Pharmaceutical Glycerin Based Products Market Expected to Reach $61.6 Billion by 2030

The Pharmaceutical Glycerin Based Products Market size was valued at $34.6 billion in 2020, and is estimated to reach $61.6 billion by 2030, growing at a CAGR of 5.9% from 2021 to 2030. 

Glycerin is one of the most widely used ingredients in medical prescriptions. It is used as a sweetener in syrups and lozenges and as an excipient in eyewash solutions. It may also be found in eardrop products, jellies, and creams for topical use, in expectorants for congestion, suppositories, and gel capsules. As an individual prescription product, glycerin has been used as a hyperosmotic, osmotic diuretic, and ophthalmic agent. It may be used as an eye drop in the treatment of glaucoma to reduce intraocular pressure, as a solution or suppository for short-term treatment of constipation, to evacuate the bowel prior to colonoscopy, and in some ocular surgeries. It may be given intravenously to reduce pressure inside the brain and used externally on the skin as a moisturizer. Glycerin has many other uses in the agricultural, food, and pharmaceutical industries.

The Pharmaceutical Glycerin Based Products Market growth is driven by the application of glycerin in the treatment of increased eye pressure conditions, such as glaucoma and during eye surgery. Furthermore, an increase in the use of glycerin as a substitute for alcohol in herbal and botanical tincture preparation is anticipated to drive the growth of the market. In addition, the increase in adoption of glycerin in the pharmaceutical industry owing to its low cost and various medical benefits such as moisturizers in skin burns & minor skin irritations and in the treatment of constipation are the key factors that drive the growth of the market. Moreover, it also exerts osmotic diuretic properties that support the management of cerebral edema and reduces cerebrospinal pressure and intraocular pressure. However, the adverse effects of pharmaceutical glycerin, such as diarrhea, polyuria, nausea, dry mouth, and others hinder the market growth. Ongoing R&D activities related to pharmaceutical glycerin are anticipated to present new opportunities for the market.

The Pharmaceutical Glycerin Industry is segmented on the basis of drug type and region. On the basis of drug type, the market is divided into dermatological, ophthalmic, cough remedies glycerin rectal, and angina. On the basis of region, the pharmaceutical glycerin-based product market is divided across North America, Europe, Asia-Pacific, and LAMEA.

Segment Review By Drug Type

On the basis of drug type, the market is segmented into dermatological, ophthalmic, cough remedies glycerin rectal, and angina. The dermatological segment generated the highest revenue in 2020 and is expected to maintain its dominance during the forecast period. This is attributed to the rise in demand for topical dermatological products, increase in funding from private & government organizations for the development of pharmaceutical manufacturing segments, and rise in R&D activities for the advancement of dermatological products. According to the American Cancer Society, it was reported that around 106,110 new melanoma cases were diagnosed in the U.S, in 2021. In addition, the American Academy of Dermatology, 2021, reported that skin cancer is the most common cancer in the U.S. These key factors are anticipated to drive the growth of the market.

KEY FINDINGS OF THE STUDY

• By drug type, the dermatological segment was the highest contributor to the market in 2020.
• The glycerin rectal segment was the fastest-growing segment in the market in 2020 and is expected to continue this trend during the forecast period.
• Region-wise, Asia-Pacific garnered the largest revenue share in 2020. However, North America is anticipated to grow at the highest CAGR during the forecast period.

Asia-Pacific garnered a major Pharmaceutical Glycerin Based Products Market share in 2020 and is expected to continue to dominate during the forecast period, owing to the rise in per capita disposable income and expenditure in these regions, which are the major factors expected to drive the pharmaceutical glycerin-based product market, such dermatological, eye drops, and others. As glycerin is used as excipients in pharmaceutical products, the demand for these products globally is expected to drive the pharmaceutical glycerin-based product market. However, North America is expected to register the highest CAGR of 7.0% from 2021 to 2030.