The global empty capsules market was valued at $2,382.7 million in 2020, and is projected to reach $5,230.4 million by 2030, registering a CAGR of 8.1% from 2021 to 2030, according to a report by ResearchandMarkets.com.
Growth of the global empty capsules market is majorly driven by increase in prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, and gastrointestinal diseases; rise in government initiatives to spread awareness and promote advantages of nutraceuticals products; surge in number of capsule production; rise in expenditure on human healthcare services; and rise in adoption of gelatin capsules.
A rise in the number of the geriatric population and surging demand for vitamin and mineral supplements also drive growth of the market. Geriatric population is more vulnerable to chronic diseases and osteoarthritis disease, which surge demand for various drug therapies and vitamins & minerals for better health outcomes. This surge in needs for empty capsule production is expected to propel growth of the market.
In addition, advancements in R&D activities in capsule drug delivery technology and rise in business expansion and partnership strategy are anticipated to provide lucrative opportunities for market expansion. Moreover, in October 2020, Lonza, a multinational chemical and biotechnology company, announced the investment of $93 million in the capsule and health ingredients, which enable companies to expand its overall manufacturing capacity of capsule by 30 billion capsules, per year.