Empty Capsules Market was estimated at USD 1.34 billion in 2015 and is expected to grow at a significant CAGR over the forecast period. The major factors impelling the market growth are increasing adoption rate of capsules when compared to tablets, rising demand of empty capsules in cosmeceutical, nutraceutical and pharmaceutical industries and growing geriatric population. Capsule- based formulations are more popular among the aged population, owing to benefits like faster dissolution time as compared to the other oral dosage forms, capsules make swallowing easier for patients, moreover, the gastrointestinal irritation caused by capsules is comparatively less than other dosage forms. These aforementioned benefits associated with capsules are likely to boost the market growth over the forecast period.
However,
the religious and cultural issues arising due to use of animal derivatives,
such as bovine and porcine gelatin capsules and growing prices of raw
materials, are expected to hinder the market growth over the forecast period.
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According
to the product type, empty capsules market is categorized into non-gelatin and
gelatin capsules. In 2015, the gelatin capsules segment accounted for the
largest market share and is anticipated to maintain its dominant position over
the forecast period owing to the increase in use of gelatin capsules for
formulating novel drug delivery systems and easy availability of gelatin for
manufacturing purpose.
However,
non-gelatin segment is expected to experience a comparatively faster growth at
a CAGR of 6.89% over the forecast period. Major factors contributing to the
growth of this segment include the strict government regulations for use of
animal-derived gelatin, incompatibilities of certain drugs with gelatin
capsules and better stability of non-gelatin capsules, which is expected to
increase the demand for non-gelatin capsules.
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Major
therapeutic application of empty capsules can be segmented into cold and cough
preparations, anti-anemic preparations, anti-flatulent and antacid
preparations, dietary and vitamin supplements, cardiac therapy drugs,
anti-rheumatic and anti-inflammatory drugs, anti-bacterial and antibiotic
drugs, and other therapeutic applications.
In
2015, antibacterial and antibiotic drugs segment accounted for the largest
market share owing to the high prevalence of various chronic conditions and
infectious diseases that are expected to impose high pressure on the
pharmaceutical industries and consequently boost the empty capsule market over
the forecast period.
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Based
on end-use, the empty capsules market is segmented into research laboratories,
cosmetic industry, nutraceutical industry and pharmaceutical industry.
Pharmaceutical industry segment generated the maximum revenue in 2015 and is
expected to dominate the market throughout the forecast period, because of
large scale use of capsules over other oral dosage forms, which is expected to
promote demand of empty capsules in the pharmaceutical industry in order to
treat various infectious and cardiac diseases.
Regional Insights
North
America’s accounted for highest share of the total empty capsules market in
2015 and is expected to grow at a CAGR of 6.1% during the forecast period owing
to the high penetration rate of cosmeceutical and nutraceutical industry along
with rising awareness of nutraceutical products among the consumers.
Asia-Pacific
is expected to witness the fastest growth over the forecast period. This growth
can be attributed to the increase in proliferation of pharmaceutical industry,
rising awareness regarding cosmeceuticals and nutraceuticals products, improved
healthcare infrastructure, and less stringent government regulations in the
nutraceutical industry.
Competitive Insights
Some
players in the empty capsules market include Sunil Healthcare Ltd. (Sunloc
Healthcare, Inc.), Roxlor LLC, Patheon, Inc. (Banner Pharmacaps, Inc.),
Qualicaps, Inc. (Mitsubishi Chemical Holdings Corporation), Medicaps Ltd.,
CapsCanada Corporation, JC Biological Technology Co. Ltd, ACG Associated
capsules Pvt. Ltd., and Capsugel, Inc.
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