Pune, India, May 07, 2019 (GLOBE NEWSWIRE) -- Market Outlook
As per the latest report by Market Research Future (MRFR), the Softgel Capsule Market is anticipated to touch a size of USD 3,276 million by 2023. Applications of soft gelatin capsules in chemical, cosmetics, food, and pharmaceutical industries are expected to be the primary driver of the market. The aesthetic appearance of these containers coupled with easy swallowability has elevated its popularity among patients.
The burgeoning nutraceuticals industry has gained traction due to the intake of vitamins and nutrients by athletes and sports professionals. Companies are partnering with distributors to gain an edge in the market. Sport supplement manufacturers are trying to capitalize on this trend by marketing these formulations in soft gel formats to a varied consumer base. All these factors are expected to propel the market to expand at 5.46% CAGR during the forecast period (2018-2023).
Taste making challenges continue to deter the market. But manufacturers are experimenting with new formulas for making unswallowable medicines more palatable. Moreover, companies in the market are collaborating with contract development and manufacturing (CDMO) firms to reduce the exorbitant cost of excipients and keep production costs at an all-time low.
Competition Analysis
Well-known names in the softgel capsule market include Strides Pharma Science Limited, Captek Softgel International Inc., Amway, Soft Gel Technologies, Inc., Capsugel, Sirio Pharma Co. Ltd., EuroCaps Ltd., Catalent, Inc., Weihai Baihe Biology Technological Co. Ltd., Patheon, and International Vitamin Corporation.
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Agreements, expansions, and partnerships are at the center of these player’s strategies. Generic versions of drugs are being manufactured at a large scale to cater to demand by patients. In 2019, Strides Pharma Science got approval from the U.S. Food and Drug Administration (FDA) for manufacturing ethosuximide in softgel formats.
Industry News
The inclination of consumers towards organically derived products is likely to culminate in a windfall for the softgel capsule market. Rising costs of medicines and the uptick noticed in consumers willing to shell out for green products can induce the demand for hydroxypropyl methylcellulose (HPMC) and starch capsules. This is more evident with the integration of plasticizers derived from sorbitol used in attaching capsule ends. The proprietary Sorbitol Special by SPI Pharma, designed for encasing the drugs in softgel capsules is a prime example of this.
Lipid formulations of drugs into soft gelatin capsules have been known to enhance its bioavailability. In 2017, ibuprofen, an anti-inflammatory drug used in the treatment of flares and pain was switched to a lipid-based formulation to reduce gastrointestinal side-effects. Flarin, a proprietary lipid-based softgel capsule, was effective in reducing pain levels in a controlled clinical trial.
Segmentation Analysis
The Global Softgel Capsule Market is segmented by type and application.
By type, the gelatin segment is predicted to accrue close to USD 2,2242.08 million for the market by 2023. On the other hand, the non-animal segment is estimated to exhibit 5.79% CAGR over the forecast period.
Among applications, vitamins held close to 37.8% market share in 2017. Rising cases of vitamin deficiency globally can support the growth of this segment. The nutrition segment is projected to register 5.98% CAGR over the assessment period due to consumer inclination towards healthier lifestyle choices.
Geographical Outlook
Region-wise, the market is segmented into the Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The Americas are predicted to dominate the market over the forecast period due to North and South America. Popularity of capsules coupled with a thriving pharmaceutical sector in the U.S. and Canada are likely to induce high demand from the Softgel Capsule Market over the review period. Efforts by governments to create awareness among the public regarding the benefits of nutraceuticals can work in favor of the market. Within the region, North America can generate revenues at 6.2% CAGR over the review period.
The APAC region can reach a valuation of USD 740.94 million by 2023, exhibiting 6.04% CAGR over the assessment period. But the ban on products made from bovine sources has led to manufacturers in India looking for alternative means. Alternative forms of medicine manufacturers such as Ayurveda switching to capsule dosage forms can benefit market growth.
Browse the market data and information spread across 101 pages with 51 data tables and 11 figures of the report “Softgel Capsule Market- Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/softgel-capsule-market-7467
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