CHICAGO, June 21, 2019 /PRNewswire/ -- According to the new market research report 'Sustained Release Coatings Market by Application (In Vitro, In Vivo), Substrate Type (Tablets, Capsules, Pills), Polymer Material Type (Ethyl & Methyl Cellulose, Polyvinyl & Cellulose Acetate, Methacrylic Acid, PEG), and Region - Global Forecast to 2024' published by MarketsandMarkets™, The sustained release coating market size is projected to grow from USD 478 million in 2019 to USD 660 million by 2024, at a CAGR of 6.6% during the forecast period.
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In Vitro is estimated to be the largest application of sustained release coating during the forecast period.
The In Vitro segment is the largest application of sustained release coating market and is expected to continue till 2024. The market in the In Vitro application is driven by the continuous expenditure of the pharmaceutical companies in their R&D. The In Vitro application areas are pharmaceutical companies' R&D domain, government laboratories, contract research organizations, and many private research organizations. Ethyl & methyl cellulose and PEG are the major polymer type materials, which are used mostly for In Vitro applications.
North America is estimated to be the largest market for sustained release coating during the forecast period.
North America is estimated to account for the largest share of the Sustained Release Coating Market during the forecast period. The demand for sustained release coating is increasing due to the presence of pharmaceutical manufacturers in the region. The region's annual growth in R&D spending indicates a period of stability, security, and healthy competition. With the presence of a large number of global pharmaceutical giants such as Pfizer (US), Abbott Laboratories (US), and Johnson & Johnson (US) in North America and huge investments for the development of novel drugs and drug delivery systems, the sustained released coating market is expected to grow at a stable rate over the forecast period.
The key players in this market include Colorcon (US), BASF (Germany), Evonik (Germany), and Coating Place (US).
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