Empty Capsules Market Is Estimated To Witness High Growth Owing To Increasing Demand for Pharmaceutical Packaging and Rising Adoption of Capsule Formulation in Drug Delivery Systems
The Empty Capsules Market is estimated to be valued at US$ 2,382.7 million in 2020 and is expected to exhibit a CAGR of 8.1% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Empty capsules are widely used in the pharmaceutical industry for packaging drugs in the form of capsules. These capsules provide an efficient and convenient way to deliver drugs to patients. They are made from either gelatin or non-gelatin material, depending on the requirements of the drug formulation. The market for empty capsules is experiencing significant growth due to the increasing demand for pharmaceutical packaging and the rising adoption of capsule formulation in drug delivery systems. These capsules provide various advantages such as easy swallowing, accurate dosage, and taste masking, which make them suitable for a wide range of medications.
Market Dynamics:
The market dynamics of the empty capsules market are driven by two main factors. Firstly, the increasing demand for pharmaceutical packaging is boosting the growth of the market. The growing prevalence of chronic diseases and the need for proper packaging of pharmaceutical drugs are driving the demand for empty capsules. Additionally, the rising adoption of capsule formulation in drug delivery systems is further propelling the market growth. Capsules offer several advantages in terms of drug stability, protection, and ease of use, which are driving their adoption in various drug delivery systems. The market is expected to witness high growth in the coming years due to these factors.
SWOT Analysis:
Strength:
- Growing demand for empty capsules in the pharmaceutical industry
- Diverse applications of empty capsules in the nutraceutical and cosmeceutical sectors
- Strong presence of key players in the market
Weakness:
- Limited availability of raw materials for manufacturing empty capsules
- Stringent regulations and quality standards in the pharmaceutical industry
Opportunity:
- Increasing adoption of supplements and nutraceuticals globally
- Growing preference for capsules over tablets due to ease of ingestion
Threats:
- Intense competition among key players leading to price wars
- Potential impact of COVID-19 on the supply chain and production of empty capsules
Key Takeaways:
The global empty capsules market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to the increasing demand for empty capsules in the pharmaceutical, nutraceutical, and cosmeceutical industries. The Asia Pacific region is expected to be the fastest growing and dominating region in the market, attributed to the rising population, increasing healthcare expenditure, and strong presence of key players. Some of the key players operating in the empty capsules market include ACG Group, Capsugel (Lonza Group AG), 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 companies are focusing on product innovation, mergers and acquisitions, and strategic collaborations to gain a competitive edge in the market.
Read More:
https://healthideologist.blogspot.com/2023/09/empty-capsules-market-is-estimated-to.html
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