering end-to-end manufacturing solutions for the pharmaceutical industry was launched a new 'Platinum standard' in HPMC capsules, offers a high-performance & high-quality capsule. This new launch will expand ACG the product portfolio and offer a reliable product to the market, which will further, drive the growth of the market.
In November 2019, Ashland Global Holdings Inc. was announced that it has launched three pharmaceutical solutions, Plasdone S630 Ultra, Benecel XR and XRF, and Viatel bioresorbable polymers to improve drug delivery systems. With this new launch, Ashland has expanded its portfolio to meet formulators growing needs, which will further drive the growth of the market.
Key Take away
APAC region is projected to witness the highest growth during the forecast period due to and rise in healthcare investments and technological advancement.
Whereas China, India, and South Korea are the major markets in the region.
Stringent government’s regulation and growing demand of bio-based products are contributing towards the growth of the market.
COVID-19 has hindered the market growth for Pharmaceutical Grade HPMC, due to disruption in the supply of material and global lockdown.
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