New York City, NY, 10 January, 2020/ 24 Market Reports: It is estimated for the global empty capsules market to reach USD 2.77 billion by 2023 from that of USD 1.99 billion in 2018 witnessing the growth at a CAGR of 7.7% during the forecast period of 2018 to 2023. The growing adoption of capsule formulations among the growing geriatric population, the growth of the pharmaceutical market with the increasing R&D activities & clinical trial studies and the advancements in capsule delivery technologies are the factors that are driving the growth of the market during the forecast period.
During the forecast period, it is estimated for the non-gelatin capsules segment, by type of capsules segment, to witness faster growth in the market. Low hygroscopicity, physical stability, stability in different ranges of temperature & humidity and low moisture content are the advantages offered by the non-gelatin capsules over gelatin-based ones and also the rising demand for non-animal-based products are the factors that are driving the growth of the segment during the forecast period.
As the immediate-release capsules are widely used in the manufacturing of antibiotics, antibacterials, antacids, painkillers, inhalators, cold and cough drug preparations and dietary supplements it is projected for the segment to witness the growth at a faster rate during the forecast period. Also, in the treatment of a wide range of diseases and disorders, immediate-release capsules are the most commonly prescribed capsules.
During the forecast period, it is estimated for the dietary segment to witness the growth at the fastest rate. Increased health awareness and rising affordability in emerging countries (such as India, China, and Brazil), increasing prevalence of lifestyle diseases and increasing use of vitamin capsules due to their availability as over-the-counter (OTC) drugs are the factors that are driving the growth of the market during the forecast period.
Followed by Europe, North America is estimated to hold the largest share in the global empty capsules market. Presence of major manufacturers in the region coupled with the majority of the manufacturing giants holds large production capacities is the factor driving the growth of the market in the region. The market is also witnessing the rise due to the growing emphasis on superior pharmaceutical products and generics. APAC region is estimated to witness the growth at the fastest rate as the region is witnessing significant growth in the pharmaceutical industry during the forecast period. Pharmaceutical manufacturing capabilities and the large patient pool are the factors that are driving the growth of the market in the region.
The demand for vegan capsules is been witnessing the rise in demand in recent years and as the gelatin capsules are been manufactured from the by-products of slaughtered animals including the bones, hides, and hooves of cattle, pigs, horses, fish and poultry the individuals, with dietary restrictions or religious practices condemn the consumption of these capsules thus restricting the growth of the market.