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
“The Global Empty Capsules Market is Projected to Grow at a CAGR of 7.4% from 2018 to 2023.”
The empty capsules market is projected to reach USD 2.79 billion by 2023 from an estimated USD 1.95 billion in 2018, at a CAGR of 7.4%. The growing adoption of capsule formulations among the growing geriatric population, the growth of the pharmaceutical market along with the increasing R&D activities & clinical trials, and advancements in capsule delivery technologies are the major factors driving the market for empty capsules. Emerging markets (due to their low manufacturing costs) are expected to present significant opportunities for players. Other areas of opportunity are the development of halal gelatin capsules and the rising focus on sports nutrition. However, cultural practices and dietary restrictions are expected to restrain the growth of the empty capsules market.
“The Non-gelatin Capsules Segment to Register the Highest CAGR During the Forecast Period.”
By type, the empty capsules market is segmented into gelatin and non-gelatin capsules. The gelatin capsules segment is further subsegmented into pig meat gelatin, bovine-derived gelatin, bone meal, and other gelatin sources. The non-gelatin capsules segment is further divided into hydroxypropyl methylcellulose (HPMC) and pullulan & starch material.
The non-gelatin capsules segment is expected to register the highest CAGR during the forecast period. This growth is largely driven by 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.
“Immediate-release Capsules Are Projected to Register the Highest Growth Rate Between 2018 & 2023.”
By functionality, the empty capsules market is segmented into immediate-release, sustained-release, and delayed-release capsules. The immediate-release capsules segment is expected to witness the highest CAGR in the empty capsules market during the forecast period, owing to the widespread use of these capsules for the manufacture of antibiotics, antibacterials, antacids, painkillers, inhalators, cold and cough drug preparations, and dietary supplements. Moreover, these capsules are the most commonly prescribed capsules to treat a wide range of diseases and disorders.
“Dietary Supplements to Witness the Highest Growth Rate in the Forecast Period.”
By application, the empty capsules market is segmented into antibiotic & antibacterial drugs, dietary supplements, antacid & antiflatulent preparations, antianemic preparations, anti-inflammatory drugs, cardiovascular therapy drugs, cough & cold drugs, and other applications. The dietary supplements segment is expected to witness the highest CAGR during the forecast period. 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.
“Nutraceutical Industry to Be the Fastest-growing End-user Segment During the Forecast Period.”
Based on end user, the empty capsules market is segmented into the pharmaceutical industry, nutraceutical industry, cosmetic industry, and research laboratories. The nutraceutical industry segment is expected to witness the highest CAGR during the forecast period. The rising demand for nutraceutical products to prevent the occurrence of lifestyle-associated diseases (such as obesity, arthritis, high blood pressure, cholesterol, and diabetes) is supporting the growth of this segment.
“APAC to Witness the Highest Growth in the Empty Capsules Market During the Forecast Period.”
The empty capsules market in the APAC is expected to witness the highest CAGR during the forecast period. The presence of many global capsule manufacturers in China and India, growth in the pharmaceutical and nutraceutical industries, the relatively less stringent regulations in the nutraceutical industry in this region, an increasing focus on generics, and rising healthcare awareness are expected to drive the adoption of empty capsules in the Asia Pacific.
Break of primary participants was as mentioned below:
By Company Type: Tier 1: 48%, Tier 2: 34%, and Tier 3: 18%
By Designation: C-level: 42%, Director-level: 40%, and Others: 18%
By Region: North America: 38%, Europe: 25%, Asia Pacific: 30%, Latin America: 5%, and the Middle East & Africa: 2%
The prominent players in the global empty capsules market are Capsugel (US), ACG Worldwide (India), Qualicaps (Japan), Suheung Co. Ltd. (South Korea), CapsCanada Corporation (Canada), Qingdao Yiqing Medicinal Capsules Co., Ltd. (China), Shanxi Guangsheng Medicinal Capsules Co., Ltd. (China), Healthcaps India Ltd. (India), Snail Pharma Industry Co. Ltd. (China), Roxlor (US), Sunil Healthcare Ltd. (India), Medi-Caps Ltd. (India), Nectar Lifesciences Ltd. (India), Natural Capsules Ltd. (India), and Bright Pharma Caps Inc. (US).
The report analyzes the various empty capsule products and their adoption pattern. It aims at estimating the market size and future growth potential of the global empty capsules market for different segments—type, functionality, application, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies for strengthening their presence in the market.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on product portfolios offered by the top players in the global empty capsules market
Product Development/Innovation: Detailed insights on upcoming trends, R&D activities, and product launches in the global empty capsules market
Market Development: Comprehensive information on the lucrative and emerging markets
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global empty capsules market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global empty capsules market