PUBLISHER: The Business Research Company | PRODUCT CODE: 1425440
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425440
Empty Capsules Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on empty capsules market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for empty capsules? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The empty capsules market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Empty capsules serve as a stable casing that encapsulates pharmaceuticals or combinations of medications within a sealed shell. They provide a versatile means to contain herbs, powders, and medications securely.
The primary varieties of empty capsules include gelatin and non-gelatin capsules. Gelatin capsules are crafted from animal protein and are adept at delivering precise quantities of products. These capsules function in various release formats like immediate, sustained, and delayed-release. They find extensive applications in antibiotics, antibacterial drugs, dietary supplements, antacids, antiflatulents, anti-anemic preparations, anti-inflammatory drugs, cardiovascular therapies, cough and cold medications, and numerous other pharmaceutical products. End-users benefiting from these capsules encompass the pharmaceutical industry, nutraceutical industry, cosmetic industry, and research laboratories.
The empty capsules market research report is one of a series of new reports from The Business Research Company that provides empty capsules market statistics, including empty capsules industry global market size, regional shares, competitors with an empty capsules market share, detailed empty capsules market segments, market trends and opportunities, and any further data you may need to thrive in the empty capsules industry. This empty capsules market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The empty capsules market size has grown strongly in recent years. It will grow from $2.97 billion in 2023 to $3.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. Historical growth can be attributed to shifts in consumer preferences, favorable economic conditions, the repercussions of the Russia-Ukraine conflict, barriers to entry within industries, and the increasing geriatric population.
The empty capsules market size is expected to see rapid growth in the next few years. It will grow to $4.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The projected growth in the forecast period stems from the expansion of market size, ongoing market consolidation, heightened ethical concerns coupled with stringent regulations, a rising demand for nutraceuticals, and the evolving dynamics within the market. Key trends expected during this period encompass product innovations, the emphasis on sustainable sourcing practices, utilization in vegetarian and vegan products, applications in treating patient populations with chronic diseases, and the establishment of regional dominance within the industry.
The rise in chronic diseases is expected to drive the expansion of the empty capsules market. Chronic diseases persist for an extended period and include prevalent conditions like cancer, heart disease, stroke, diabetes, and arthritis. Empty capsules serve as a versatile drug delivery vehicle that ensures effective drug administration without altering the drug's formulation. For instance, as reported by the American Cancer Society in January 2022, an estimated 1.9 million new cancer cases and 609,360 cancer-related deaths are projected in the US for the year, averaging approximately 1,670 fatalities daily. Thus, the upsurge in chronic diseases fuels the growth of the empty capsules market.
The burgeoning pharmaceutical industry is set to bolster the growth of the empty capsule market. This industry encompasses research, development, manufacturing, and marketing of pharmaceuticals and medical products. The expanding pharmaceutical sector demands adaptable drug delivery solutions, driving the need for empty capsules that can accommodate various drug formulations. For example, Statistics Canada's December 2022 report indicated a consistent 2.8% monthly sales increase in the personal and household goods subsector, reaching $11.6 billion, primarily propelled by a 3.9% surge in the pharmaceuticals and pharmacy supplies industry, marking the sector's highest sales since January 2022. Hence, the burgeoning pharmaceutical industry is a driving force behind the growth of the empty capsule market.
Product innovation stands as a prominent trend shaping the empty capsules market. Leading companies are investing in new product development to fortify their market positions. For instance, CapsCanada, a Canada-based pharmaceutical company specializing in empty capsules, introduced a new service for manufacturing liquid-filled hard capsules in October 2021. This initiative aims to streamline full-scale production, offering a less complex and capital-intensive alternative to manufacturing soft gels, with filling equipment available across different scales, from benchtop to production levels.
Major players in the empty capsule market are incorporating innovative technologies, such as opacifying technology, to cater to larger customer bases and boost revenue. Opacifying technology involves substances or additives that impart opacity to materials or systems. For example, in May 2022, Lonza Group AG, a Switzerland-based manufacturing company, launched a titanium dioxide-free (TiO2-free) white hard gelatin capsule. This capsule introduces an alternative opacifying technology, delivering a vivid white color while adhering to titanium dioxide-free regulations for European Union food products. Its innovation lies in providing exceptional masking abilities while safeguarding the fill formulation from light exposure.
In August 2022, Catalent, a prominent US-based pharmaceutical company, finalized the acquisition of Metrics Contract Services for a total of $475 million. This strategic move is geared towards Catalent's objective of broadening its capabilities in high-potency drug manufacturing and expanding its capacity in oral development and production. Metrics Contract Services, situated in North Carolina, specializes in pharmaceutical development, particularly in the area of empty hard gelatin capsules. Catalent's acquisition of Metrics Contract Services aligns with its vision to strengthen its foothold in specific pharmaceutical sectors, leveraging the expertise of Metrics Contract Services to enhance its offerings in high-potency drug manufacturing and oral development while bolstering its manufacturing capacity.
Major companies operating in the empty capsules market report are ACG Group, CapsCanada Corporation, HealthCaps India Limited, Natural Capsules Ltd., Bright Pharma Caps Inc., Suheung Co. Ltd., Roxlor LLC, Lonza Group AG, Capsugel, Goerlich Pharma GmbH, Qualicaps Inc., Comed Chemicals Limited, Wuhan Carma Technology Co. Ltd., Nectar Lifesciences Ltd., Erawat Pharma Limited, Medi-Caps Ltd., Mitsubishi Chemical Holdings Corporation, Snail Pharma Industry Co. Ltd., Sunil Healthcare Ltd., Shanxi Guangsheng Medicinal Capsule Co. Ltd., Aenova Group GmbH, Capsuline Inc., Farmacapsulas SA, Health Pharma, JC Biotech Pvt. Ltd., Lefan Capsule International Inc., Nipro Capsule Co. Ltd., Qingdao Yiqing Medicinal Capsules Co. Ltd., Shaoxing Kangke Capsule Co. Ltd., and Sunloc Industrial Co. Ltd.
North America was the largest region in the empty capsules market in 2023. The regions covered in the empty capsules market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the empty capsules market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The empty capsules market consists of sales of hard gelatin capsules, soft gelatin capsules, fish gelatin capsules, starch capsules, pullulan capsules, polyvinl acetate (pva) capsules, and liquid-filled hard capsules (LFHC). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.