Empty Capsules Market is Projected to Expand at a CAGR of ~7% from 2019 to 2027
Empty Capsules Market: Introduction
Transparency Market Research has published a new report on the empty capsules market. According to the report, the global empty capsules market was valued at ~US$ 1.9 Bn in 2018, and is projected to expand at a CAGR of ~7% from 2019 to 2027.
In terms of application, the vitamin & dietary supplements segment held a major share of the global empty capsules market in 2018. The segment is anticipated to dominate the global empty capsules market during the forecast period. The adoption of preventive care measures among the population is estimated to drive the vitamin & dietary supplements segment during the forecast period. Increasing investments by key players in vitamin & dietary supplements and favorable trade policies for the import and export of dietary supplements are anticipated to propel the vitamin & dietary supplements segment during the forecast period.
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Based on source, the porcine segment accounted for a major share of the global empty capsules market, in terms of value, in 2018. The segment is likely to expand at a moderate CAGR during the forecast period. Porcine is a widely-used source of gelatin due to the abundant availability and extended applications of this source in healthcare and nutraceutical industries. However, pharmaceutical and nutraceutical companies are switching to the use of bovine gelatin in their products, in order to expand their geographic presence to countries with ethical beliefs and restrictions that restrain the use of porcine products. This factor is a major driver of the empty capsules market. Furthermore, the demand for bovine gelatin has increased at a steady pace, due to the high protein content (compared to other gelatin derivatives) and hygienic nature of bovine-derived products as compared to chicken and porcine derivatives.
In terms of end user, the pharmaceutical industry segment is anticipated to expand at a rapid pace during the forecast period, due to expansion of the pharmaceutical industry and increase in applications of capsules in different indications. Pharmaceuticals represent the largest end-user of empty capsules (soft and hard capsules). Constant development in the pharmaceutical industry and frequent outbreaks of chronic diseases, globally, are key factors boosting the empty capsules market. According to statistics provided by the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total production of pharmaceutical and biotechnological products in Europe was valued at US$ 266.5 billion in 2012, an increase of around 67% since 2000.
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Global Empty Capsules Market: Prominent Regions
North America held the second-largest share of the global empty capsules market in 2018. The empty capsules market in the region is driven by the presence of key players, large number of research activities, and highly structured healthcare industry. A report published by the International Federation of Pharmaceutical Manufacturers & Associations indicated that, R&D and plant investments by pharmaceutical companies in the U.S. have been increasing consistently in the last 15 years, and more than doubled the publicly-funded National Institutes of Health’s (NIH) expenditure in 2014.
Europe held the largest share of the global empty capsules market in 2018. Expansion of the empty capsules market in the region can be attributed to increase in investments by key players in pharmaceuticals and life sciences, and government intervention in the field of environmental control and food safety.
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Asia Pacific accounted for a significant share of the global empty capsules market in 2018. The market in the region is expected to expand at a rapid pace during the forecast period. Increase in investments by key players in manufacturing of drugs and expansion of the nutraceutical industry are likely to drive the empty capsules market in Asia Pacific. Emerging economy, government funding for research, improving healthcare infrastructure, and rise in the presence of major global players in countries such as China and India are likely to propel the empty capsules market at a significant growth rate in the region during the forecast period.
Global Empty Capsules Market: Key Players
Key players are expanding their footprint to strengthen their position in the global empty capsules market. Manufacturers are enhancing their product portfolios through custom synthesis, and contract manufacturing and outsourcing. Global demand requires work to be performed in accordance with international recognized standards. Moreover, there is an increase in oversight and accreditation by international authorities. Manufacturers are obtaining multiple accreditations for maximum security to help customers work with absolute confidence with their empty capsules.
Prominent players operating in the global empty capsules market include ACG Worldwide, Capsugel, Qualicaps, HealthCaps India Ltd, Natural Capsules Limited, CapsCanada Corporation, Nectar Lifesciences Ltd., Medi-Caps Ltd., Snail Pharma Industry Co. Ltd., Roxlor, and Sunil Healthcare Ltd.
