The immediate-release capsules segment is expected to witness a faster growth rate in this market, as they are widely used for the manufacture of antibiotics, antibacterials, antacids, painkillers, inhalators, cold and cough drug preparations, and dietary supplements.
What the Market Looks Like?
MarketsandMarkets forecasts the Empty Capsules market to grow from USD 1.95 billion in 2018 to USD 2.79 billion by 2023, at a Compound Annual Growth Rate of 7.4% during the forecast period.
The major factors that are expected to be driving the empty capsules market are the growing adoption of capsule formulations among the growing geriatric population, the growth of the pharmaceutical market with the increasing R&D activities & clinical trial studies, and the advancements in capsule delivery technologies. The objective of the report is to define, describe, and forecast the empty capsules market size based on type, functionality, application, end user, and region.
The immediate-release capsules segment is expected to witness a faster growth rate in this market, as they are widely used for the manufacture of antibiotics, antibacterials, antacids, painkillers, inhalators, cold and cough drug preparations, and dietary supplements. Also, immediate-release capsules are the most commonly prescribed capsules to treat a wide range of diseases and disorders.
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Globally, the demand for gelatin and its raw materials has witnessed a significant increase over the entire application spectrum—the pharmaceutical industry, in which the demand for capsules for pharmaceutical production has registered a vast increase, and the food processing, nutraceuticals, leather, cosmetics, dying & tanning, and paper production industries.
What Drives the Market?
The growth of the empty capsules market is primarily influenced by the following factors:
- Growing Geriatric Population
- Growth of The Pharmaceutical Market, Along With Increasing R&D Activities and Clinical Trials
- Advancements In Capsule Delivery Technologies
Among the type of capsules segment, the non-gelatin capsules segment is expected to grow at the highest CAGR during the forecast period. The increasing demand for non-animal-based products and the advantages offered by these capsules over gelatin-based ones, such as low hygroscopicity, physical stability, stability in different ranges of temperature & humidity, and low moisture content are driving the segment growth.
North America to account for the largest market size during the forecast period.
North America is expected to hold the largest market size in the empty capsules market during the forecast period, followed by the European region. The highest market share of North America can be attributed to the existing presence of major capsule manufacturers with large production capacities along with the presence of a number of pharmaceutical giants with large production capacities utilizing these capsules.
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