Capsules are the oldest-dosage forms in pharmaceutical industry. The references of capsule usage can be dated back to Egyptian era. Following a similar course, it is suggestive that in 1730, a pharmacist- de Pauli, from Vienna first used oval shaped capsules to cover-up the unpleasant smell of turpentine (used for gout treatment). From the past few years, capsule technology witnessed continuous development, making them a favored drug delivery vehicles (w.r.t, oral dosing). Formulation flexibility, compatibility with a variety of active pharmaceutical ingredients (APIs), and easy clinical trials are some of the advantages associated with capsules, which led to the developmental backgrounds for the market.
Increasing investments, growing pharmaceutical/API industry, advancements in capsule drug delivery technologies, and rising FDA approval for capsule based formulation are some of the major drivers for global capsule market. In 2015, Capsugel, invested USD 25 million for the production of their industry leading vegetarian capsules. This improved the company’s operations and strengthened their global presence. Moreover, it is estimated that for oral dosing a majority of the companies relies on capsules. In 2014, it was estimated that 10% to 15% of all the FDA approved drugs were capsule formulations. Additionally, the global production of the capsule is projected to increase from 641 billion in 2014 to 794 billion by 2019. However, factors such as dietary reactions and fluctuating raw material prices is estimated to restraint the market growth.
The global market for capsule is estimated to grow with a steady CAGR and reach USD 3.409.89 million during the forecast period (2017-2023).
Figure 1: Global Capsule Market, 2017-2023 (USD Million)
Figure 2: Segmentation: Global Capsule Market
The global capsule market is segmented on the basis of product type, source, certification, functionality, application, and end user.
Based on product type the market is segmented into hard capsule, soft capsule and HPMC capsule. Hard capsule market is estimated to lead the market due to easy encapsulation of APIs and increasing acceptance. It is reportable that approximately 10% to 15% of all the prescription and over the counter drugs within US are dosed in the form of hard capsules. Thus, the segment is estimated to hold ~76% of the capsule market. The HPMC capsule segment is estimated to be the fastest growing segment.
On the basis of source, the market is segmented into gelatin and non-gelatin. The gelatin capsule segment is sub-segmented into pig meat gelatin, bovine meat gelatin and bone meal gelatin. The gelatin segment is estimated to lead the market.
Based on certification the market is segmented into halal and non-halal capsules. It is estimated that the Middle Eastern countries (Kuwait, Qatar, UAE, Saudi Arabia, and others) are focused on using the halal capsule, i.e., ~60%-65% of their population uses halal certified capsules.
The functionality segment is sub-segmented into immediate-release capsules, sustained-release capsules, and delayed-release capsules.
On the basis of application, the market is segmented into antibiotic & antibacterial drugs, dietary supplements, antacid & antiflatulent preparations, antianemic preparations, anti-Inflammatory drugs, cardiovascular therapy drugs, cough & cold Drugs, and others. A majority of the antibiotic & antibacterial drugs present in the market are based on capsule dosing, making the segment to generate the largest revenues.
On the basis of end user, the market is segmented into pharmaceutical industry, nutraceutical industry, cosmetic industry, and others. Nutraceutical industry is estimated to be the fastest growing segment by end user.
Figure 3: Regional analysis for global capsule market
On the basis of region, the market is segment into the Americas, Europe, Asia-Pacific, and the Middle & Africa. The Americas is leads the global capsule market. This can be attributed to the presence of developed healthcare infrastructure and major market players within the region. Moreover, increasing FDA approvals for the capsule based drugs boosts the market. Following similar trends Europe is estimated to stand second in the global capsule market. The Americas and Europe cumulatively accounts for ~70% of the global capsule market.
On the other hand, Asia Pacific is estimated to be the fastest growing region for the market. The Middle Eastern region is estimated to contribute least to the market growth. The capsule market within the Middle East and Africa is estimated to be ~USD 225 million in 2017. A majority of the capsules within the region are imported
Key market players
Capsugel, ACG Worldwide, Qualicaps, Suheung Co. Ltd., CapsCanada Corporation, Qingdao Yiqing Medicinal Capsules Co., Ltd., Shanxi Guangsheng Medicinal Capsules Co., Ltd, Healthcaps India Ltd., Snail Pharma Industry Co. Ltd., Roxlor, Sunil Healthcare Ltd., Medi-Caps Ltd., Nectar Lifesciences Ltd., Natural Capsules Ltd., and Bright Pharma Caps Inc.