Empty Capsules Market Is Projected To Reach $2.57 Billion By 2024: Grand View Research, Inc.
The global empty capsules market is expected to reach USD
2.57 billion by 2024, according to a new report by Grand View Research, Inc.
Key factors responsible for the growth are the increase in the geriatric
population, proliferation of pharmaceutical, nutraceutical, and cosmeceutical
industries, globally and the upsurge in the consumer preferences for capsules
over tablets.
The rising geriatric population
count and the associated chronic conditions are expected to heighten the demand
for the production of capsule-centric medications in the pharmaceutical and
nutraceutical application areas. Moreover, the benefits associated with capsule
consumption, such as ease of swallowing, faster absorption rates, and increased
palatability are also expected to contribute significantly to the expansion of
the market over the forecast period.
The mushrooming of the
pharmaceutical, nutraceutical, and cosmeceutical industries is expected to
serve as a high impact rendering driver for the empty capsules market over the
forecast period.
The nutraceuticals aid in the
prevention of certain chronic conditions and hence the consumption of these
products has significantly increased over the past few years. For instance,
nutraceuticals, such as omega-3 fatty acids, help in the prevention of
cardiovascular conditions and the heightened accessibility to these low-cost
vitamin supplements has reduced the incidences of vitamin deficiencies.
In 2015, the gelatin capsules
segment accounted for the highest revenue of nearly USD 1,172.3 million. This
high revenue share is attributed to the following factors: sufficient
availability of gelatin for the production process and the cost-effectiveness
of gelatin capsules as compared to non-gelatin capsules, such as Hydroxypropyl
methylcellulose (HPMC) capsules and pullulan or starch material capsules.
However, the non-gelatin capsules
segment is expected to emerge as the fastest growing category with a CAGR of
6.9% from 2016 to 2024. With the source of the non-gelatin capsules being
vegetarian, the religious and cultural issues experienced in connection with
capsules containing animal-derived inactive ingredients can be evaded; this
factor is estimated to be primarily responsible for the large consumer base of
this market over the forecast period.
North America Empty Capsules
Market, by Application, 2013 - 2024 (USD Million)
Browse full research report on Empty
Capsules Market
Further key findings from the study suggest:
- In 2015, the
antibiotic and antibacterial drugs segment generated the largest revenue
of USD 453.7 million owing to the surge in prevalence of a range of
infectious diseases and chronic conditions worldwide. The vitamins and
dietary supplements category is expected to exhibit the fastest growth
rate of 7.8% over the forecast period.
- Global
efforts to reduce malnutrition and vitamin deficiencies by various social
welfare organizations and government agencies are expected to boost the
usage rates over the forecast period.
- In 2015,
North America dominated the empty capsules market with a revenue share of
over 39.6% due to the high disease burden, the access to the latest drugs
in this region, and the high consumption rate of nutraceutical and
cosmeceutical products in this region. Increase in the geriatric
population susceptible to varied conditions and disorders coupled with the
burgeoning of various bacterial and viral infections is expected to
improve the market penetration of various antibiotics, multivitamin
supplements, and other drugs.
- The Asia
Pacific region is estimated to grow with the highest CAGR of 7.9% over the
forecast period. The increase in healthcare expenditure and the rise in
per-capita disposable incomes are expected to improve the overall access
to healthcare facilities and medicines across several developing countries
in this region. Moreover, the upsurge in the prevalence of infectious
diseases and chronic conditions in this region are also expected to
positively reinforce the market growth over the forecast period.
- The market
dynamics indicate the presence of strong competition amongst the key
players, such as Capsugel, Inc., ACG Associated capsules Pvt. Ltd., JC
Biological Technology Co. Ltd, CapsCanada Corporation, Medicaps Ltd.,
Qualicaps, Inc. (Mitsubishi Chemical Holdings Corporation), Patheon, Inc.
(Banner Pharmacaps, Inc.), Roxlor LLC, Sunil Healthcare Ltd.(Sunloc
Healthcare, Inc.), and Nectar Lifesciences Ltd.
- Furthermore,
the increase in the demand for generic drugs and contract manufacturing
services is expected to open up new avenues for the market growth over the
forecast period.
For more information: http://www.grandviewresearch.com
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