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(Health-NewsWire.Net, August 31, 2021 ) How much is the empty capsules market worth?
[216 Pages Report] The global empty capsules market is projected to reach USD 3.7 billion by 2026 from USD 2.6 billion in 2021, at a CAGR of 7.2% during the forecast period. The overall growth of the empty capsules market is largely driven by the growing adoption of capsule formulations among the growing geriatric population, the growth of the pharmaceutical market, increasing R&D activities & clinical trial studies, and advancements in capsule delivery technologies. Emerging markets, with their low manufacturing costs, are expected to present significant opportunities for players. Other areas of opportunity are the development of halal gelatin and vegetarian capsules.
In the primary research process, various sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, product and innovation directors, and related key executives from various key companies and organizations operating in the empty capsules market.
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Covid-19 Impact On The Global Empty Capsules Market
A mix of established pharmaceutical companies, as well as small startups have stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus. Vaccine-related research activities in pharmaceutical and biotechnology companies, research centers, and academic research institutes are considered essential and have been largely unaffected in operations and output. Due to the increase in research activities, the availability of funding for research is expected to grow.
The traditionally lucrative pharmaceuticals market is becoming challenging from a growth perspective due to the diminishing drug pipeline, government-induced pressure to reduce costs and regulations on innovative products. This is encouraging pharmaceutical manufacturers to move their manufacturing bases closer to high-growth emerging markets. Through this, manufacturers can take advantage of low-cost manufacturing along with several financial benefits in terms of attractive tax rates and lenient regulatory guidelines for manufacturing.
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North America accounted for the largest share of the empty capsules market in 2020.
Geographically, the market is dominated by developed countries across North America and Europe, which account for ~65.6% of the global market. North America accounted for the largest share of 37.4% of the global market. The dominance of the North American region can be attributed to the existing presence of major capsule manufacturers with large production capacities, along with the presence of a number of pharmaceutical giants with large production capacities utilizing these capsules. The growing emphasis on superior pharmaceutical products and generics has also led to increased demand for empty capsules.
Key Market Players
The market is highly competitive, with a number of players competing for a larger market share. The prominent players in this market are Capsugel (US), ACG Worldwide (India), Qualicaps (US), Suheung Co. Ltd. (Korea), CapsCanada Corporation (Canada), Qingdao Yiqing Medicinal Capsules Co., Ltd. (China), Shanxi Guangsheng Medicinal Capsules Co., Ltd. (China), Healthcaps India Ltd. (India) and among others
Recent Developments
In 2021, Nutra’V TiO2 launched a new range of TiO2-free capsules. Available both in gelatin and HPMC and with excellent machinability, this range of capsules offers the best encapsulation solution for ingredient masking.
In 2019, ACG acquired Xertecs, Xertecs develops and implements processes, products, and services for pharma companies across the globe. Its acquisition added to ACG’s capabilities.
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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