The pharmaceutical gelatin market is projected to reach $1.5B by 2027 from $1.1B in 2022, at a CAGR of 5.5% during the forecast period according to a new report by MarketsandMarkets™. The growth of this market is driven by the functional properties of gelatin that can be utilized in pharmaceutical, medical, and biomedical applications. The adoption of gelatin in regenerative medicine is one of the major factors anticipated to upsurge the market growth. However, factors such as the rising prices of raw materials and an increasing adoption of non-gelatin capsules across the globe are anticipated to hamper the market growth in coming years.
Based on applications, the pharmaceutical gelatin market is segmented into hard capsules, softgel capsules, tablets, absorbable hemostats, and other applications. Hard capsules accounted for the largest share in the pharmaceutical gelatin market in 2021. The largest share of this segment is attributed to the rise in demand for hard capsules across the globe owing to the advantages of hard gelatin capsules such as rapid drug release, uniform mixing of drugs, and others.