Empty Capsules Market to Witness Steady Growth Rate of 7.9% CAGR
The rising consumption of medicines in the form of pills or capsules has illustrated the growth in demand for empty capsules. A steady growth in the global empty capsules market exemplifies the consumers’ tendency towards the intake of medicinal drugs filled in such capsules.
Capsules remain one of the first line of defence against common ailments and chronic diseases. Owing to this, the global empty capsule market is expected to witness a steady growth in the future. In 2016, global revenues of empty capsules market is likely to increase by 6%, ramping up US$ 1,432.6 Mn in revenues.
The increasing consumption levels have made consumers more aware about the empty capsules. Empty capsules are used to fill photo chemically unstable drugs so that patients can consume them orally. Most of the empty capsules present in the market are gelatin-based, derived from pork and other animal proteins. Plant polysaccharides like starch and cellulose are also used to produce empty capsules for the vegan consumers.
Globally, North America will continue to dominate the global empty capsules market in 2016, with the U.S. at the forefront of global demand. Western Europe will retain the second position with US$ 279.4 Mn worth of total revenues. Latin America and Middle East & Africa are also emerging as favourable markets for empty capsules.
Why is U.S. the Largest Market for Empty Capsules?
With gross revenues reaching US$ 500 Mn by 2016-end, U.S. is likely to serve as the most essential key region for growth of the global empty capsules market. This makes North American empty capsules market the largest in terms of revenues. Due to the status of empty capsules market in the U.S. and Canada, North America holds a 43% revenue share of the total market.
There is a growing demand that supports the expansion of empty capsules market in the United States. Consumption of dietary pills and capsules is a common trend in America. The end-user population are not shying away from the idea of consuming capsules to better their health. With that, there is also a growth in awareness of health benefits of such drugs. In the immediate future, there is a strong likelihood of witnessing a drop in capsules filed with synthetic drugs. But, patients suffering from malefic disorder will have to consume complex drugs derived from artificial and inorganic compounds.
Either way, both these trends are proving to be a catalyst for growth of empty capsules market in the U.S. Prevalence of terminal illnesses like AIDS and cancer are likely to become the unfortunate reason for rising demand of empty capsules.
Vegetarianism is fast emerging as a key trend in the North America empty capsules market. While this could mean a drop in gelatin-based capsules, the demand for capsules made out of organic fibres will change the paradigm of the U.S. empty capsules market.
The market is not just restricted to pharmaceutical applications of empty capsules. Besides its successful foray into healthcare and pharmaceuticals sector, empty capsules are now entering the retail sector with help of cosmetics. Capsules filled with cosmetic drugs are likely to open new opportunities for the market’s growth. Established pharma companies like Roxlor LLC, Medi-Caps Ltds., Quailcaps, and ACG Worldwide are the key competitors obligated towards positive convergence of empty capsules market in the years to come.
Therapeutic Applications of Empty capsules
Key therapeutic applications of the empty capsules include antibiotic and antibacterial drugs, anti-inflammatory and anti-rheumatic drugs, cardiac therapy drugs, vitamins and dietary supplements, antacid and anti-flatulent preparations, anti-anemic preparations, cough and cold preparations, and other therapeutic applications.
In 2015, the antibiotic and antibacterial drugs segment generated the maximum revenue of over USD 453.7 million owing to the high proliferation of various infectious diseases and chronic conditions worldwide that imposes a high demand on the pharmaceutical industries, which ultimately encourages the growth of the empty capsules market.
By 2024, the vitamins and dietary supplements segment is expected to emerge as the fastest growing category during the forecast period.
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