Empty Capsules Market Business Strategy and Forecast 2024
The global Empty Capsules Market was estimated at USD 1.34 billion in 2015 and is expected to grow at a significant CAGR over the forecast period. The major factors impelling the market growth are increasing adoption rate of capsules when compared to tablets, rising demand of empty capsules in cosmeceutical, nutraceutical and pharmaceutical industries and growing geriatric population. Capsule- based formulations are more popular among the aged population, owing to benefits like faster dissolution time as compared to the other oral dosage forms, capsules make swallowing easier for patients, moreover, the gastrointestinal irritation caused by capsules is comparatively less than other dosage forms. These aforementioned benefits associated with capsules are likely to boost the market growth over the forecast period.
However, the religious and cultural issues arising due to use of animal derivatives, such as bovine and porcine gelatin capsules and growing prices of raw materials, are expected to hinder the market growth over the forecast period.
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Therapeutic Application Insights
Major therapeutic application of empty capsules can be segmented into cold and cough preparations, anti-anemic preparations, anti-flatulent and antacid preparations, dietary and vitamin supplements, cardiac therapy drugs, anti-rheumatic and anti-inflammatory drugs, anti-bacterial and antibiotic drugs, and other therapeutic applications.
In 2015, antibacterial and antibiotic drugs segment accounted for the largest market share owing to the high prevalence of various chronic conditions and infectious diseases that are expected to impose high pressure on the pharmaceutical industries and consequently boost the empty capsule market over the forecast period.
Based on end-use, the empty capsules market is segmented into research laboratories, cosmetic industry, nutraceutical industry and pharmaceutical industry. Pharmaceutical industry segment generated the maximum revenue in 2015 and is expected to dominate the market throughout the forecast period, because of large scale use of capsules over other oral dosage forms, which is expected to promote demand of empty capsules in the pharmaceutical industry in order to treat various infectious and cardiac diseases.
North America’s accounted for highest share of the total empty capsules market in 2015 and is expected to grow at a CAGR of 6.1% during the forecast period owing to the high penetration rate of cosmeceutical and nutraceutical industry along with rising awareness of nutraceutical products among the consumers.
Asia-Pacific is expected to witness the fastest growth over the forecast period. This growth can be attributed to the increase in proliferation of pharmaceutical industry, rising awareness regarding cosmeceuticals and nutraceuticals products, improved healthcare infrastructure, and less stringent government regulations in the nutraceutical industry.
Some players in the empty capsules market include Sunil Healthcare Ltd. (Sunloc Healthcare, Inc.), Roxlor LLC, Patheon, Inc. (Banner Pharmacaps, Inc.), Qualicaps, Inc. (Mitsubishi Chemical Holdings Corporation), Medicaps Ltd., CapsCanada Corporation, JC Biological Technology Co. Ltd, ACG Associated capsules Pvt. Ltd., and Capsugel, Inc.
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