A report by Technavio predicts the empty capsules market will witness a potential growth of $1.10B from 2021 to 2026. The market is also anticipated to project an accelerating growth momentum at a CAGR of 7.3% during this period. The increasing applications in the pharmaceutical industry is notably driving the empty capsules market growth, although factors such as the risk of counterfeiting in the pharmaceutical industry may impede market growth.
The empty capsules market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. To make the most of the opportunities and recover from post pandemic impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The gelatin capsules segment held the largest empty capsules market share in 2021. The segment will continue to maintain its dominance in the market during the forecast period. The growth of this segment is attributed to their wide application in medications and dietary supplements. These capsules are convenient packages ensuring reliable dosing, portability, and high consumer compliance.
With the U.S. market the key driver, 37% of the growth will originate from North America during the forecast period. Market growth in this region will be faster than the growth of the market in the rest of the world. The demand for FDA-approved generic medicines will facilitate the empty capsules market growth in North America over the forecast period.