Global Empty Capsules Market to Reach USD 4.3 Billion by 2028
Published | 28 April 2022
The global empty capsules market is growing at a high CAGR because of the flourishing pharmaceutical and nutraceuticals industry along with increasing demand for various types of medicines for various chronic and infectious diseases…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global empty capsules market was worth USD 2.7 billion in the year 2021. The market is projected to grow at a CAGR of 7.40%, with revenues reaching USD 4.3 billion by the end of 2028. The global empty capsules market is expanding at a high rate owing to the flourishing pharmaceutical and nutraceuticals industry along with increasing demand for various types of medicines for various chronic and infectious diseases. However, increasing shortage of gelatin as a raw material may act as a huge restraining factor for the global empty capsules market.
Flourishing Nutraceutical Sector is Boosting Global Empty Capsules Market
The demand for nutraceutical is gaining huge traction in the market owing to the rising focus towards preventing healthcare. These products offer physiological benefits or protection against chronic diseases. Therefore, it is garnering huge popularity among young working adults owing to the changing lifestyle and rising prevalence of chronic diseases. As a result, the demand for empty capsules is anticipated to surge in the forecast period with rising production of nutraceuticals.
Empty Capsules Market - By Therapeutic Application
Based on therapeutic application, the global empty capsules market is segmented into antibiotic & antibacterial drugs, dietary supplements, antacid & antiflatulent preparations, antianemic preparations, anti-inflammatory drugs, cardiovascular therapy drugs, cough & cold drugs, and other therapeutic applications. The antibiotic & antibacterial drugs segment accounts for the largest market share owing to the rising demand for antibiotic industries owing to increasing prevalence of various bacterial infections worldwide.
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Empty Capsules Market - By Functionality
Based on functionality, the global empty capsules market is segmented into immediate-release capsules, sustained-release capsules, and delayed-release capsules. The immediate-release capsules segment holds the largest market share owing to its prominent use in making painkillers, dietary supplements, antibacterials, antibiotics, etc. The immediate-release capsules are more popular in the market since it provides immediate relief instead of steady foundation. However, the sustained-release capsules segment also covers a substantial market share.
Empty Capsules Market - Regional Insights
Geographically, the global empty capsules market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the empty capsules market owing to the rising demand for nutraceuticals products due to consumer awareness. The demand for nutraceuticals is gaining huge traction since they are expected to provide physiological benefits and prevent chronic diseases. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period.
Impact of COVID-19 on Empty Capsules Market
The COVID-19 pandemic outbreak negatively impacted the growth of the empty capsules market. The supply of empty capsules was hindered due to restrictions in distribution channels and operations of pharmaceutical companies, which largely affected its exports. Furthermore, the pharmaceutical companies and research institutes shifted their focus towards COVID-19 treatment and vaccine development. As a result, the launch of new generic medicines and nutraceuticals declined, resulting in a significant decline in the demand for empty capsules.
The leading market players of the empty capsules market are Capsugel, Inc., ACG Worldwide, Shanxi JC Biological Technology Co. Ltd, Bright Pharma Caps Inc., Nectar Lifesciences Ltd, Capscanada Corporation, Healthcaps India Ltd, Lonza Group, Shanxi Guangsheng Medicinal Capsules Co. Ltd, Medi-Caps Ltd, Qingdao Yiqing Medicinal Capsules Co. Ltd, Qualicaps, Suheung Capsule Co. Ltd, Sunil Healthcare Ltd., Roxlor LLC, and other prominent players.
The empty capsules market is highly competitive and fragmented with the presence of several regional players. The companies launch different types of empty capsules and significantly focus on improving their distribution channels to increase their product penetration. Furthermore, the adoption of competitive strategies such as partnerships, collaborations, mergers, acquisitions, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global empty capsules market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global empty capsules market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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