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Market Overview:
Empty capsules refer to two-piece capsules that are devoid of any active pharmaceutical ingredients inside them. They are usually made of gelatin and used to encapsulate powders, liquids, and semi-solids for various medicinal and dietary supplement applications. Gelatin capsules are widely used due to their non-reactivity and easy swallowability. They also help improve bioavailability of medications. The global empty capsules market is driven by rising generic and nutraceutical industries.
The Empty Capsules Market is estimated to be valued at US$2.3 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising generic drugs industry is a major driver for the empty capsules market. Generic drugs are copies of brand-name drugs and are significantly cheaper. According to the Association for Accessible Medicines, in 2020 generic drugs saved the US healthcare system $293 billion. This has led to increased demand for empty capsules used to manufacture generic drugs. Additionally, the growing nutraceuticals industry is also fueling market growth. The nutraceuticals market worldwide was valued at $411 billion in 2020 and is projected to reach $673 billion by 2028, growing at a CAGR of 6.4%. This increasing demand for dietary supplements will support empty capsules market expansion over the forecast period.
Segment Analysis
The empty capsules market is dominated by the gelatin based capsules segment. Gelatin capsules account for over 90% of the total empty capsules market share due to their cost effectiveness and compatibility with a wide range of pharmaceutical formulations. Gelatin capsules are preferred for their ability to break down and dissolve in the digestive tract, allowing for easier absorption of the drug.
PEST Analysis
Political: The regulations governing the pharmaceutical industry influence the empty capsules market. Stringent quality standards and guidelines ensure the safety of empty capsules.
Economic: Developing economies are expected to drive market growth due to increasing healthcare investments and rising pharmaceutical demand.
Social: Rising lifestyle diseases and growing geriatric population prone to medications are increasing the demand for empty capsules. Acceptance of capsule as a preferred dosage form supplements market growth.
Technological: Advancements in capsule manufacturing technologies such as softgel and multilayer capsules are expanding application scope. Newer encapsulation technologies offer enhanced drug stability and delivery capabilities.
Key Takeaways
The global empty capsules market size was valued at US$ 2.3 Bn in 2023 and is expected to reach US$4 Bn by 2030, expanding at a CAGR of 7.9% during the forecast period. The growth is attributed to increasing generic and OTC drug consumption globally.
By region, North America dominated the empty capsules market owing to high pharmaceutical production and growing number of clinical trials. Recent innovations in drug delivery technologies are also propelling regional market growth.
Some of the key players in the empty capsules market are ACG Worldwide, Capsugel, Qualicaps Inc., Bright Pharma Caps Inc., Sunil Healthcare Ltd., CapsCanada Corporation, Roxlor LLC, Snail Pharma Industry Co. Ltd., Suheung Co. Ltd., and Medi-Caps Ltd. These leading companies are focusing on new product launches and strengthening their distribution channels to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
