CHICAGO, March 5, 2020 /PRNewswire/ -- 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) - Forecast to 2023", published by MarketsandMarkets™, 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%
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The Factors such as the growing adoption of capsule formulations among the growing geriatric population, growth of the pharmaceuticals market along with the increasing R&D activities & clinical trials, and advancements in capsule delivery technologies are driving the market for empty capsules. Emerging markets (due to their low manufacturing costs), the development of halal gelatin capsules, and the rising focus on sports nutrition present significant opportunities for manufacturers of empty capsules. However, cultural practices and dietary restrictions are expected to negatively impact the growth of the market. Moreover, price fluctuations and rising demand for raw materials by other end-use industries are expected to challenge market growth to a certain extent during the forecast period.
In this report, the Empty Capsules Market is segmented based on type, functionality, application, end user, and region.
By type, the market is segmented into gelatin capsules and non-gelatin capsules. Gelatin capsules accounted for the largest share of the market in 2017. The large share of this segment is attributed to the advantages associated with these capsules, such as rapid drug release, uniform mixing of drugs, and a barrier to atmospheric oxygen (preventing oxidation of drug molecules), making them a preferred choice for manufacturing capsule shells.
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206 – Pages
Based on applications, the 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. Antibiotic & antibacterial drugs accounted for the largest share of the market in 2017. The large share of this segment can be attributed to the fact that antibiotic & antibacterial drugs are the most frequently prescribed drugs for the treatment of various diseases and disorders.
By end user, the Empty Capsules Market is segmented into the pharmaceutical industry, nutraceutical industry, cosmetic industry, and research laboratories. The demand for empty capsules in the pharmaceutical industry is largely driven by the increasing number of drugs launched as capsule formulations and growing prevalence of diseases for which capsule-based formulations form the primary treatment.
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The Empty Capsules Market in the APAC region is expected to register the highest CAGR during the forecast period. Several factors, such as the region's growing scientific base and capabilities, growth in the Asian pharmaceutical markets and pharmaceutical manufacturing capabilities, and the large capsule manufacturing base are contributing to the growth of the market in this region. The region is also witnessing an increasing number of investments by major market players to leverage the high-growth opportunities provided by emerging markets such as China and India. Major market players are increasingly focusing on expanding their presence in the high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired manufacturing capabilities or geographic presence, due to the intense competition in the market.
Players in the Empty Capsules Market, such as 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 Capsule 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) are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies, such as expansions, acquisitions, collaborations, and product launches.
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