SAN FRANCISCO, July 25, 2016 /PRNewswire/ -- The global empty capsules market is expected to reach USD 2.57 billion by 2024, according to a new report by Grand View Research, Inc. Key factors responsible for the growth are the increase in the geriatric population, proliferation of pharmaceutical, nutraceutical, and cosmeceutical industries, globally and the upsurge in the consumer preferences for capsules over tablets.
The rising geriatric population count and the associated chronic conditions are expected to heighten the demand for the production of capsule-centric medications in the pharmaceutical and nutraceutical application areas. Moreover, the benefits associated with capsule consumption, such as ease of swallowing, faster absorption rates, and increased palatability are also expected to contribute significantly to the expansion of the market over the forecast period.
The mushrooming of the pharmaceutical, nutraceutical, and cosmeceutical industries is expected to serve as a high impact rendering driver for the empty capsules market over the forecast period.
The nutraceuticals aid in the prevention of certain chronic conditions and hence the consumption of these products has significantly increased over the past few years. For instance, nutraceuticals, such as omega-3 fatty acids, help in the prevention of cardiovascular conditions and the heightened accessibility to these low-cost vitamin supplements has reduced the incidences of vitamin deficiencies.
In 2015, the gelatin capsules segment accounted for the highest revenue of nearly USD 1,172.3 million. This high revenue share is attributed to the following factors: sufficient availability of gelatin for the production process and the cost-effectiveness of gelatin capsules as compared to non-gelatin capsules, such as Hydroxypropyl methylcellulose (HPMC) capsules and pullulan or starch material capsules.
However, the non-gelatin capsules segment is expected to emerge as the fastest growing category with a CAGR of 6.9% from 2016 to 2024.
By therapeutic application (USDMillion, 2013– 2024)
Antibiotic and antibacterial drugs
Vitamin and dietary supplements
Antacids and antiflatulent preparations,
Anti-inflammatory and anti-rheumatic drugs,
Cardiac therapy drugs,
Cough and cold preparations
By end-user (USDMillion, 2013– 2024)
By region (USDMillion, 2013– 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.