A report recently added by Transparency Market Research to its repository, titled, “Empty Capsules Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2023,” delves deep into the market which forms a crucial part of the pharmaceutical industry worldwide.
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As per the report, empty capsules, which enable drug delivery, is likely to see their demand surge in the next couple of years on the back of an exploding pharmaceuticals market. The tremendous growth in the nutraceuticals industry too has benefitted the market. Nutraceuticals have gained popularity on account of their ability to complement a regular diet, thus enabling people to maintain their health. Besides nutraceuticals, emergence of cosmeceuticals too is generating demand in the empty capsules market.
Empty capsules of various sizes are available in the market these days, to cater to the different dosage of medicines. It can enclose one or more medicinal ingredient. Gelatin is mainly used to manufacture empty capsules because of its myriad advantages. Some of those include its ability to withstand a range of temperatures, its lack of odor and taste, and softness which allows it to be swallowed without much hassle. However, rising aversion to animal-derived gelatin in predominantly vegetarian nations such as India, which are also crucial markets, has led to the launch of nongelatin-based materials too.
One factor posing a challenge to the global market for empty capsules is the stringent regulatory guidelines pertaining to their manufacture and use. Apart from that, steep upfront capital required in research and development and also in manufacturing units is also dealing a blow to the market. Nevertheless, the market is expected to be buoyed by the massive sales of medicines in the next couple of years on the back of increasing per capita spends by individual worldwide. Both hard and soft gelatin along with nongelatin empty capsules will see their demand spike in the near future.
Geographically, the key segments of the global market for empty capsules are Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Of them, the developed regions of North America and Europe have accounted for substantial revenue in the market so far. But going forward, keen players will likely bet big on the upcoming market in Asia Pacific. This is because of the large unmet demand in developing nations of India and China with a massive population. Some of the prominent players in the market are based out of Asia Pacific and North America.
In order to thrive in the market, key players are seen resorting to product differentiation and innovations followed by subsequent launches. They are also banking upon expansions and collaborations to extend their stronghold over the market. Some of the prominent participants in the global empty capsules market profiled in the market study are Capsugel, CapsCanada Corporation, ACG Worldwide, Bright Pharma Caps, Inc., Medi-Caps Ltd, Suheung Co. Ltd, Qualicaps, Inc., and Snail Pharma Industry Co. Ltd.