CHICAGO, May 29, 2019 /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 major factors driving the growth of this market include the growing adoption of capsule formulations among the growing geriatric population, growth of the pharmaceutical market along with the increasing R&D activities & clinical trials, and advancements in capsule delivery technologies.
The non-gelatin capsules segment is expected to grow at the highest CAGR in the Empty Capsules Market during the forecast period
The market, by type, is categorized into gelatin capsules and non-gelatin capsules. The non-gelatin capsules segment is expected to register highest growth in the overall Empty Capsules Market between 2016 and 2023. Growth in this segment is largely driven by the increasing demand for non-animal-based products and the advantages offered by these capsules over gelatin-based ones, including low hygroscopicity, physical stability, stability in different ranges of temperature & humidity, and low moisture content.
The immediate-release capsules segment is estimated to grow at the highest CAGR during the forecast period of 2016-2023
Based on functionality, the Empty Capsules Market has been segmented into immediate-release, sustained-release, and delayed-release capsules. The immediate-release capsules accounted for the largest share of the market and is also expected to register the highest CAGR during the forecast period. This is because immediate-release capsules 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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Dietary supplements segment is expected to register the highest growth rate during the forecast period.
Based on applications, the Empty Capsules Market is segmented into antibiotic & antibacterial drugs, dietary supplements, antacid & antiflatulent preparations, antianemic preparations (hematinic), anti-inflammatory drugs, cardiovascular therapy drugs, cough & cold drugs, and other applications. The dietary supplements segment will grow at highest CAGR during 2016-2023. 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.
By End User, the nutraceutical industry segment is expected to register the highest growth rate 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 will grow at highest CAGR during 2016-2023. 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.
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North America to Dominate the Empty Capsules Market in 2018; This Trend to Continue During the Forecast Period
North America is expected to account for the largest share of the Empty Capsules Market in 2018, followed by Europe and the Asia Pacific. The large share of North America can be attributed to the presence of major capsule manufacturers along with the presence of a number of pharmaceutical giants with large production capacities and the growing emphasis on superior pharmaceutical products and generics.
The Empty Capsules Market is dominated by top three players, namely, Capsugel (US), ACG Worldwide (India), and Qualicaps (Japan). Some of the other key players in this market are Suheung Co. Ltd. (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).
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