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.
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 (CAGR) of 7.4% during the forecast period.
Empty Capsules Market by Type ((Gelatin – Porcine, Bovine, Bone Meal), (HPMC, Pullulan)), Functionality (Sustained-release, Delayed-release), Application (Antibiotics, Vitamins, Antacids), End User (Pharma, Nutraceuticals, Cosmetics) – Forecast to 2023
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Global Empty Capsules Market is Segmented on:
4. End User
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.
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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The geographical regions mapped in the report are:
1. North America
3. Asia-Pacific (APAC)
4. Latin America
5. Middle East and Africa (MEA)
Geographical Growth Analysis:
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.
Some key players mentioned in the research report are:
- The key players in the Empty Capsules Market are Capsugel (US), ACG Worldwide (India), Qualicaps (Japan), Suheung Co. Ltd. (Korea), CapsCanada Corporation (Canada)
- Capsugel is one of crucial players in the empty capsules market, serving over 4,000 customers across 100 countries, through 13 manufacturing sites and three R&D centers. The company is largely known for its diversified product offerings for the pharmaceutical and nutraceutical industry, offering gelatin, vegetarian, filled hard, functional, inhalation, HPMC, gelatin, alternate polymer, specialized clinical, and enteric capsules.