The Global Empty Capsules Market is estimated to be valued at US$ 3.21 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 To 2031.
Empty capsules are two-piece capsules that are widely used to encapsulate powders, granules, and liquids. They play a crucial role in delivering active ingredients in various dosage forms. Empty capsules are available in different shapes and sizes as per the requirements of active ingredients and dosage form. The growing nutraceuticals industry worldwide and increasing use of capsules for different pharmaceutical formulations are driving the demand for empty capsules.
Key Takeaways
Key players operating in the Empty Capsules Market are ACG Worldwide, Capsugel, Qualicaps Inc., Bright Pharma Caps Inc., Sunil Healthcare Ltd., CapsCanada Corporation, Roxlor LLC, Snail Pharma Industry Co. Ltd., Suheung Co. Ltd., Medi-Caps Ltd., Qingdao Yiqing Medicinal Capsules Co., Ltd., Shanxi Guangsheng Medicinal Capsules Co., Ltd., Nectar Lifesciences Ltd., Kerry Inc., JC Biological Technology Co. Ltd. The key opportunities in the market include growing nutraceuticals industry, increasing preference for capsules as dosage form by both consumers as well as manufacturers, and rising demand for vegetarian capsules. Globally, the empty capsules market is expected to witness high growth in emerging economies of Asia Pacific and Latin America owing to growing base of pharmaceutical and nutraceuticals industry.
Market Drivers
The Empty Capsules Market Demand adoption of nutraceuticals globally is estimated to be a key driver for the empty capsules market in the forecast period. Nutraceuticals are being increasingly consumed worldwide for various health benefits which in turn is fueling the demand for empty capsules for encapsulation of nutraceuticals ingredients. Moreover, capsules offer ease of consumption and accurate dosing which is increasing its adoption over other dosage forms and thus driving the empty capsules market.
PEST Analysis
Political: The empty capsules market is regulated by various pharmaceutical regulatory bodies across different countries and regions with regard to use, production, and quality. For example, the US Food and Drug Administration regulates empty capsules used for pharmaceutical applications in the US market.
Economic: Changes in the healthcare budget allocation by governments impacts the spending on pharmaceutical drugs which in turn affects the demand for empty capsules used in drug manufacturing. Rising incomes increase spending on healthcare and medicines.
Social: Demand for herbal supplements and nutraceutical products is increasing due to changing lifestyles and preferences for preventive healthcare. Growing geriatric population drives the need for empty capsules used in medicines for chronic conditions.
Technological: Advancements in capsule filling technology enhancing accuracy and speed of production to meet high volumes is helping manufacturers improve production efficiency. Newer capsule sizes and shapes are being developed to enable new drug delivery options.
The geographical regions of North America and Europe account for the largest share of the global empty capsules market in terms of value currently. This is attributed to the high per capita healthcare expenditure, established pharmaceutical industry, and presence of major market players in these regions. Growing demand for medicines in these markets also supports market growth.
The Asia Pacific region presents lucrative opportunities for growth and is projected to be the fastest growing market for empty capsules over the forecast period from 2024 to 2031. Factors such as rising incomes, growing health awareness, expansion of healthcare infrastructure, and increasing domestic production of pharmaceutical drugs are driving the empty capsules market in the Asia Pacific region. Countries like India, China, and Japan are expected to be major contributors to the Asia Pacific empty capsules market going forward.
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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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