September 19, 2022 08:02 ET | Source: Meticulous Market Research Pvt. Ltd. Meticulous Market Research Pvt. Ltd.
Redding, California, Sept. 19, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Empty Capsules Market by Type (Gelatin Capsule [Bovine, Porcine], Non-gelatin [HPMC, Pullulan]), Functionality (Sustained-release, Immediate-release, Delayed-release), Application (Antibiotics, Antacids, Anti-inflammatory), and End User - Forecast to 2029,’ by Meticulous Research®, the empty capsules market is projected to reach $4.47 billion by 2029, at a CAGR of 6.7% from 2022 to 2029.
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Empty capsules are capsules that do not contain any pre-formulations. Empty capsules are composed of materials such as gelatin, hydroxypropyl methylcellulose (HPMC), pullulan and starch. Empty capsules are also used to store drugs, herbs, medicine, and powders. It is also used for customized medicines. Furthermore, capsules are easier to swallow as compared to tablets. These benefits increase the demand for empty capsules. Several manufacturers are expanding manufacturing facilities to meet the growing demand for empty capsules. For instance, in October 2020, Capsugel (U.S.) expanded the capsule manufacturing plant to increase its production capacity.
Impact of COVID-19 on the Empty Capsule Market
COVID-19 is a respiratory disease that has infected millions worldwide since its outbreak in November 2019. Common initial symptoms of COVID-19 include fever, headache, muscle pain and diarrhea. More severe symptoms include respiratory failure and life-threatening pneumonia.
During the initial days of the pandemic, the use of dietary supplements to boost immunity increased substantially. At that time, the data was insufficient to prove the effectiveness of dietary supplements in boosting immunity against COVID-19. Dietary supplements, including Vitamin C, vitamin D, and vitamin B12, were used to enhance immune function. This increased the consumption of dietary supplements, subsequently driving the demand for empty capsules. Additionally, people infected with COVID-19 were prescribed antibacterial to treat underlying symptoms, which increased the demand for empty capsules for manufacturing antibiotics and antibacterial.
The COVID-19 pandemic also boosted the R&D to develop therapies for COVID-19. For instance, in December 2021, Hetero (India) launched the (Movfor) investigational oral antiviral capsule containing Molnupiravir to treat COVID-19 in high-risk adult patients.
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The empty capsules market is segmented based on Product Type (Gelatin Capsule [Bovine Gelatin Capsule, Porcine Gelatin Capsule, and Other Gelatin Capsule] and Non-Gelatin Capsule [Hydroxypropyl Methylcellulose {HPMC}, Pullulan & Starch Material], Functionality (Immediate-release Capsules, Sustained-release Capsules, and Delayed-release Capsules), Application (Antibiotic & Antibacterial Drugs, Antacids & Anti-flatulent Preparations, Antianemic Preparations, Anti-inflammatory Drugs, Cardiovascular Therapy Drugs, Cough & Cold Drug Preparations, Dietary Supplements, and Other Applications), End User (Pharmaceutical Companies, Neutraceutical Companies, Cosmetic Industries, and Research Laboratories), and Geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on product type, in 2022, the gelatin segment is expected to account for the largest share of the empty capsules market. The gelatin capsules segment is sub-segmented into bovine, porcine and other gelatin capsules. Gelatin capsules have non-allergenic, bioavailability, and thermo-reversibility properties. These factors contribute to the large market share of this segment.
Based on functionality, the empty capsules market is segmented into immediate-release capsules, sustained-release capsules, and delayed-release capsules. In 2022, the immediate-release capsules segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the high demand for immediate-release capsules for manufacturing antacids, antibacterials, antibiotics, dietary supplements, and cold & cough drug preparations. The segment is also slated to register the highest CAGR during the forecast period.
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Based on application, in 2022, the antibiotic & antibacterial drugs segment is expected to account for the largest share of the empty capsules market. The large market share of this segment is attributed to the growing demand for antibiotic & antibacterial drugs for treating common infections and the rising incidence of infectious diseases.
Based on end user, in 2022, the pharmaceutical companies segment is expected to be the largest shareholding segment. The large market share of this segment is attributed to the increasing production volume of pharmaceuticals, the growing burden of infectious and non-infectious diseases, and the rising number of pharmaceuticals being approved yearly.
Based on geography, North America is expected to account for the largest share of the empty capsules market in 2022, followed by Europe and Asia-Pacific. In 2022, the U.S. is expected to be the largest shareholding market in North America. The large market share is attributed to the presence of large pharmaceutical companies with huge capsule production capabilities. However, Asia Pacific is expected to witness rapid growth during the forecast period. The growth of this regional market is driven by the increasing investments in the pharmaceutical sector, expansions of pharmaceutical manufacturing plants, wide availability of raw materials, and the increasing collaborations between raw material suppliers and pharmaceutical companies.
The report also includes an extensive assessment of the key growth strategies adopted by leading market players between 2019 and 2022. In the last couple of years, the global empty capsules market has witnessed numerous product launches, collaborations, agreements, and expansions.
Some of the key players operating in the global empty capsule market are ACG Worldwide (India), Capsugel (U.S.), CapsCanada Corporation (Canada), Qingdao Yiqing Medicinal Capsules Co., Ltd. (China), HealthCaps India Ltd. (India), NATURAL CAPSULES LIMITED (India), Goerlich Pharma GmbH (Germany), Qualicaps (U.S.), Bright Pharma Caps Inc. (U.S.), Suheung Co. Ltd. (South Korea), and Roxlor LLC (U. S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/empty-capsules-market-5344
Empty Capsules Market, by Product Type
Note: Other gelatin capsules comprise marine- and poultry-sourced capsules.
Empty Capsules Market, by Functionality
Empty Capsules Market, by Application
Note: Other applications include cosmeceuticals, steroids, and anti-asthmatics
Empty Capsules Market, by End User
Empty Capsules Market, by Geography
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