Empty capsules have wide applications in the pharmaceutical industry for encapsulating various medicinal substances and supplements in the form of powders, pellets, tablets, or liquids. They provide an easier dosage format and facilitate accurate dosing of drugs. Empty capsules are available in different sizes and shapes, allowing drugs to be formulated according to the required strengths and effects.
The global empty capsules market size is estimated to be valued at US$ 2.81 billion in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the empty capsules market are Capsugel, ACG Worldwide, Qualicaps, and Sunil Healthcare Limited. The rising usage of capsules in nutraceuticals and cosmeceuticals production is creating new opportunities for market growth. Technological advancements such as the introduction of hypromellose capsules providing moisture protection and gastro-resistant properties are further propelling the demand for empty capsules.
Market Drivers
Growing preference for capsule delivery: The increasing popularity of Empty Capsules Market Trends delivery over traditional tablet delivery owing to superior organoleptic and swallowability properties is driving market growth. Higher bioavailability of drugs in capsule form is another key factor augmenting demand.
Rising generic and nutraceutical markets: Expansion of the generic drugs market coupled with the growing nutraceutical industry is fueling consumption of empty capsules. Capsules allow formulating consistent doses of ingredients and produce reliable therapeutic effects.
High growth in emerging economies: Improving access to healthcare in developing nations and rising disposable incomes are expanding the customer base. Growing aging population prone to chronic diseases also presents abundant opportunities.
Current Challenges in Empty Capsules Market
The empty capsules market is facing few challenges currently which need to be addressed to further growth of the industry. One of the major challenge is increasing price competition among the market players. With a large number of players in the market, the competition to gain market share is intensifying. Players are continuously lowering their product prices to increase sales volume which is affecting the profit margins. Rising raw material costs is another challenge for the industry. Gelatin is the primary raw material used for manufacturing empty capsules. Fluctuations in the prices of gelatin globally impacts the production costs.
SWOT Analysis
Strength: Wide applications in pharmaceutical and nutraceutical industries. Empty capsules are used for encapsulating wide range of drugs, vitamins, supplements etc.
Weakness: High dependence on gelatin as primary raw material. Raw material price volatility can impact profitability.
Opportunity: Increasing demand for vegetarian capsules due to rising vegan population. Growing nutraceutical industry worldwide also offers new opportunities.
Threats: Development of alternative dosage forms can replace capsules. Stringent regulatory framework in developed markets.
Geographical Regions
North America region currently holds the largest share in the empty capsules market in terms of value. This is attributed to well-established pharmaceutical industry and growing nutraceutical sector in the region. The United States represents the largest market within North America.
Asia Pacific region is expected to be the fastest growing market for empty capsules during the forecast period. Rising geriatric population, increasing healthcare expenditure and growth of generics market in countries like India and China are driving the demand. In addition, growing nutraceutical industry is creating new opportunities in Asia Pacific region.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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