Advanced capsules are cost-friendly, they ensure high patient compliance, minimizing first-pass metabolism, and offer increased bioavailability. These factors are increasing their applications in the pharmaceutical, nutraceutical, and cosmeceutical industries.
According to Future Market Insights (FMI), the demand for the Advanced Empty Capsule Market is expected to rise considerably, enabling the market to surpass US$ 1.5 Bn by 2021.
The availability of knowledge-based resources and enhanced research collaborations has improved product development. This has aided development in treatment of chronic conditions such as cardiovascular diseases.
The global market is rapidly growing, due to which many small and regional players that are focusing on entering the market with innovative products. Various manufacturers are focusing on the launch of innovative and smart capsule products to enhance revenue generation.
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For instance, On March 5, 2021, CapsCanada, a Lyfe Group™, announced the launch of a new liquid-filled hard capsule manufacturing service.
Similarly, Roxlor developed proprietary capsule technologies to produce hard capsules with marine gelatin and from Pullulan, a natural polysaccharide.
There is an increasing vegetarian influence on the product portfolio, which is being seen as an alternative to gelatin capsules, providing customized capsules to CROs to conduct pre-clinical and clinical trials, which can save cost incurred on research and development activities.
The worldwide per capita healthcare spending has doubled due to increasing awareness in terms of treatment options. Rapid economic and population growth in addition to increasing disposable incomes are prime factors responsible for the growth of the healthcare industry.
Rising healthcare spending is expected to positively influence the market. This is indicative of the fact that consumers are more willing to pay for advanced and more convenient treatment methods.
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Key Takeaways from Advanced Empty Capsule Services Market Study
• Oral capsules account for 89.8% of the market in 2021 owing to ease of administration and dosage compliance.
• Demand for vegetarian-based advanced empty capsules will rise at over 9% CAGR, driven by growth in the number of vegan and vegetarian consumers.
• Size “0” capsules will account for more than 20% of the market. Their sales will be driven by ease of consumption, and optimal dosage potency.
• Germany holds the lead in Europe with a valuation of US$ 169 Mn 2021 owing to the presence of key production facilities.
• India holds dominance in South Asia and will account for over 60% of the regional sales by 2031.
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Who is Winning?
Leading manufacturers in the market are strengthening their market position through collaborations. Governments in developed and developing countries are actively taking initiatives to encourage various research activities that will aid developments in this market. Leading organizations within the market are set to focus on research and development to offer an early and precise diagnosis of the ailment, besides offering effective patient care.
For instance, On Feb 19, 2019, ACG Worldwide was the first company in Asia to launch the Polytype coating line. Also, with the addition of the coating line to the Brazil facility, the company aimed to improve service to South American customers. Both developments strengthened global positioning by adding a coating line to the existing manufacturing facilities.