(PharmaNewsWire.Com, March 06, 2021 ) According to the new market research report " 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)", published by MarketsandMarkets™, 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.
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.
By type, the non-gelatin capsules segment is expected to grow at the highest growth rate during the forecast period 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.
By functionality, the immediate-release capsules segment to record the highest CAGR during the forecast period 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.
By application, the dietary supplements segment to record the highest CAGR during the forecast period The dietary supplements segment is expected to witness a faster growth rate in this market. Factors such as increased health awareness and rising affordability in emerging countries (such as India, China, and Brazil), increasing prevalence of lifestyle diseases, and increasing use of vitamin capsules due to their availability as over-the-counter (OTC) drugs are contributing to the growth of this segment.
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. The growing emphasis on superior pharmaceutical products and generics has also led to the increase in demand for empty capsules.
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