Empty capsules are the hollow pharmaceutically formulated shells used for encapsulation of active pharmaceutical ingredients (APIs) or nutritional supplements. They are mainly composed of gelatin or plant-derived ingredients like hypromellose. These are used to encapsulate both solid and liquid pharmaceutical ingredients and deliver them to target sites while maintaining therapeutic efficacy and stability. Empty capsules help mask unpleasant odors or tastes of APIs and improve convenience of ingestion.
The global empty capsules market is estimated to be valued at US$2.3 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing Demand from Pharmaceutical Industry
The empty capsules market is primarily driven by the growing pharmaceutical industry globally. Empty capsules find widespread applications across various drug delivery formats like immediate release, enteric release, delayed release etc. Increasing preference for capsule formulation over conventional tablets owing to superior administration of APIs is fueling market growth. According to reports, over 80% of oral drug formulations use capsules as a preferred delivery format. Moreover, increasing R&D investments in biosimilars and novel therapeutics are creating lucrative opportunities for empty capsules manufacturers.
Rising demand from nutraceuticals and dietary supplements industry is another key factor augmenting the empty capsules market share. Growing consumer awareness regarding health and wellness is spurring the sales of nutraceuticals and supplements in capsule format for their convenient consumption. Furthermore, increasing applications of empty capsules in cosmeceuticals and veterinary medications are creating new revenue streams for market players.
SWOT Analysis
Strength: Empty capsules offer customizability to pharmaceutical manufacturers to create oral dosage forms according to their needs. The empty capsules are easier to swallow than tablets for many patients including geriatrics and pediatric. Rapid urbanization and rising healthcare expenditures are increasing the demand for empty capsules.
Weakness: Developing alternatives like softgels and advanced oral dosage forms can impact the growth of empty capsules market. Lack of awareness about benefits of empty capsules in developing regions can restrain the market growth.
Opportunity: Increasing preference for capsule dosage forms owing to convenience of consumption and customizability present new growth opportunities. Growing demand for nutraceutical and dietary supplements are fueling adoption of empty capsules in these industries.
Threats: stringent regulations associated with manufacturing of empty capsules pose threat to market growth. Availability of alternative dosage forms can hamper the demand of empty capsules.
Key Takeaways
The global empty capsules market is expected to witness high growth over the forecast period. Asia Pacific dominates the empty capsules market occupying over 30% share in 2023. China, India and Japan are expected to be highly lucrative markets in the region. Empty capsules find wide usage in the pharmaceutical as well as nutraceutical industries. Pharmaceutical industry accounted for the largest share of over 70% in 2023 and the trend is expected to continue over the forecast period. The global Empty Capsules Market is estimated to be valued at US$ 2.3 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
Regional analysis related content comprises
Asia Pacific region led by India and China is expected to grow at fastest pace over the forecast period. Increasing healthcare spending, large patient pool and expanding pharmaceutical industry are driving the Asia Pacific empty capsules market. North America occupied around 25% share in 2023 and continues to be a major market globally.
Key players related content comprises
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., and Medi-Caps Ltd. Key players are focusing on new product launches and capacity expansions to strengthen their market share.
[206 Pages Report] MarketsandMarkets forecasts the Empty Capsules market to grow from USD 1.95 billion in 2018 to USD 2.79 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period.
A softgel consists of a gelatin-based shell surrounding a liquid or semi-solid (inner fill) drug or extract in the center.
Softgel capsules offer several benefits to consumers such as convenience, enhanced efficacy, and bioavailability.
Enteric softgel capsules are expected to exhibit significant market growth during the forecast period, owing to rise in adoption of enteric softgel, surge in demand for omega-3 supplements, growth in promotional activities by manufacturers, and rise in consumer awareness for preventative healthcare.
The global softgel capsules market is estimated to grow at a CAGR of approximately 5% during the forecast period to reach approximately USD 2.5 billion by 2025.Market Dynamics1.
Over the years, capsule delivery has witnessed a number of technological advancements in terms of product enhancements for better quality outcomes and patient comfort.
According to the new market research report “Empty Capsules Market by Type (Gelatin (Porcine, Bovine), Non gelatin (HPMC, Pullulan)), Functionality (Delayed release), Application (Antibiotics, Dietary Supplements, Anti- Inflammatory), End User (Pharma, Nutraceuticals) – Global Forecast to 2026″, published by MarketsandMarkets™, the global market is projected to reach USD 3.7 billion by 2026 from USD 2.6 billion in 2021, at a CAGR of 7.2% during the forecast period.Browse and in-depth TOC on “Empty Capsules Market”176 – Tables40 – Figures216 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=218018190The overall growth of the Empty Capsules Market is largely driven by the growing adoption of capsule formulations among the growing geriatric population, the growth of the pharmaceutical market, increasing R activities & clinical trial studies, and advancements in capsule delivery technologies.
Emerging markets, with their low manufacturing costs, are expected to present significant opportunities for players.
Other areas of opportunity are the development of halal gelatin and vegetarian capsules.Gelatin accounted for the largest share of Empty Capsules MarketBased on type, the market is categorized into gelatin capsules and non-gelatin capsules.
The various advantages of gelatin capsules, such as rapid drug release, uniform mixing of drugs, and a barrier to atmospheric oxygen (preventing oxidation of drug molecules), make them a preferred choice for manufacturing capsule shells.Immediate-release capsules accounted for the largest share of Empty Capsules MarketBased on functionality, the market has been segmented into immediate-release, sustained-release, and delayed-release capsules.
This is because immediate-release capsules are widely used to manufacture antibiotics, antibacterial, antacids, painkillers, inhalators, cold and cough drug preparations, and dietary supplements.Antibiotic & antibacterial drugs accounted for the largest share of marketBased on therapeutic applications, the market is segmented into antibiotic & antibacterial drugs, dietary supplements, antacid & antiflatulent preparations, antianemic preparations (hematinic), anti-inflammatory drugs, cardiovascular therapy drugs, cough & cold drugs, and other therapeutic applications.
The antibiotic & antibacterial drugs segment accounted for the largest share of 33.1% of the Empty Capsules Market in 2020.The dietary supplements segment is expected to witness the highest CAGR of 8.2% during the forecast period.
