Empty Capsules Market Growing At A CAGR Of 9.1% And To Target $3.70 Billion By 2025
Pune, Maharashtra, India, February 12 2021 (Wiredrelease) Allied Analytics –:Capsules are the second most common form of dosage for the oral administration of drugs after tablets. These are largely used in the nutraceutical and pharmaceutical sectors. Reduction in the timelines of drug development under standard conditions has been the key factor driving the production of drugs delivered in the form of capsules among pharmaceutical and nutraceutical manufacturers. In addition, this strategy enables pharmaceutical manufacturers to reduce the time required to introduce the drug in the market. The other advantage includes protection of a drug substance from various external factors, such as natural or artificial light during production, storage, administration, and use. Furthermore, capsules act as an efficient shield, which prevents the enclosed drugs from decomposition.
The global empty capsules market was valued at $1.84 billion in 2017 and is projected to reach $3.70 billion by 2025 growing at a CAGR of 9.1% from 2018 to 2025. Among raw materials, the pig meat segment accounted for three-sevenths share of the total market in 2017.
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1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
Based on the product, the global empty capsules market is classified into gelatin capsules and non-gelatin capsules. Gelatin capsules are further bifurcated into hard gelatin capsules (HGCs) and soft gelatin capsules (SGCs). The gelatin segment dominated the global market in 2017 and is expected to maintain this trend throughout the forecast period. Gelatin has been the standard choice of raw material for the development of hard shell capsules that can efficiently hold active pharmaceutical ingredients (APIs). Whereas, the non-gelatin capsules segment are expected to grow at the fastest pace from 2018 to 2025. An increase in demand for hydroxypropyl methylcellulose (HPMC) capsules is the major contributor to the robust CAGR of the non-gelatin capsules segment in the global market. Furthermore, a major shift in consumer behavior has been observed toward the use of vegetarian capsules in the recent years.
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Based on therapeutic application, the market is divided into antibiotic & antibacterial drugs, vitamin & dietary supplements, antacids & anti-flatulent preparations, cardiac therapy drugs, and other applications. The antibiotic & antibacterial drugs segment dominated the global market in 2017 and is anticipated to continue this dominance throughout the forecast period. However, the vitamin & dietary supplements segment is expected to grow at the fastest pace throughout the forecast period. Consumption of antibiotics has considerably increased in the recent years. Increasing consumption of antibiotics, either prescription or over-the-counter, has resulted in incessant use of antibiotics for the treatment of ailments across the globe.
The Asia-Pacific region is expected to witness the highest growth rate throughout the forecast period, owing to its high population base, increase in disposable incomes, improvement in patient awareness toward chronic disorders, and adoption of a healthy lifestyle. In addition, countries, such as India and China, serve as major contributors to the growth of the Asia-Pacific empty capsules market, owing to the continuously evolving pharmaceutical industry in these countries.
The Major Key Players Are:
ACG Worldwide, Bright Pharma Caps Inc., CapsCanada Corporation, Lonza Group Ltd. (Capsugel), Medi-Caps Ltd., Mitsubishi Chemical Holdings Corporation (Qualicaps, Inc.), Roxlor LLC, Snail Pharma Industry Co. Ltd, Suheung Co., Ltd, and Sunil Healthcare Ltd.
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The other prominent players Are:
Patheon Ltd., Nectar Lifesciences Ltd., JC Biological Technologies, Natural Capsules Ltd., Zhejiang Huili Capsules Co., Ltd., Healthcaps India Limited, HTC Group Limited, and Nanjing Saturn Pharmaceutical Technology Co., Ltd.
Key Findings of the Empty Capsules Market :
• The CIS (Commonwealth of Independent States) region accounted for one-ninth share of the global market in 2017.
• The market for cardiac therapy drugs utilizing empty capsules are expected to grow at the second-highest CAGR of 10.4% from 2018 to 2025.
• North America dominated the global empty capsules market, accounting for the maximum share in 2017 and is expected to retain a similar trend during the forecast period.
• Hydroxypropyl methylcellulose (HPMC) capsules raw material is growing at the fastest pace during the forecast period.
• The SGCs segment is estimated to grow at the highest CAGR of 8.1% from 2018 to 2025.
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