by The Empty Capsules Market is estimated to be valued at US$ 2,382.7 million in 2020 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Empty capsules are widely used in the pharmaceutical and nutraceutical industries for the encapsulation of drugs, powders, and other solid dosage forms. These capsules provide an efficient and convenient method for the delivery of drugs and are available in various sizes and compositions to meet different requirements. The demand for empty capsules is rapidly increasing due to the growing pharmaceutical industry and the rising need for innovative drug delivery systems. Additionally, the increasing prevalence of chronic diseases and the launch of new drugs and dietary supplements are further driving the demand for empty capsules in the market.
Market Dynamics:
The Empty Capsules Market is driven by various factors. Firstly, the increasing preference for oral drug delivery systems is boosting the demand for empty capsules. As compared to other drug delivery methods, oral delivery is convenient, non-invasive, and ensures high patient compliance. Moreover, empty capsules provide protection to the drugs from degradation, enhance their stability, and improve the bioavailability of the active ingredients.
Secondly, the expanding pharmaceutical industry, especially in developing countries, is expected to fuel the growth of the empty capsules market. The increasing investments in research and development, the launch of new drugs, and the growing demand for generic drugs are driving the demand for empty capsules in the pharmaceutical sector.
Market Key Trends:
The key trend observed in the empty capsules market is the growing demand for vegetarian capsules. Vegetarian capsules, also known as plant-based capsules, are made from cellulose, a natural polymer derived from plants. With the increasing awareness about the benefits of plant-based products and a rising number of consumers opting for vegetarian and vegan lifestyles, there is a growing demand for vegetarian capsules in the pharmaceutical and nutraceutical industries. Vegetarian capsules are also preferred by individuals with religious or cultural dietary restrictions. Furthermore, these capsules are free from potential allergens, such as gluten and animal-derived ingredients, thus making them suitable for a wider range of consumers. The shift towards vegetarian capsules is expected to drive the growth of the empty capsules market during the forecast period.
SWOT Analysis:
Strength:
The empty capsules market is supported by factors such as the increasing demand for dietary supplements, advancements in capsule manufacturing technologies, and the growing pharmaceutical industry.
Weakness:
The high cost associated with the procurement and production of empty capsules, along with the stringent regulatory requirements for quality assurance and safety, pose challenges for market growth.
Opportunity:
The expanding nutraceutical and cosmeceutical industries, along with the rising trend of personalized medicine, provide significant growth opportunities for the empty capsules market.
Threats:
The availability of alternative delivery methods, such as liquids and powders, and the risks associated with counterfeit and substandard capsules pose threats to market growth.
Key Takeaways:
The global empty capsules market is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 8.1% over the forecast period of 2023 to 2030. This growth can be attributed to the increasing demand for dietary supplements and the expanding pharmaceutical industry. With the rising awareness about vegetarian and vegan lifestyles, there is a growing demand for vegetarian capsules, which are free from animal-derived ingredients and potential allergens. North America is expected to dominate the market during the forecast period, driven by the presence of prominent pharmaceutical companies and a high demand for dietary supplements. Asia Pacific is anticipated to be the fastest-growing region, attributed to the growing healthcare infrastructure and the rising geriatric population. Key players operating in the empty capsules market include ACG Group, Capsugel (Lonza Group AG), Qualicaps, Inc., Bright Pharma Caps, Inc., Sunil Healthcare Ltd., CapsCanada Corporation, Roxlor LLC, Snail Pharma Industry Co., Ltd., Suheung Co., Ltd., and Medi-Caps Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
