USD 2.70 billion
Report ID:
SQMIG35I2145 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
122 |
Figures:
77
Global Empty Capsules Market size was valued at USD 2.70 billion in 2022 and is poised to grow from USD 2.89 billion in 2023 to USD 4.96 billion by 2031, growing at a CAGR of 7% during the forecast period (2024-2031).
The rise in geriatric population, the high need for empty capsules in the pharmaceuticals, nutraceutical, and cosmeceutical sectors, and the growing customer preference for capsules over tablets are all driving the growth. The rising incidence of elderly people and the related chronic illnesses places a significant demand on the manufacture of therapeutically effective drugs to treat chronic health issues. The geriatric population prefers capsules in solid dose forms for a number of causes: they are easy to swallow, have faster dissolving times than other oral dosage forms, and produce less gastrointestinal irritation.
The capsules are favored by the majority of customers due to their fast-dissolving nature, leading to faster absorption rates, and the usage of tasteless and odorless gelatin covering, making these capsules pleasant. The majority of nutraceuticals and cosmeceuticals tend to come in capsule form, such as cod liver oil capsule and CosmoPod capsules, accordingly. The aforementioned benefits of capsule intake are responsible for the significant global demand for empty capsules in the pharmaceuticals, nutraceutical, and cosmeceutical sectors. Increasing R&D efforts and clinical studies, innovations in capsule delivery methods, and quick advancements in capsule administration technology are also likely to fuel market expansion.
However, growing raw material prices and cultural and religious concerns about the ingestion of capsules comprising animal-derived inactive components, such as swine and bovine collagen capsule shells, are limiting factors for the market's growth.
US Empty Capsules Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.70 billion
Largest Segment
Gelatine Capsules
Fastest Growth
Gelatine Capsules
Growth Rate
7% CAGR
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The global empty capsules market is segmented based on product, functionality, application, end-use, and region. Based on product, the market is segmented into gelatine capsules, and non-gelatine capsules. Based on functionality, the market is segmented into immediate-release capsules, sustained-release capsules, and delayed-release capsules. In terms of application, the market is categorized into antibiotic and antibacterial drugs, dietary supplements, antacid, and antiflatulent preparations, antianemic preparations, anti-inflammatory drugs, cardiovascular therapy drugs, cough and cold drugs, and others. Based on end user, the market is categorized into pharmaceutical Industry, nutraceutical industry, cosmetic industry, and research laboratories. Regionwise, the global empty capsules market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Empty Capsules Market Analysis by Product
The gelatin capsules category accounted for more than 85% of total revenue and is likely to maintain its market share during the projection period. The low cost of non-gelatin capsules, the accessibility of collagen for the manufacturing process, and gelatin's protein content are some of the main drivers projected to drive this segment's growth over the projection period.
The non-gelatin capsules category, on the other hand, is predicted to rise at a lucrative CAGR of about 7%. Some major aspects are the vegetarian origin of these capsules, which avoids religious difficulties associated with animal-derived capsules. Additionally, the rise in the consumer base for these non-gelatin capsules, and the superior stability of these vegetarian capsules compared to gelatin capsules will further support growth of this segment in the near future.
Empty Capsules Market Analysis by Application
Antianemic preparations, antibiotic and bactericidal drugs, dietary supplements, medications for inflammation, and others. The nutritional product segment has grown at a faster rate in this market, with factors such as greater knowledge about health and pricing for developing nations, rising the incidence of lifestyle-related illnesses, and rising consumption of vitamin capsules due to being available as over-the-counter supplements all driving the expansion of the market.
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North America dominates the empty capsules business due to the rise in pharmaceutical drug development and research expenses. Furthermore, rising cases of diabetes will fuel the region's empty capsules market growth during the forecast period. The presence of substantial capsule companies with considerable manufacturing capacity using these capsules is one of the factors supporting North America. The region's rising pharmaceutical manufacturing capacity and large patient base are also important.
Asia-Pacific is anticipated to see substantial development in the empty capsules market due to a growing patient pool. Furthermore, rising health care expenditures are likely to drive the rise of the region's empty capsules market in the coming years. The proliferation of pharmaceutical industries in this region, favorable government initiatives pertaining to the development of healthcare infrastructure, which include pharmaceutical manufacturing industries, and the increasing demand for nutraceuticals and cosmeceuticals due to increased awareness about wellness trends and fitness-oriented changing lifestyles are the key attributable factors propelling the overall growth of the empty capsules market.
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Empty Capsules Market Drivers
Increasing Demand for Capsule Formulations
The demand for capsule formulations is increasing due to their ease of administration, patient compliance, and precise dosing. This is driving the growth of the empty capsules market.
Growing Pharmaceutical Industry
The pharmaceutical industry is growing at a significant pace, driven by increasing healthcare expenditure, aging population, and the rising prevalence of chronic diseases. This is driving the demand for empty capsules as they are widely used for the encapsulation of drugs.
The expanding pharmaceutical and nutraceutical industries are significant factors, as empty capsules serve as vital delivery vehicles for drugs and nutritional supplements. The rising trend of self-medication and the preference for oral dosage forms further boost the demand for empty capsules. Additionally, advancements in capsule manufacturing technologies and the increasing adoption of vegetarian and vegan capsules address evolving consumer preferences and contribute to market growth.
Empty Capsules Market Restraints
High Cost of Capsule Filling Machines
The high cost of capsule filling machines is a major restraint for the growth of the empty capsules market. This makes it difficult for small and medium-sized enterprises to invest in this technology, limiting their production capacity.
Stringent Regulations and Quality Standards
The manufacture of empty capsules is subject to stringent regulations and quality standards, which can increase production costs and limit market entry for new players.
The strict regulatory requirements and quality standards associated with capsule production, which can pose challenges for manufacturers, especially smaller ones, leading to increased compliance costs. Additionally, the market experiences constraints related to the raw materials used in capsule production, as fluctuations in prices and potential shortages can impact manufacturing costs.
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The global empty capsules market is highly competitive and fragmented in nature owing to the presence of numerous players operating in the market. Some of the key strategies adopted by players in the market include mergers and acquisitions, partnerships, collaborations, and new product launches. The market is also characterized by a high degree of innovation, with companies investing in R&D to develop new and advanced products. Additionally, technological advancements and innovations in capsule development, including the introduction of plant-based or vegetarian capsules, play a crucial role in maintaining competitiveness. The market is marked by a blend of established players and emerging entrants, each striving to address evolving consumer demands and industry trends in the pharmaceutical and nutraceutical sectors.
Top Player’s Company Profiles in Empty Capsules Market
Empty Capsules Market Recent Developments
In March 2023, Vantage Nutrition, a subsidiary of the ACG Group, achieves a unique global position by acquiring ComboCap Inc from the United States. With this acquisition, Vantage Nutrition becomes the exclusive provider of Sidebyside health products worldwide. This innovative offering features a three-piece capsule design that incorporates an internal divider, effectively separating wet and dry ingredients within the capsule.
In April 2021, CapsCanada Corporation announced the launch of its new Vcaps Plus HPMC capsules, which are designed to improve the stability and bioavailability of pharmaceutical and nutraceutical products.
In March 2021, ACG Group announced the acquisition of Germany-based pharma packaging company, ACG Pam Pharma Technologies GmbH, to expand its product portfolio and strengthen its presence in the European market.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global empty capsules market analysis, we found that the rise in geriatric population, coupled with the high need for empty capsules in the pharmaceuticals, nutraceutical, and cosmeceutical sectors is further projected to aid in market expansion during the forecast period. The rise in customer preference for capsules over tablets are also projected to promote market growth. The rising rate of elderly people and chronic illnesses places a significant demand on the manufacture of therapeutically effective drugs to treat chronic health issues. The geriatric population prefers capsules in solid dose forms for a number of causes: they are easy to swallow, have faster dissolving times than other oral dosage forms, and produce less gastrointestinal irritation. As demand for pharmaceuticals and dietary supplements increases in emerging markets such as Asia-Pacific and Latin America, manufacturers of empty capsules are expanding their operations in these regions to tap into new growth opportunities.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.70 billion |
Market size value in 2031 | USD 4.96 billion |
Growth Rate | 7% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Empty Capsules Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Empty Capsules Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Empty Capsules Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Product ID: SQMIG35I2145