July 18, 2024
Empty Capsules Market

Empty Capsules Market Is Estimated To Witness High Growth Owing To Rising Demand in the Pharmaceutical Industry

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:

The Empty Capsules Market provides a crucial packaging solution for the pharmaceutical industry. The capsules are used to encapsulate various medications, such as powders, liquids, and semi-solids. These capsules offer numerous advantages, including improved drug stability, faster drug release, and enhanced bioavailability. The increasing demand for pharmaceutical products, growing preference for capsule-based formulations, and advancements in capsule manufacturing technologies are major factors driving market growth. Additionally, the rising prevalence of chronic diseases and the growing geriatric population are further boosting the market. The demand for empty capsules is also driven by the increasing use of nutraceuticals and dietary supplements.

Market Dynamics:

The growing demand for empty capsules in the pharmaceutical industry is primarily driven by two key factors. Firstly, the rising adoption of capsule-based formulations by pharmaceutical manufacturers is fueling market growth. Capsules offer several advantages, including ease of swallowing, accurate dosing, and better patient compliance, which has led to their increasing popularity among patients. Secondly, technological advancements in capsule manufacturing processes and materials have improved the quality and efficiency of empty capsules. Manufacturers are incorporating innovative techniques in capsule design and production to enhance drug stability, bioavailability, and dissolution rate. These factors are expected to drive the market growth over the forecast period.

Segment Analysis:

The empty capsules market can be segmented based on raw material, product type, and end user. In terms of raw material, gelatin capsules dominate the market due to their wide availability and suitability for most pharmaceutical applications. Gelatin is preferred because of its compatibility with different drugs, ease of production, and cost-effectiveness. Although gelatin is derived from animal sources, the availability of vegetarian and halal gelatin capsules is also contributing to the dominance of this segment.

PEST Analysis:

Political:

The political factors affecting the empty capsules market include regulations related to the use of animal-derived gelatin, product labeling requirements, and intellectual property rights protection.

Economic:

Economic factors impacting the market include healthcare expenditure, pricing pressures, and the demand for generic drugs, which drive the consumption of empty capsules.

Social:

Social factors influencing the market include increasing healthcare awareness, aging population, and the shift towards self-medication and dietary supplements.

Technological:

Technological advancements in capsule manufacturing techniques, such as improvements in filling machines and the development of vegetarian and non-animal-based capsules, are driving market growth.

Key Takeaways:

The global empty capsules market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period. This growth can be attributed to increasing healthcare expenditure and the rising demand for generic drugs and dietary supplements.

Regionally, North America is the fastest-growing and dominating region in the market due to the presence of a well-developed pharmaceutical industry, increased R&D activities, and a large consumer base.

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. These companies have a significant market share and are actively involved in mergers, acquisitions, and product innovations to maintain their competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it